Turkey Wake-up call: Macro, Political and Equity News, 13th December
BIST managed to eke out a 0.20% gain on Friday despite profit-taking in the afternoon, extending its winning streak to the 10th consecutive day. Banks fell visibly behind with the 1.68% loss in their sector index amid AKBNK, ISCTR, and VAKBN underperforming their major peers. TUPRS, KRDMD, PETKM, BIMAS, TKFEN, SISE, AKSA, AGHOL, and LOGO led the non-bank gainers while ARCLK, ASELS, TCELL, FROTO, SAHOL, BRISA, KARSN, ODAS, and DOAS stood out among the weaker names in the BIST100 universe. Coming to this morning, our local macro agenda involves October'21 Balance of Payments data due at 10AM local time. Bloomberg survey puts the monthly CA surplus of USD2.50bn vs the USD0.1bn surplus recorded for the same month of 2020. Separately, October'21 Industrial Production numbers are also due at 10AM. Bloomberg consensus +8.6% yoy based on the estimates for calendar-adjusted series and -0.1% mom based on the seasonally & calendar-adjusted series. Lastly, Treasury will reissue 2-year fixed-rate bonds in its single domestic borrowing auction. Will hold two more auctions/direct sales tomorrow ahead of this week's TL18.52bn redemption. We predict a slight positive open for the BIST given the upbeat sentiment abroad and the stability in lira (USDTRY around the 13.85 mark vs 13.8435 at Friday's closing bell). U.S. futures are up c.0.3% in early trades on top of the 0.3-0.5% overnight gains after we left and Asian stock markets are almost all trading in the green.
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