Turkey Wake up call: Macro, Political and Equity News, 13th July
BIST lost 0.85% on Friday on continued profit-taking as Turkish stocks have been digesting their recent gains for the third day and the index was down 0.81% for the whole week. After a downtick start that marked the highest point of the day at 115.5k on Friday, BIST100 sharply retreated to 113k in early trades. Rest of the day saw the market swinging in a 2,000-point range and close near the daily highs. Banks were down 0.89% on average. SAHOL, KCHOL, MPARK, TKFEN, KOZAL, CCOLA, AKCNS, and Sisecam stocks were among the weakest non-financials while THYAO, TCELL, MGROS, AGHOL, TTRAK, and IPEKE topped the gainers. Today, we have a busy day in terms of macro data releases starting with the May'20 Balance of Payments data due 10AM local time. Bloomberg survey puts the monthly CA deficit at USD3.75bn vs the USD1.08bn surplus recorded for the same month of 2019. May'20 Industrial Production numbers are also due 10AM. Bloomberg consensus -24.0% yoy based on the estimates for calendar-adjusted series and +10.6% mom based on the seasonally & calendar-adjusted series. Separately, CBT's monthly expectations survey will be revealed at 2:30PM. BIST is off to a positive start given the upbeat sentiment in global markets. U.S. futures are up 0.6% in early trades on top of c.1.0% overnight gains after the time we left on Friday and Asian markets are almost all trading in the green.
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