Turkey Wake-up call: Macro, Political and Equity News, 13th September
BIST lost 0.96% on Friday as Thursday's momentum could not be sustained due to selling pressure in the afternoon, especially after 4:30PM and the benchmark index ended down 2.04% for the entire week. Banks dropped 1.54% on average with YBNK and ISCTR underperforming peers. DOAS, MPARK, OTKAR, CIMSA, KORDS, and ULKER topped the small group of gainers while TCELL, PGSUS, CCOLA, ENKAI, TRGYO, and ZOREN were among the decliners. Coming to start of the new week, our local macro agenda involves July'21 Industrial Production numbers due at 10AM local time. Bloomberg consensus +15.2% yoy based on the estimates for calendar-adjusted series. Separately, July'21 Balance of Payments data are also due 10AM. Bloomberg survey puts the monthly CA deficit at USD0.53bn vs the USD1.99bn deficit recorded for the same month of 2020. We anticipate a downtick open for the BIST as the sentiment abroad remains weak. S&P futures are up marginally in early trades but we note the 0.4-0.6% overnight declines in main indices after we left. Asian bourses are almost all trading in the red while lira is also a bit weaker with USDTRY at 8.4750 levels vs 8.4306 at Friday's closing bell.
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