Turkey Wake up call: Macro, Political and Equity News, 14th August
BIST lost 1.25% yesterday, sapping its 4-day winning streak. Index had a positive start and climbed to 1,126 in early trades before turning south. After spending a good part of the day criss-crossing the no-change line, the benchmark index retreated further after 4PM to close the day in the red. Banks moved in sync with the broader market and lost 1.33% on average. ENKAI, EREGL, TUPRS, DEVA, CIMSA, and MAVI were among the rare gainers while aviation stocks, MGROS, TTKOM, KRDMD, ARCLK, SISE, TOASO, TTRAK, DOAS, and MPARK topped the long list of decliners. Coming to this morning, our local macro agenda is busy, starting with the June'20 Balance of Payments data due at 10AM local time. Bloomberg survey puts the monthly CA deficit at USD3.00bn vs the USD0.11bn deficit recorded for the same month of 2019. Separately, June'20 Industrial Production numbers are also due 10AM. Bloomberg consensus -5.5% yoy based on the estimates for calendar-adjusted series and +4.7% mom based on the seasonally & calendar-adjusted series. BIST seems off to a downtick open given the softer lira (USDTRY at 7.3497 vs 7.3220 at yesterday's closing bell) and mixed signals from global equity indices.
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