Turkey Wake-up call: Macro, Political and Equity News, 14th September
BIST climbed 0.33% on Friday after a quiet day that was mostly spent in the positive territory except for a brief pull-back around 11AM. Banks fell behind after Thursday's outperformance and lost 0.46% on average. Aviation stocks, AEFES, BIMAS, ENJSA, TOASO, ODAS, SELEC, AYGAZ, and BRISA topped the non-bank gainers while ULKER, AKGRT, MPARK, NETAS, ALKIM and TURSG stood out among weaker spots. Today, our local macro agenda involves July'20 Industrial Production numbers due at 10AM local time. Bloomberg consensus +4.8% yoy based on the estimates for calendar-adjusted series and +8.3% mom based on the seasonally & calendar-adjusted series. We will also eye Treasury's reissue of 7-year FRNs in its single domestic borrowing auction. The Treasury will hold two more auctions tomorrow ahead of this week's hefty TL18.54bn redemption. BIST is off to a positive open as the mood among global peers is supportive while the surprise Moody's downgrade of Turkey's rating on Friday evening and the slight weakness in lira (USDTRY at 7.4846 now vs 7.4765 at Friday's closing bell) may create some headwinds. U.S. futures are up 1.3% in early trades, gaining more than their 0.6-0.8% overnight losses after the hour we left on Friday. Asian markets are almost all trading higher on rising hopes for a successful vaccine for the coronavirus.
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