Turkey Wake-up call: Macro, Political and Equity News, 15th February

BIST retreated 0.46% on Friday, trimming its gains for the whole week to 0.74%. Benchmark BIST100 spent almost all of the day in the negative territory apart from a short-lived jump above the no-change line around 10:30AM. Banks fared a tad better with the 0.29% loss in their sector index with ISCTR visibly outperforming. TTRAK, KOZAL, CCOLA, SASA, ENJSA, ALARK, DEVA, LOGO, and PNSUT topped the non-bank gainers while TUPRS, AYGAZ, DOHOL, MPARK, TOASO, FROTO, DOAS, and PETKM were among the weak spots. Coming to the start of the new week, our local macro agenda highlight will be January'21 central government budget numbers due at 11AM local time. Separately, TurkStat to release the residential sales data for January21 at 10AM. Home sales had dropped 47.6% yoy to 106k units in December as the summer frenzy on favorable mortgage rates continued to fade away amid rising interest rates that led to a 70.9% yoy decline in mortgage-backed transactions. Lastly, Treasury will reissue 7-year FRNs and 10-year fixed-coupon bonds in double domestic borrowing auctions. Will hold two more auctions tomorrow ahead of this week's hefty TL17.70bn redemption. BIST is headed for a positive open given the jubilant mood in global markets. U.S. futures are up 0.4% in early trades and Asian indices are all trading in the green.