Turkey Wake-up call: Macro, Political and Equity News, 15th June
BIST fell 0.45% as the recent optimism on the Erdogan-Biden meeting that also prevailed in the morning hours yesterday gave way to profit taking after 4PM. Banks slightly underperformed with the 0.74% drop in their sector index. BIMAS, TAVHL, EREGL, ASELS, and ODAS led the fewer gainers while PETKM, FROTO, INDES, TTRAK, ALARK, ISMEN, and Koza Group names were among the weaker spots for the day. Today, our only macro agenda item will be the May'21 central government budget numbers due at 11AM local time. We foresee a slight negative start for the BIST given the slide in lira (USDTRY above the 8.45 mark vs 8.4010 at yesterday's closing bell) as yesterday's meeting between the Turkish and American presidents seemed to produce no imminent breakthrough in bilateral disputes. U.S. futures are up c.0.2% on top of the 0.2-0.3% overnight gains in main indices after we left while Asian bourses present a mixed picture.
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