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

BIST added 0.62% on Friday, ending the week of ups and downs with a cumulative 0.17% decline. Benchmark BIST100 opened lower on Friday morning and tested its intraday low below the 108k mark in early trades before starting a gradual recovery. The index was back to no-change line by 11:30AM and managed to cling on to positive territory until the close. Banks fell behind with their 0.18% daily gain on average. THYAO, PGSUS, KCHOL, SAHOL, MGROS, FROTO, AKSA, GUSGR, VESTL, and MAVI topped the gainers while EREGL, TCELL, DOAS, GLYHO, and Koza Group names were among the weakest. Coming to the start of the new week, our local macro agenda involves TurkStat's residential sales data for May’20 due at 10AM local time. Home sales had taken a 55.5% yoy dive in April to 42.8k units along with a 23.9% drop in mortgage-backed transactions as the coronavirus restrictions had weighed heavily on the activity. Separately, May'20 central government budget numbers will be released at 11AM. BIST is off to a negative open amid increasing concerns in global markets over a resurgence of the pandemic. U.S. futures are down 2.1% in early trades in reversal of the 0.7-1.1% overnight gains after the time we left on Friday and some more. Asian markets are almost all trading in the red.