Turkey Wake-up call: Macro, Political and Equity News, 16th February
BIST climbed 1.81% yesterday amid global optimism on easing of tensions regarding Ukraine. It was a day entirely spent in the positive ground for the BIST100 index although some of its gains were pared back after 4PM as investors seemed to be cautious after Monday's rout. Banks gained 1.12% on average as YKBNK and GARAN fell behind while the two state lenders outperformed. THYAO, PGSUS, DOAS, KRDMD, ARCLK, SAHOL, PETKM, ISGYO, and TRGYO topped the non-bank gainers while ASELS, INDES, DEVA, and EGEEN stood out among the handful of decliners. Today, we have a muted local macro agenda while on the political front, President Erdogan will chair the cabinet meeting starting at 3PM local time and before that, he is scheduled to attend the oath-taking ceremony for a new Constitutional Court appointee at 12PM. BIST seems off to a slight positive start given persistent upbeat mood in international markets. U.S. futures are down a few points this morning in partial reversal of their c.0.4% overnight gains after we left while Asian markets are all trading in the green as they play catch up with yesterday's gains in Western peers.
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