Turkey Wake-up call: Macro, Political and Equity News, 17th February
BIST eked out a 0.16% gain as earlier gains fizzled out after 4:45PM amid weakness in banks that lost 1.17% on average. FROTO, OTKAR, ASELS, TTRAK, PGSUS, AKSA, HEKTS, AYDEM, ISGYO, and GOZDE led the gainers in the BIST100 space while TTKOM, EREGL, TOASO, THYAO, SELEC, GLYHO, ARDYZ, and SOKM were among the weakest of non-banks. Coming to this morning, our key macro agenda item is the monthly Monetary Policy Council meeting today with the decision on policy rates due 2PM local time. Participants in the Bloomberg survey unanimously expect the MPC to keep its benchmark weekly repo rate unchanged at 14.00% for the second consecutive month after cumulative cuts of 500bps in the previous four months. We anticipate a sideways start for the BIST as the mood in global markets has swung back to pessimism amid conflicting reports regarding the Ukraine standoff. U.S. futures are down c.0.5% in early trades as they reverse the 0.4-0.8% overnight gains after we left while Asian bourses present a mixed picture.
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