Turkey Wake-up call: Macro, Political and Equity News, 1st June, Global Securities
BIST slipped 0.11% yesterday in quiet trading amid market holidays in the U.S. and the U.K. BIST100 index spent a good part of the morning in positive territory before moving into the red for most of the afternoon half of the day despite the strength in lira. Aviation stocks, EKGYO, SAHOL, CCOLA, MAVI, MPARK, and CIMSA topped the gainers for the day while SISE, ARCLK, VESTL, YATAS, GUBRF, and grocery chains were among the weaker names. Today, our local macro agenda showcases the May'21 PMI that will be announced at 10AM local time. The index had retreated 4.2% on a sequential basis to 50.4 in April, the lowest reading in its eleven-month cruise above the 50 neutral level. Separately, Istanbul Chamber of Commerce will reveal its May'21 inflation numbers for metropolitan Istanbul at noon local time. We predict a flattish start for the BIST given lack of any strong drivers in either direction. U.S. futures are up a few points while Asian equities are trading mixed. Lira is holding onto the bulk of yesterday's gains with the USDTRY pair around the 8.49 mark vs 8.4824 at yesterday's closing bell.
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