Turkey Wake-up call: Macro, Political and Equity News, 1st October
BIST added 1.04% yesterday on the back of inflows to key blue-chips in afternoon hours. Banks outperformed with the 1.55% gain for the sector index as GARAN and AKBNK caught some bids. Auto manufacturers, CCOLA, TTKOM, ASELS, and SAHOL topped the non-bank gainers while MGROS, DOAS, BIOEN, TRILC, TRGYO, AKSEN, and AKSA were some of the fewer weak spots. Coming to the start of the new month, our local macro agenda highlight will be the September'21 PMI that will be announced at 10AM local time. The index had inched up 0.2% on a sequential basis to a 7-month high of 54.1 in August in the third consecutive month of recovery, following loosening of the pandemic restrictions. Separately, Istanbul Chamber of Commerce will reveal its September'21 inflation numbers for metropolitan Istanbul at noon local time. BIST is off to a negative start given the slump in global equities. U.S. futures are down c.0.5% in early trades on top of the 1.1-1.2% overnight losses in main indices after we left and Asian markets are all trading in the red.
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