Turkey Wake-up call: Macro, Political and Equity News, 21st April

BIST added 0.27% yesterday as slight losses in the morning were reversed in afternoon trading and the index managed to extend its winning streak to the fifth consecutive day. Banking index gained 0.67% with YKBNK outperforming vs HALKB and GARAN falling behind. PETKM, SOKM, KOZAL, BIMAS, NTHOL, ODAS, MAVI, DEVA, and TTRAK topped the non-bank gainers while TTKOM, SAHOL, KCHOL, BRISA, OYAKC, CCOLA, and KRDMD were some of the weak spots for the day. Today, our local macro agenda involves April'22 Consumer Confidence Index compiled by TurkStat due at 10AM local time. In the revised series, the index had increased 1.9% on a sequential basis to 72.5 in March as some of the previous month's drop was recovered. Separately, summary minutes of the latest Monetary Policy Council meeting will be released at 2PM. We foresee an uptick open for the BIST. U.S. futures are up 0.4% in early trades as they reverse their small overnight losses after we left and Asian bourses are moving in different directions.