Turkey Wake-up call: Macro, Political and Equity News, 21st January
BIST lost 1.36% yesterday after a volatile day as the afternoon weakness erased earlier gains in the index and some more. Banks lost 0.96% on average with HALKB managing to buck the slide on reports of new capital injections to the state lenders. KRDMD, THYAO, ALARK, TKFEN, INDES, and ARDYZ were among the few non-bank gainers in the BIST100 space while TUPRS, PETKM, SISE, KORDS, VESTL, DOHOL, and ASELS led the decliners. Today, our local macro agenda involves January'22 Consumer Confidence Index compiled by TurkStat due 10AM today. In the revised series, the index had slumped 3.1% on a sequential basis to 68.9 in December, the lowest level recorded since the data series was commenced in 2004. BIST is off to a negative start given the sour sentiment in global equity markets. S&P futures are down 0.4% this morning on top of the 1.7-2.0% overnight losses in main U.S. indices after the time we left and Asian bourses are all trading in the red. Lira is weaker with USDTRY cruising around the 13.45 level in early trades vs 13.37 at yesterday's BIST closing bell.
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