Turkey Wake-up call: Macro, Political and Equity News, 21th October
BIST inched up 0.21% yesterday as stocks managed to stage a rebound from their morning lull, along with the recovery in lira. Banks gained 1.10% on average, outperforming the headline index for the second day in a row. FROTO, SAHOL, TUPRS, GUBRF, AKSA, and VESBE stood out among non-bank gainers while aviation stocks, KOZAL, DOAS, AGHOL, and TRGYO led the decliners. Coming to this morning, our key macro agenda item is the Monthly Monetary Policy Council meeting with the decision on policy rates due 2PM local time. Consensus (Bloomberg survey) calls for a median 100bps reduction in the benchmark weekly repo rate to 17.00% while the expectations are scattered in a tight range between 50 and 100bps rate cut. Separately, October'21 Consumer Confidence Index compiled by TurkStat is due at 10AM. In the revised series, the index had ascended 1.8% on a sequential basis to 79.7 in September. We anticipate a slight negative open for the BIST given the softness in global stock markets and reversal of some of yesterday's gains in lira (USDTRY at around 9.26 mark vs 9.2390 at yesterday's closing bell). S&P futures are down c.0.3% in early going and Asian bourses are mostly trading in the red.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
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