Turkey Wake-up call: Macro, Political and Equity News, 23rd May,
BIST slipped 0.89% on Friday as slight gains in early morning yielded to profit-taking after 11AM. Banks gained 0.75% on average, outperforming the headline index for the second day in a row amid strength in GARAN while VAKBN and YKBNK were weak. KOZAL, SAHOL, THYAO, ASELS, HEKTS, AKSEN, KARSN, NTHOL, and SELEC were among the few non-bank gainers in the BIST100 space while EREGL, KRDMD, TOASO, PETKM, TCELL, SISE, DOHOL, AEFES, LOGO, and ALKIM topped the long list of decliners. Today, we have a crowded macro agenda starting with CBT's monthly expectations survey of market participants to be revealed at 10AM local time. May'22 Manufacturing Capacity Utilization Rate (CUR stood at 77.8% in April'22 and was 75.3% back in May'21) and May'22 Real Sector Confidence index (was at 109.7 in April'22 and had stood at 110.3 back in May'21) are also to be released at 10AM. Separately, Ministry of Tourism will disclose the tourist arrival numbers for April'22 at 11AM. Foreign tourist arrivals had jumped 113.0% yoy to 2.55mn in March as the pandemic-related base effects were in play, bringing the cumulative YtD arrivals to 6.31mn visitors, up 134.6% from the corresponding period of 2021. Lastly, Treasury will reissue 4-year fixed-coupon bonds and separately offer 3-year gold bonds and gold-indexed sukuk papers in triple domestic borrowing actions. Will hold two more auctions tomorrow ahead of this week's TL4.79bn in cumulative local redemptions. BIST seems off to a positive start on the back of the recovery sentiment in most global markets. U.S. futures are up c.1.1% in early trades on top of the 0.6-0.7% overnight gains after we left on Friday while Asian bourses outside of China are mostly trading in the green.
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