Turkey Wake-up call: Macro, Political and Equity News, 24th February
BIST inched down 0.07% yesterday as the afternoon sell-off triggered by escalating tensions in Ukraine erased earlier gains. Banks were weak, losing 1.26% on average, with VAKBN underperforming and GARAN relatively resilient. Strength in steelmakers, AKSA, LOGO, SELEC, INDES, ODAS, and BRISA kept the headline index afloat while aviation stocks, KCHOL, ASELS, ENKAI, TKFEN, CCOLA, and DOHOL topped the decliners for the day. Coming to this morning, global markets are waking up to learn of Russia's military invasion of Ukraine and taking a dive across the board. Our local macro agenda for the day includes, albeit totally irrelevant given regional developments, summary minutes of the latest Monetary Policy Council meeting will be released at 2PM local time. BIST is off to a negative start and it will be the moves in international markets that will set the tone as the day unfolds. U.S. futures are down some 2% on top of the 1.5-2.0% overnight losses after we left and Asian stock indices are all trading deeply in the red.
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