Turkey Wake-up call: Macro, Political and Equity News, 25th August
BIST 100 retreated 1.96% yesterday, with banks giving back some of the previous day's profits. The banking sector index fell by 3.7% with ISCTR, HALKB and YKBNK spearheading the move. THYAO, DOAS, AYDEM, GWIND, ULKER, and CIMSA topped the non-bank gainers in the BIST100 universe while KCHOL, ENKAI, SISE, FROTO, EREGL, SASA and SAHOL stood out among the more crowded list of decliners for the day. Today, our local macro agenda involves August'22 Manufacturing Capacity Utilization Rate (CUR stood at 78.2% in July'22 and was 77.1% back in August'21) and August'22 Real Sector Confidence index (was at a 7-month low of 103.7 in July'22 and had stood at 113.9 back in August'21) both to be released at 10AM local time. Separately, summary minutes of the latest Monetary Policy Council meeting will be released at 2PM. We anticipate a uptick start for the BIST ahead of significant data and statements that will be followed today and tomorrow. U.S. futures are up c.0.6-0.8% in early trades and Asian bourses are mostly trading in the red.
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