Turkey Wake-up call: Macro, Political and Equity News, 25th May
BIST eked out a 0.02% gain after a lackluster day of trading yesterday. BIST100 index cruised in the negative zone for most of the day except for earliest and latest parts of the session. Banks were weaker with the 0.41% drop in the sector gauge. EREGL, VESTL, GUBRF, ALARK, KARSN, and CIMSA topped the fewer gainers while ULKER, MGROS, PETKM, FROTO, TOASO, and HEKTS were some of the underperformers in the BIST100 space. Today, our local macro agenda involves May'21 Manufacturing Capacity Utilization Rate (CUR stood at a 14-month high of 75.9% in April'21 and was 62.6% back in May'20) and May'21 Real Sector Confidence index (was at 111.0 in April'21 and had stood at 76.9 back in May'20) both to be announced at 10AM local time. Separately, Treasury will reissue 1-year fixed-rate bonds and 7-year FRNs and in double domestic borrowing actions. Will hold two more placements tomorrow ahead of this week's massive TL30.22bn redemption. A positive start is in the cards for the BIST given the upbeat sentiment in global markets following dovish remarks from FED governors. U.S. futures are up almost 0.3% and Asian equity indices are all trading in the green
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