Turkey Wake-up call: Macro, Political and Equity News, 27th July
BIST ended 0.18% yesterday after failing to hold onto its early morning gains. Banks were weaker with the 1.06% drop in their sector index amid pressure on the heavyweight GARAN. TOASO, PETKM, BRISA, KORDS, AKSEN, OTKAR, DOAS, and TRGYO topped the non-bank gainers while aviation stocks, TUPRS, DOHOL, and KOZAL were among the weak spots. Today, our local macro agenda is quiet, apart from Treasury's reissues of 5-year TLREF-indexed bonds and 11-month zero-coupon bills in double borrowing auctions in the domestic market, wrapping up this month's heavy borrowing programme. Domestic redemption is only TL1.79bn for the week while the total for the month stands at TL54.67bn vs a domestic borrowing target of TL52.0bn while Treasury has already raised TL47.35bn in the nine auctions/placements held so far. BIST seems off to a sideways open amid mixed signals from global bourses. U.S. futures are down 0.2% in early trades, reversing a good part of their 0.3-0.4% overnight gains after we left, while Asian equities are moving in different directions. Lira is a bit stronger with the USDTRY pair at 8.56 level vs 8.5708 at yesterday's closing bell.
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