Turkey Wake-up call: Macro, Political and Equity News, 28th April
BIST added 1.37% yesterday as industrials led the market higher, backed by the recovery mood in global markets. Banks lagged the broader market with the 0.37% gain for their sector index amid some pressure on the two state lenders and stability in the recent outperformer GARAN. EREGL, KRDMD, THYAO, PGSUS, NIMAS, CCOLA, GUBRF, KOZAL, ODAS, DEVA, and MAVI topped the non-bank gainers for the day while ASELS, TCELL, VESTL, TKNSA, TKFEN, TTKOM, and ALKIM stood out among the fewer decliners in the BIST100 universe. Coming to this morning, our local macro agenda highlight will be Central Bank governor Sahap Kavcioglu's presentation of the bank's quarterly inflation assessment report in a press conference starting at 10:30AM local time. The bank had predicted year-end CPI at 23.2% for 2022 and at 8.2% for 2023 in its previous assessment report in January. Some major upward revisions to these forecasts are almost certain given the surge in inflation as well as key energy and commodity prices following the war in Ukraine while the latest survey of market expectations suggested 46.72% and 17.68% respective consumer inflation rates for end-2022 and the 24-months ahead. We foresee a positive start for the BIST given the persisting supportive sentiment in global markets this morning. U.S. futures are up c.0.9% in early trades and Asian bourses are almost all trading in the green. Please note that Turkish markets will be closed for 3 days in observance of the Eid holiday from Monday until Thursday next week. Accordingly, trades executed in the BIST today will settle on Thursday, 05-May and trades of tomorrow will settle on Friday, 06-May.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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