Turkey Wake-up call: Macro, Political and Equity News, 28th July
BIST added 0.28% yesterday after a day mostly spent in slight positive territory. Banks fared slightly better with the 0.84% ascent in their sector index amid strength in AKBNK, TSKB, and SKBNK while the two state lenders closed lower for the day. BIMAS, TOASO, ENJSA, TKFEN, TAVHL, MGROS, AGHOL, TKNSA, and DEVA led the non-bank gainers while ARCLK, FROTO, KRDMD, EREGL, KORDS, AYDEM, and VESBE stood out among the weaker BIST100 constituents. Today, our local macro agenda showcases 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 42.8% for 2022 and at 12.9% for 2023 in its previous assessment report in April. Some further upward revisions to these forecasts are almost certain given the inflation running at almost 80% and the latest survey of market participants suggesting 69.94% and 40.23% respective consumer inflation rates for end-2022 and the 12-months ahead. Separately, summary minutes of the latest Monetary Policy Council meeting will be released at 2PM. BIST seems off to a positive start given the upbeat sentiment in global markets following yesterday's FED meeting results and remarks. U.S. futures are down a few points in profit taking this morning but we note the 0.8-1.2% overnight gains after we left and Asian bourses are almost all trading in the green.
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