Turkey Wake-up call: Macro, Political and Equity News, 28th October
BIST climbed 0.72% yesterday as buyers stepped in following Monday's sell-off. It has been a roller-coaster ride in the 1,134-1,157 range and the close was near the day's peak. Banks staged a rebound with the 2.95% gain in their sector index amid second-tier names led by TSKB continuing to outperform. PETKM, OTKAR, EKGYO, ODAS, ALARK, GOODY, GUBRF, and YATAS topped non-bank gainers while EREGL, TOASO, ARCLK, CCOLA, ULKER, MPARK, MGROS, SOKM, and TTKOM were among the weak spots. Today, our macro agenda highlight will be the Central Bank governor Murat Uysal's presentation of the bank's quarterly inflation assessment report in a press conference at 10:30AM local time. The bank had predicted year-end CPI at 8.9% for 2020 and at 6.2% for 2021 in its previous assessment report in July. There will almost certainly be upward revisions to these forecasts given the government's recently updated Economic Programme projecting 10.5% and 8.0% respective inflation rates for 2020 and 2021 as well as the yearly September'20 CPI standing at 11.75%. Separately, summary minutes of the latest Monetary Policy Council meeting will be released at 2PM. BIST seems off to a slight negative start given continued decline in global risk appetite. U.S. futures are down 0.4% in early trades, USDTRY is testing the 8.20 levels, while Asian markets present a mixed bag
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