Turkey Wake-up call: Macro, Political and Equity News, 29th April
BIST retreated 0.44% yesterday, ending its 3-day winning streak. Benchmark BIST100 index spent most of the day in slight negative territory despite the strength in lira. Banks caught some bids after three days of underperformance relative to the headline index and gained 0.26% on average. TAVHL, OTKAR, ARCLK, AKSA, PGSUS, and GOODY were among the fewer non-bank gainers while Koza Group stocks, VESTL, ASELS, INDES, SELEC, and ENJSA led the decliners. Coming to this morning, our 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 9.4% for 2021 and at 7.0% for 2021 in its previous assessment report in January. Some upward revisions to these forecasts seem to be in the cards given the latest survey of market expectations suggesting 13.12% and 11.36% respective consumer inflation rates for end-2021 and 12-months ahead. BIST is off to a slight positive start given the upbeat sentiment in global markets. S&P futures are up over 0.5% and Asian indices are mostly trading in the green.
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