Turkey Wake-up call: Macro, Political and Equity News, 29th August
BIST added 0.30% on Friday despite the sell-off in peer markets, carrying its weekly gains to 4.17%. Banks again outperformed with the 0.87% increase in their sector index amid continued surge in VAKBN and HALKB which were joined by YKBNK while GARAN yielded to profit-taking. PETKM, TTKOM, EKGYO, GUBRF, ALKIM, ZOREN, and NTHOL led the non-bank gainers for the day while TUPRS, SAHOL, TCELL, PGSUS, MAVI, INDES, and CIMSA stood out among the weak spots. Today, our local macro agenda involves July'22 Foreign Trade numbers due at 10AM local time. Bloomberg consensus for monthly deficit at USD10.60bn vs preliminary data released earlier by the Ministry of Customs & Trade that are indicating a USD10.58bn (+63.7% yoy) trade gap for the month (Exports USD18.55bn (+13.4% yoy) // Imports USD29.13bn (+40.8% yoy)). Separately, BRSA will release the banking industry aggregates for July'22 at 2PM local time. Cumulative industry profits stood at TL6.40bn in July'21 and at TL37.04bn in June'22. BIST seems off to a negative start given Fed chairman Powell's signal of higher for longer interest rates is wreaking havoc in global markets. U.S. futures are down c.1.0% in early trades on top of some 1.5% overnight losses after we left on Friday and Asian bourses are all trading in the red. Please note that stock trades of today in the BIST will settle on Thursday, 01-September as the Turkish markets will be closed in observance of the Victory Day tomorrow.
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