Turkey Wake-up call: Macro, Political and Equity News, 30th June
BIST suffered a 3.54% loss yesterday as the index fell off a cliff in the last 1.5 hours of trading after breaking the 2,460 support. Banks dropped 3.87% on average, extending their losing streak to the 6th consecutive day with their cumulative decline reaching almost 12% during this period. KCHOL, SAHOL, FROTO, ARCLK, KRDMD, DOHOL, Koza Group names, PGSUS, KARSN, GLYHO, and AKSEN topped the decliners while TURSG, TKFEN, ECILC, MAVI, and BIOEN stood out among the handful of gainers for the day. Today, our local macro agenda involves May'22 Foreign Trade numbers due at 10AM local time. Bloomberg consensus for monthly deficit at USD10.70bn vs preliminary data released earlier by the Ministry of Customs & Trade that are indicating a USD10.68bn (+157.0% yoy) trade gap for the month (Exports USD18.97bn (+15.2% yoy) // Imports USD29.65bn (+43.8% yoy)). Separately, summary minutes of the latest Monetary Policy Council meeting will be released at 2PM. We foresee a flattish open with a negative bias for the BIST given the ongoing softness in global bourses while the positive remarks after the Erdogan-Biden meeting last night may provide some tailwinds. U.S. futures are down c.1.0% in early trades while Asian equity indices outside of China are mostly trading in the red.
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