Turkey Wake-up call: Macro, Political and Equity News, 30th MaY
BIST slipped 0.49% on Friday as the morning session gains were reversed in afternoon trading, trimming weekly gains in the index to 2.80%. Banks were again the culprit with the 1.32% drop in their sector index amid weakness in GARAN and YKBNK while the two state lenders managed to buck the slide. EREGL, AKSA, KARSN, ISDMR, AYDEM, AKSEN, ODAS, and TRGYO led the few non-bank gainers in the BIST100 universe while TCELL, TTKOM, ARCLK, SISE, KOZAA, ASELS, HEKTS, GSDHO, SELEC, and OYAKC stood out among the decliners. Coming to this morning, our local macro agenda is muted while on the political front, President Erdogan will speak at the anniversary ceremony of the State Audit Office starting at 2PM local time. BIST is off to a positive start given supportive sentiment in global markets. U.S. futures are up c.0.7% in early trades on top of >1% overnight gains after the hour we left on Friday and Asian bourses are all trading in the green as China eased the coronavirus restrictions. Lira, on the other hand, is softer with USDTRY testing the 16.37 mark vs 16.2410 at Friday's closing bell given lack of any official announcement regarding the much anticipated inflation-indexed public bond offering:
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