Turkey Wake-up call: Macro, Political and Equity News, 30th November
BIST climbed 1.82% yesterday as buying in some non-financial blue-chips in late afternoon trading propped up the broader market. Banks were again weak with the slide in the lira and lost 0.39% on average. ASELS, TUPRS, TOASO, FROTO, SISE, TTKOM, AEFES, SASA, and AKSA topped the gainers for the day while MGROS, AKSEN, ODAS, GLYHO, and KOZAA were some of the few decliners among BIST100 constituents. Today, our key macro agenda item will be the 3Q21 GDP numbers due at 10AM local time. Bloomberg survey puts 3Q21 growth at +7.4% yoy and +3.3% on a seasonality and workday-adjusted basis QoQ. We predict a sideways open with a negative bias for the BIST given mixed signals from global peers and continued pressure on the lira (USDTRY above the 12.80 mark in early trades vs 12.7975 at yesterday's closing bell). U.S. futures are down c.0.6% this morning in complete reversal of their 0.3-0.4% overnight gains after we left while Asian bourses are trading in different directions.
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