Turkey Wake-up call: Macro, Political and Equity News, 31st August
BIST added 0.60% on Monday thanks to an afternoon recovery before yesterday's public holiday. Banks underperformed with the 0.14% gain in their sector index as continued strength in state lenders HALKB and VAKBN made up for the profit taking in major private lenders. TUPRS, TOASO, GUBRF, HEKTS, DOHOL, GWIND, AYDEM, and TURSG led the non-bank gainers in the BIST100 universe while VESTL, AEFES, KCHOL, TAVHL, SOKM, AKSEN, ISMEN, and AGHOL stood out among the weak spots. Coming to this morning, our local macro agenda highlight will be the 2Q22 GDP numbers due at 10AM local time. Bloomberg survey puts the 2Q22 growth at +7.4% YoY and +1.5% on a seasonality and workday-adjusted basis QoQ. BIST seems headed into a sideways start given mixed signals from peer markets, but we may see increased volatility as the day unfolds due to index futures contract expiry. U.S. futures are up c.0.5% in early trades in reversal of their 0.8-1.0% losses after the time we left on Monday while Asian equity benchmarks are moving in different directions.
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