Turkey Wake-up call: Macro, Political and Equity News, 31st January
BIST retreated 0.73% on Friday as the gains in the morning hours were reversed in afternoon trading. Banks performed in line with the broader market as their sector index lost 0.72%. TOASO, ALARK, INDES, TKFEN, CIMSA, AKSEN, KARSN, and DOHOL topped the gainers while TCELL, TTKOM, TUPRS, EREGL, VESTL, TAVHL, AGHOL, and SELEC were among the weakest spots in the BIST100 universe. Today, our local macro agenda is busy starting with the December'21 Foreign Trade numbers due at 10AM local time. Bloomberg consensus for monthly deficit at USD6.60bn vs preliminary data released earlier by the Ministry of Customs & Trade that are indicating a USD6.64bn (+45.9% yoy) trade gap for the month (Exports USD22.27bn (+24.9% yoy) // Imports USD28.91bn (+29.1% yoy)). Separately, Ministry of Tourism will disclose the tourist arrival numbers for December'21 at 11AM. Foreign tourist arrivals had jumped 111.5% yoy to 1.76mn in November as the pandemic-related base effects were in play, bringing the cumulative yearly arrivals to 22.82mn visitors, up 89.6% from the corresponding period of 2020. Lastly, BRSA will release banking industry aggregates for December'21 at 2PM. Cumulative industry profits stood at TL1.20bn in December'20 and at TL9.23bn in November'21. BIST is off to a positive start given the upbeat sentiment in global markets. S&P futures are up 0.2% in early trades on top of the 2.5-3.0% overnight jumps in main indices after we left on Friday and Asian bourses are all trading in the green.
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