Turkey Wake-up call: Macro, Political and Equity News, 31th May
BIST jumped 3.62% yesterday amid the upbeat sentiment abroad and given lack of any official announcement regarding the much anticipated inflation-indexed public bond offering over the weekend. Banks partly joined the party with the 2.49% daily ascent in their sector index as GARAN and VAKBN fell behind. Aviation stocks led by THYAO, EREGL, FROTO, SAHOL, TUPRS, KCHOL, AEFES, AGHOL, ALARK, and KARSN stood out among the crowded list of gainers while ARCLK, NTHOL, BASGZ, and GSDHO were the only decliners in the BIST100 universe. Coming to the last day of the month, our key macro agenda highlight will be the 1Q22 GDP numbers due at 10AM local time. Bloomberg survey puts 1Q22 growth at +7.2.% yoy and +1.3% on a seasonality and workday-adjusted basis QoQ. Separately, April'22 Foreign Trade numbers are also due 10AM. Bloomberg consensus for monthly deficit at USD6.10bn vs preliminary data released earlier by the Ministry of Customs & Trade that are indicating a USD6.10bn (+98.1% yoy) trade gap for the month (Exports USD23.36bn (+24.6% yoy) // Imports USD29.47bn (+34.9% yoy)). We anticipate a sideways open for the BIST given conflicting signals from international markets this morning. U.S. futures are up c.0.3% in early trades while Asian equity benchmarks present a mixed picture.
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