Turkey Wake-up call: Macro, Political and Equity News, 3rd August
BIST retreated 0.33% yesterday as earlier gains were reversed in selling after 4:30PM, possibly reflecting global worries on Taiwan. Banks lost 0.51% on average with only ISCTR managing to close on an uptick. TOASO, FROTO, THYAO, GLYHO, ECILC, SASA, ARDYZ, and ODAS topped the non-bank gainers in the BIST100 universe while SOKM, MGROS, CCOLA, TKNSA, KARSN, LOGO, and MAVI stood out among the more crowded list of decliners for the day. Today, our key macro agenda item will be the July'22 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +2.61% (yearly 80.24% vs 78.62% a month ago). Separately, BRSA will release banking industry aggregates for June'22 at 2PM. Cumulative industry profits stood at TL9.06bn in June'21 and at TL33.92bn in May'22. We foresee an uptick open for the BIST as global markets are steady after yesterday's anxiety about the U.S.-China tensions. U.S. futures are up c.0.3% in early trades as they reverse some of the 0.5-0.6% overnight losses after we left and Asian equity indices are mostly trading with small gains for the day.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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