Turkey Wake-up call: Macro, Political and Equity News, 3rd August
BIST added 0.48% yesterday in its fourth day of the winning streak that is also supported by the recent rebound in lira. After an uptick open, benchmark BIST100 traded the entire day in a 10-point range in positive territory. Banks fared slightly better with the 0.71% gain in their sector index as YKBNK and TSKB outshined their peers. ASELS, TOASO, HEKTS, TUPRS, OYAKC, OTKAR, MPARK, TURSG, and DEVA topped the non-bank gainers while EREGL, TCELL, TAVHL, KRDMD, PGSUS, KARSN, and ODAS were some of the fewer decliners for the day. Today, our key macro agenda item will be the July'21 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +1.57% and PPI at +1.50%. We anticipate a downtick open for the BIST as the global equity markets are mostly in retreat amid concerns that the economic recovery from the pandemic is losing momentum. U.S. futures are up about 0.25% in early trades in partial recovery of the c.0.6% overnight losses after we left. Asian markets are mostly trading in the red.
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