Turkey Wake-up call: Macro, Political and Equity News, 3rd December
BIST closed almost unchanged yesterday as afternoon weakness erased earlier gains. After an indecisive opening, BIST100 index turned north and approached 1,340 levels by 2PM. But sellers took the driver's seat after this hour and pushed the index to red, followed by a recovery in the last hour. Banks were weaker with the 0.61% decline in their sector index amid pressure on AKBNK, ISCTR, and TSKB. Steelmakers, FROTO, OTKAR, CCOLA, SELEC, TURSG, MAVI, and Koza Group stocks topped the gainers while retailers, aviation names, DOAS, and GUBRF were among the weakest non-banks. Today, our key macro highlight will be the November'20 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +1.05%. We anticipate a flattish start given mixed signals from peer markets while lira is losing some ground (USDTRY at 7.8520 vs 7.8385 at yesterday's closing bell). U.S. futures are down a few points and Asian markets are mixed but with more gainers than decliners among key indices.
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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