Turkey Wake-up call: Macro, Political and Equity News, 3rd February
BIST added 1.27% yesterday thanks to extended gains in global markets and the sustained strength of lira. Benchmark BIST100 opened on an uptick and stayed in positive territory all day long although its failure to surpass the 1,515 resistance led to a partial pull-back in the afternoon. Banks gained 1.23% on average as GARAN caught some bids while YKBNK and VAKBN underperformed. ARCLK, KRDMD, ENKAI, SISE, DOHOL, DEVA, NETAS, DOAS, and LOGO led the non-bank gainers while Koza Group names, AEFES, OTKAR, ODAS, and AKGRT were among the fewer decliners. Today, our key macro highlight will be the January'21 inflation numbers due at 0AM local time. Bloomberg consensus CPI and PPI are both at +1.40%. BIST seems off to a positive start as the optimism in global markets is prevailing and lira is holding onto its gains. U.S. futures are up c.0.4% in early trades and Asian equity indices are almost all trading in the green.
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