Turkey Wake-up call: Macro, Political and Equity News, 3rd February
BIST lost 0.65% yesterday as the weakness in some industrial names weighed on the market despite the strength in banks that gained 2.71% on average. SAHOL, TOASO, MAVI, INDES, ARDYZ, and ZRGYO led the few gainers among non-banks while FROTO, BIMAS, KRDMD, PETKM, TCELL, TKFEN, ALARK, ENKAI, DOAS, and Koza Group stocks topped the decliners. Today, our key agenda item is the January'22 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +10.95% (yearly 48.00% vs 36.08% a month ago) and PPI at +11.20% (yearly 96.78% vs 79.89% a month ago). We anticipate a downtick open for the BIST as the sentiment in global markets seems to have turned sour on disappointing earnings releases from some key technology companies last night. S&P futures are down c.0.9% in early trades and Asian equity benchmarks are mostly trading in the red. Lira is a tad stronger with the USDTRY pair around the 13.52 mark this morning vs 13.5416 at yesterday's closing bell.
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.
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