Turkey Wake-up call: Macro, Political and Equity News, 3rd June
BIST increased 1.28% in its fourth consecutive day of gains as the recovery mood in global markets continued to prop up Turkish stocks. Banks climbed 1.68% on average with AKBNK and YKBNK taking the lead. ARCLK, BIMAS, FROTO, HEKTS, BRISA, GSDHO, VESBE, MAVI, and SELEC stood out among the non-bank gainers in the BIST100 universe while ENKAI, TUPRS, AGHOL, KARSN, and CCOLA topped the decliners. Today, our key macro agenda highlight will be the May'22 inflation numbers due at 10AM local time. Bloomberg consensus CPI at 4.00% (yearly 74.70% vs 69.97% a month ago) and PPI at 5.75% (yearly 126.86% vs 121.82% a month ago). Separately, BRSA will release banking industry aggregates for April'22 at 2PM local time. Cumulative industry profits stood at TL4.33bn in April'21 and at TL24.25bn in March'22. BIST seems off to another positive open as the supportive mood abroad prevails. U.S. futures are up a few points in early trades on top of some 1.5-1.7% overnight gains after the hour we left and Asian markets are mostly trading in the green.
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