Turkey Wake-up call: Macro, Political and Equity News, 3rd May
BIST slipped 0.26% in lacklustre trading on Friday, but managed to pocket a 3.92% gain for the entire week. It was a day of ups and downs for the BIST100 index that faced resistance at 1,405 level while finding support around the 1,397 mark. Banks lost 0.16% on average as HALKB outperformed. PGSUS, KOZAL, TAVHL, OTKAR, and BRISA topped the non-bank gainers while VESTL, TKNSA, AEFES, TKFEN, ARCLK, and grocery chains were among the weaker spots. Today, our local macro agenda highlight will be the April'21 inflation numbers due at 10AM local time. Bloomberg consensus CPI at 1.80% and PPI at 3.50%. Meanwhile, consumer prices in metropolitan Istanbul climbed 1.01% in April (vs +1.04% same month last year) according to the Cost of Living Index compiled by the city's Chamber of Commerce, trimming the annual inflation to 16.34% from previous month's 16.37%. Separately, April'21 PMI will also be announced at 10AM. The index had climbed 1.7% on a sequential basis to 51.7 in March in reversal of part of the previous month's retreat, and had remained above the 50 neutral line for the tenth consecutive month. Lastly, Treasury will reissue 2-year fixed-rate bonds in its single domestic borrowing auction. Will hold two more auctions tomorrow ahead of this Wednesday's TL1.14bn redemption. We anticipate a sideways open for the BIST given mixed signals from global markets and the flattish lira (USDTRY in the 8.29-8.30 range). U.S. futures are up over 0.2% in early trades while Asian indices are almost all trading in the red.
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