Turkey Wake up call: Macro, Political and Equity News, 3rd September
BIST inched down 0.12% after a day of ups and downs in an 11-point range as sellers seemed to be the more dominant group during the last 3 hours of trading. Banks performed in sync with the broader market and lost 0.16% on average while HALKB visibly outperformed peers. Telecoms, CCOLA, INDES, AKSEN, and LOGO topped the non-bank gainers while KOZAL, KRDMD, ARCLK, SOKM, GOZDE, and healthcare stocks stood out among weakest names. Today, our macro agenda highlight will be the August'20 inflation numbers due at 10AM local time. Bloomberg consensus puts the monthly CPI at 0.95% and PPI at 1.60%. A positive start is in the cards for the BIST given the upbeat mood in global equity markets while lira is almost unchanged from last night with the USDTRY parity slightly below the 7.39 mark. U.S. futures are down c.0.2% in partial reversal of their 0.8-1.0% overnight gains after we left and Asian markets are mostly trading in the green.
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