Turkey Wake-up call: Macro, Political and Equity News, 4th April
BIST added 0.82% on Friday in the fourth consecutive day of its winning streak and carried its weekly gains to 3.50%. Banks gained 1.06% on average as GARAN led the pack following the regulatory approval for its parent's long-awaited voluntary tender call to the minority shareholders. TUPRS, PETKM, MGROS, EREGL, ASELS, KARSN, GLYHO, LOGO, AGHOL, and BIOEN topped the non-bank gainers for the day while CCOLA, TCELL, ARCLK, TOASO, AKSEN, OYAKC, DEVA, and ECILC stood out among the weak spots in the BIST100 universe. Coming to the start of the new week, our local macro agenda highlight for the day will be the March'22 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +5.84% (yearly 61.50% vs 54.44% a month ago). We anticipate a slight positive start for the BIST given similar moves in peer markets. U.S. futures are up a few points on top of the 0.2-0.4% overnight gains after we left on Friday and Asian bourses are mostly trading in the green.
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