Turkey Wake-up call: Macro, Political and Equity News, 4th August
BIST climbed 1.39% yesterday to a new all-time-high close after a day totally spent in the positive territory. Banks supported the market with the 2.64% gain in their sector index amid ISCTR, TSKB, and ALBRK leading the pack. THYAO, SAHOL, ASELS, CEMTS, GENIL, AGHOL, ODAS, and HEKTS topped the non-bank gainers while AEFES, FROTO, TTRAK, SOKM, DOAS, MAVI, and ISGYO stood out among the fewer decliners in the BIST100 universe. Today, our local macro agenda is muted except for the Central Bank's July'22 real effective FX rate due at 2:30PM local time. The CPI-based index is expected to retreat from the 53.33 mark for previous month given ~6.0% depreciation of lira vs the currency basket dwarfing the 2.37% headline CPI print for July. BIST seems off to a positive open given the prevailing positive sentiment in global markets. U.S. futures are down a few points this morning but we note the 0.6-0.7% overnight gains after we left and Asian bourses are mostly trading in the green.
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