Turkey Wake-up call: Macro, Political and Equity News, 4th March, Global Securities

BIST climbed 1.87% in its third consecutive day of gains after a session entirely spent in the positive territory although some of the daily gains were reversed during the last hour of trading. Banks again lagged the broader market with the 0.88% gain in their sector index. Koza Group stocks, TTKOM, ENKAI, KRDMD, ASELS, PETKM, GUBRF, MAVI, VESTL, and ENJSA stood out among the gainers in the BIST100 space while THYAO, DOAS, AEFES, AKSA, AYDEM, and GOZDE topped the handful of decliners. Coming to this morning, our local macro agenda involves the Central Bank's February'22 real effective FX rate due at 2:30PM local time. The CPI-based index is expected to rebound for the second month from its all-time-low of 47.90 in December given ~4.0% depreciation of lira vs the currency basket during January slightly below the 4.81% headline CPI print for the month. BIST seems off to a negative start as the sentiment in global markets has turned sour on further escalation of the clashes in Ukraine. U.S. futures are down over 1% on top of the 0.6-0.7% overnight losses after we left and Asian markets are all trading in the red.