Turkey Wake-up call: Macro, Political and Equity News, 4th October
BIST lost 0.35% on Friday after a day mostly spent in negative territory, trimming its weekly gains to 1.21%. Banks fared a tad better with the 0.20% retreat in their sector index. TTRAK, AGHOL, BRISA, AKCNS, CIMSA, HEKTS, and DEVA topped the few non-bank gainers while FROTO, ENKAI, TCELL, MPARK, and VESTL were some of the weakest names. Today, eyes will be on September'21 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +1.27% (yearly 19.65% vs 19.25% a month ago) and PPI at +2.05% (yearly 44.65% vs 45.52% a month ago. Separately, Treasury will reissue 2-year TLREF-indexed bonds in its single domestic borrowing auction. Will hold two more auctions tomorrow ahead of this week's cumulative TL12.59bn of local redemptions. BIST seems off to a slight positive start given the strong 1.1-1.2% overnight gains in U.S. indices after we left and small gains in lira (USDTRY testing the 8.85 level vs 8.8659 at Friday's closing bell). Asian markets, however, present a rather mixed picture on continued concerns about Chinese Evergrande Group.
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