Turkey Wake up call: Macro, Political and Equity News, 4th September

BIST lost 0.70% yesterday as the weakness in global markets weighed on Turkish stocks in the afternoon session. Index had a positive start and climbed to its daily peak of 1,091 around 11AM. This was followed by a retreat that pulled the benchmark BIST100 to a negative close. Banks lost 1.30% on average amid a partial reversal of Wednesday's gains in HALKB. ALARK, AEFES, ARCLK, ASELS, KOZAL, DOAS, GUBRF, BAGFS, and DOHOL led the non-bank gainers while FROTO, EKGYO, TAVHL, PETKM, GLYHO, LOGO, and electricity stocks were among the weakest. Today, on the macro front, Central Bank will release the August'20 real effective FX rate at 2:30PM local time. The CPI-based index is expected to decline further from its 22-month low of 68.52 mark for the previous month given ~6.3% depreciation of lira vs the currency basket dwarfing the 0.86% headline CPI print for August. BIST is off to a negative start given the sour sentiment in global equity markets and continued pressure on lira (USDTRY at 7.44 levels vs 7.4307 at yesterday's closing bell). U.S. futures are down 0.3% on top of some 1% overnight losses after the hour we left and Asian equity benchmarks are almost