Turkey Wake-up call: Macro, Political and Equity News, 5th May
BIST eked out a 0.09% gain on Friday after a day of ups and downs in seemingly indecisive sentiment before the Eid holiday. After a stronger morning session, benchmark BIST100 index tested the 2,405 bottom in the afternoon before staging a rebound in the last 1.5 hours of trading. Banks fell behind with the 0.56% drop in their sector index despite GARAN holding up better thanks to BBVA's ongoing tender call. Koza Group names, SISE, THYAO, KORDS, ISDMR, ALARK, AKSEN, AGHOL, and INDES led the non-bank gainers while TCELL, TTKOM, TKFEN, ENJSA, TURSG, ASELS, and NTHOL stood out among the fewer decliners in the BIST100 universe. Coming to the first trading day of the new month, our local macro agenda highlight will be the April'22 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +5.75% (yearly 67.80% vs 61.14% a month ago) and PPI at +6.35% (yearly 121.90% vs 114.97% a month ago). Meanwhile, consumer prices in metropolitan Istanbul jumped 11.36% in April (vs +1.01% same month of 2021) according to the Cost of Living Index compiled by the city's Chamber of Commerce, boosting the annual inflation to 79.97% from previous month's 63.25%. Separately, April'22 PMI will also be announced at 10AM. The index had retreated 2.0% on a sequential basis to 49.4 in March in its first print below the 50 no-change mark in ten months. BIST seems off to a positive open given the supportive sentiment abroad, following the dovish remarks from the FED chair last night. U.S. futures are up a few points in early trades on top of some 1.6-1.8% gains in main indices after the time we left last Friday. Asian bourses are almost all trading in the green.
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