Turkey Wake-up call: Macro, Political and Equity News, 5th October
BIST inched up 0.13% on Friday, carrying its weekly gains to 1.86%. After a weak start that marked the lowest point of the day, BIST100 index quickly recovered its losses and spent almost all of the day in slight positive territory. Activity was mixed as banks fell behind with the 0.30% drop in their sector index. MGROS, SISE, SAHOL, PETKM, GUBRF, ISDMR, and ODAS led the non-bank gainers while SOKM, BIMAS, FROTO, ARCLK, ASELS, CLEBI, and BRISA topped the decliners. Today, our macro agenda highlight will be the September'20 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +1.30% and PPI at +2.90%. BIST is off to a positive open as global equities are climbing on reports that the U.S. president Trump's treatment for Covid-19 infection is progressing well and he may discharged from hospital as early as today. U.S. futures are up c.0.7% and Asian indices are all trading in the green. Lira is also cautiously stronger ahead of the inflation data release with USDTRY just below the 7.76 mark vs 7.7684 at Friday's closing bell.
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