Turkey Wake-up call: Macro, Political and Equity News, 7th October
BIST slipped 0.60% yesterday as the afternoon sell-off erased the morning gains and some more. Index turned south after touching a daily peak of 1,170 around 2:30PM and shed some 16 points until the close on discouraging headlines about potential tensions with the US and the EU. Banks lost 1.02% on average as lira flirted with new lows. ULKER, AEFES, AKSA, TMSN, EGEEN, and power generation companies led the shorter list of gainers while SISE, DOAS, BIZIM, TTRAK, KOZAL, BIMAS, and KCHOL were among the weakest non-banks. Today, our local macro agenda involves the Treasury's cash budget balance for September'20 to be disclosed at 5:30PM local time. We foresee a downtick open for the BIST as the new stimulus talks in the U.S. ending without an agreement led to 1.5-1.7% overnight losses in the main American indices after we left. U.S. futures are up 0.4% in partial recovery of their losses while Asian indices are mostly trading in the green. Lira is flattish with the USDTRY pair cruising just below the 7.80 mark.
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