Turkey Wake-up call: Macro, Political and Equity News, 9th July
BIST lost 1.27% yesterday as the sour mood in global markets weighed on Turkish stocks alike. After an indecisive open, BIST100 index turned south and the retreat gained pace after noontime, ending the day near its bottom. Banks lost 1.20% on average as GARAN and YKBNK reversed their outperformance for the previous day while ISCTR managed to buck the losses. ENKAI, DOAS, LOGO, TRGYO, AKSA, and KCHOL were among the rare non-bank gainers while PGSUS, EREGL, SISE, MGROS, KOZAL, KORDS, and ODAS topped the long list of decliners. Coming to this morning, our local macro agenda highlight will be the May'21 Balance of Payments data due at 10AM local time. Bloomberg survey puts the monthly CA deficit at USD2.95bn vs the USD4.00bn deficit recorded for the same month of 2020. Separately, CBT's monthly expectations survey will also be revealed at 10AM. BIST seems headed for an uptick start given the c.0.5% overnight recovery in major U.S. indices after we left while lira is flattish with the USDTRY pair floating around the 8.69 mark. U.S. futures are down a few points in early trades while Asian equity benchmarks are mostly trading in the red as they play catch up with yesterday's losses in the western peers.
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