Turkey Wake-up call: Macro, Political and Equity News, 9th June

BIST took a 4.07% dive yesterday as selling in the afternoon session erased slight gains from the morning session and much more, especially during the final hour of the session. Banks were weaker from earlier hours of the day as continued slide in lira and increasing CDS rates soured the mood and the sector index was down 5.81%. TAVHL, TTRAK, CCOLA, and AKSA stood out among the handful of gainers in the BIST100 universe while TOASO, SAHOL, TTKOM, EKGYO, Koza Group names, DOHOL, GLYHO, OYAKC, DEVA, and INDES topped the long list of decliners. Coming to this morning, our local macro and political agenda are mostly muted. We foresee a slight negative start for the BIST weak sentiment in global equity markets. U.S. futures are down >0.2% on top of the 0.4-0.7% overnight losses after we left and Asian bourses are mostly trading in the red. Lira is still losing ground as the USDTRY pair is above the 17.20 mark in early trades vs 17.1078 at yesterday's closing bell.