Turkey Wake-up call: Macro, Political and Equity News, 9th November
BIST closed 1.01% higher on Friday in the fifth consecutive day of gains and extended its weekly recovery to 7.15%. After an initial wobble, BIST100 index turned north and spent the bulk of the day in the positive territory apart from a brief incursion into red around mid-day. Banks again fell behind with the 0.28% paltry gain in their sector index. EREGL, KRDMD, TTRAK, BRISA, VESTL, AKSA, FROTO, OTKAR, and GOODY led the non-bank gainers while GUBRF, ALCTL, NETAS, ULKER, KORDS, AYGAZ, and MPARK stood out among the decliners. Today, we have a muted local macro agenda while the replacement of the Central Bank governor on Saturday and Finance Minister Albayrak's consequent resignation last night are being closely watched for clues for any changes in the government's macroeconomic policy framework. BIST is off to a positive start given the buoyant mood in global markets as well as the rebound in lira (USDTRY at around 8.4150 vs 8.5650 at Friday's closing bell). U.S. futures are up 1.7% and Asian markets are all trading in the green.
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