Report

Turkey Wake-up call: Macro, Political and Equity News, 11th October

BIST edged up 0.08% on Friday after a day mostly spent in the positive territory, trimming its weekly losses to 0.25%. Banks fell behind with the 0.56% loss in their sector index amid pressure on GARAN and YKBNK. OTKAR, AKCNS, MAVI, SASA, CIMSA, ISMDR, and ASELS were among the top gainers while GUBRF, PETKM, YATAS, KORDS, TTRAK, and MGROS topped the non-bank decliners in the BIST100 universe. Coming to the start of the new week, our local macro agenda involves the unemployment statistics for August'21 to be released at 10AM local time. Seasonally-adjusted unemployment had climbed 1.4pp from a month ago to a 12.0% in July in partial reversal of June's abrupt decline as the 631k monthly jump in labour force (labour force participation was sequentially up 0.9pp to 51.2%) outpaced 125k increase in the number of employed. Separately, August'21 Balance of Payments data are also data due 10AM. Bloomberg survey puts the monthly CA deficit at USD0.10bn vs the USD4.26bn deficit recorded for the same month of 2020. Lastly, the Treasury will offer 3-year gold bonds and 3-year gold-indexed sukuk papers via direct sales in the domestic market. Domestic redemption for the week stands at only TL0.20bn. We foresee a slight positive open for the BIST given the supportive mood in most Asian markets. S&P futures are down a few points while lira is flattish with the USDTRY pair in the 8.94-8.95 range in early trades vs 8.9418 at Friday's closing bell.
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Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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