Turkey Wake-up call: Macro, Political and Equity News, 12th October
BIST climbed 1.31% yesterday in its third consecutive day of gains thanks to institutional buyers in a bunch of industrial heavyweights. Banks gained 1.27% on average with YKBNK and HALKB leading peers. Steelmakers, FROTO, DEVA, OTKAR, KOZAL, ODAS, TRGYO, and AYGAZ topped the non-bank gainers while ISGYO, CCOLA, DOAS, MPARK, TTKOM, and KORDS were some of the few decliners in the BIST100 space. Today, our local macro agenda showcases August'21 Industrial Production numbers due at 10AM local time today. Bloomberg consensus +10.5%% yoy based on the estimates for calendar-adjusted series and +3.7% mom based on the seasonally & calendar-adjusted series. BIST seems off to a negative start given the sour sentiment abroad as well as rising geopolitical concerns related to Northern Syria. S&P futures are down more than 0.3% on top of some 1.1-1.2% overnight losses after the hour we left and Asian equity benchmarks are almost all trading in the red. Weak lira (USDTRY at 9.01-9.02 range vs 8.9675 at yesterday's closing bell) will not help the local mood either.
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