Global equities failed to hold on gains due to worries on US GDP data on Friday. Selloff in Asian shares was particularly strong after a surprise fall in Japan’s industrial production and an increase in unemployment. Commodities drop on signs the global recovery is losing stream. Turkish equities continued to outperform global markets backed with strong interest for the Treasury’s Eurobond issue. ISE100 hit another record high yesterday and closed at 60,737 level up by 0.55%. The Turkish Treasury tapped the 2021s yesterday. There was a strong interest in the note where total amount sold was USD 1bn at a yield of 5.25%. Today, we expect a negative opening around 0.5%. We may see some profit taking activity in the companies that released their Q2 results yesterday which may give an intra-day trading opportunity. Release of US “GDP” data is the event of the day while there is not any market driver news on the domestic agenda. In the bond market, morning quotations stand flat at 8.31% and the currency is weaker at 1.5140.
