Morning Report (Trive Yatırım Menkul Değerler )

US CORE CPI SINKS MARKETS TO THEIR…
" The BIST opened yesterday on a cautious note, as if somehow knowing the results of the 11:30GMT US Inflation figures, with the selloffs accelerating after the slightly higher than expected core inflation figure triggered a harsh selloff in both the local and the international markets, before closing the day 2.12% lower at 9420, and with a turnover of TRY 79.3bn, led by the sharp fall in the Mining stocks, and followed by the Conglomerates and Industrials, while the Banks lost 1.43% and the Service stocks fell by 1.35%.
" EREGL-TCELL and BIMAS were the most and only bought blue chips, whereas EKGYO-SAHOL and KONTR were the most sold. The continuous limit-up trading at BRSAN also came to an end yesterday, closing the day 4.64% lower.
" As of print, the TRY is trading flat against both the USD and the Euro at 34 and 37.45 levels respectively, while the DXY has retreated slightly to 101.76.
" The 2yr rates fell by 5bps to 40.56% and the 10yr rates fell by 22bps to 28.66%.
" On the commodity front, both Brent and onuce GOLD are also slightly higher at $70.93 and $2518, respectively.
" Yesterday, U.S. consumer prices rose slightly in August, but underlying inflation remained sticky amid higher rents and costs for some services, which could discourage the Federal Reserve from delivering a half-point interest rate cut next week, thus spooking the markets. As such, the CPI rose 0.2% and 2.5% on a monthly and annual rate, inline with the market expectations, however, the Core PCE rose by 0.3% to 3.2% y/y, vs the estimated 0.2% rise, and this slight uptick in core CPI keeps the Fed on its toes and on the defensive, thus likely negating the probability of more aggresive rate cuts at next week's FOMC meeting.


AGENDA

" The Current Account Balance will be released on the local front, while The ECB will release its policy rate today, followed by President Lagarde's speech, and the US will disclose its PPI figures. The overwhelming expectations are for the ECB to cut rates by 25bps, which will trigger a sharp buying frenzy.
" TCELL is expected to release its financials today after the markets close.

CORPORATE
" PGSUS: Disclosed its August passenger figures. Accordingly, total passenger count rose by 9% y/y to 3.67mn from 3.35mn, and the load factor by 2% to 90.1% from 88.1%. Domestic passenger count rose by 7% to 1.31mn from 1.22mn, while international passenger count rose by 11% to 2.36% from 2.13. Jan.-Aug. total passenger count rose by 19% to 24.65mn from 20.73mn, with Domestic and International passenger count rising 20% and 18% respectively.
" ONCSM: Disclosed the Ministry of Health has ordered Monkeypox test kits.


 
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