Morning Report (Trive Yatırım Menkul Değerler )

SOFT LANDING
" The BIST100 joined the global rally yesterday, closing the day 1.55% higher to 9983, and with a turnover of TRY 84.1bn, spurred by the better-than-expected US Retail sales figures AND Weekly Jobless Claims figures, that accelerated the risk-off mode towards the end of the session, and abated worries of a recession and injected confidence back in the economy, thus reassured investors than a soft landing is back on the table.
" Accordingly, the biggest question now for investors in light of this week's data set, is whether the Fed will cut interest rates by 25 or 50 basis points-with FedWatch indicating a 58.5% for a 25bps and 41.5% probability of a 50bps rate cut at the September FOMC meeting.
" The sharp risk-on mode in the US markets are being reflected in the Asian markets today, and the positive US Futures, are indicating another green opening today.
" On the local side yesterday, the Banks-REITs-Energy and Mining stocks all closed over 2% higher, while the Transportation stocks fell by 1% amid concerns of the global increase in the Monkey pox incidences, thus contributing to the sales in the Aviation stocks.
" EKGYO-AKBNK and GUBRF were yesterday's most bought BIST30 stocks, whereas THYAO-PGSUS and ALARK (due to the discontinuation of its strategic sale talks for its subsidiary Alsim), were the most sold.
" As of print, the TRY is continuing to weaken against the greenback, currently at 33.70, but is flat against the Euro at 37, while the DXY is also slightly lower at 102.02. The 2yr Bond rates fell by 2bps to 42.40%, while the 10yr rates rose by 28bps to 28.80%
" On the Commodity front, Brent is trading lower this morning at $80.16, the regression in prices could be explained by hopes of a cease-fire from the talks in Doha between the US-Qatar and Egypt, while GOLD is also slightly lower this morning at $2453.
" Last week, Foreign Investors were Net Sellers of $324mn Equities, thus the 3-week selloffs have aggregated to $600mn, while Net Buyer of $18mn Bonds.
" The July Government Budget gave a net deficit of TRY 96.8bn.

AGENDA

" On the local front today, the Housing Price Index and Expected 12mth Inflation Survey will be disclosed, while our international peers will be following the US Building Permits-New Home Starts and Michigan Consumer Confidence numbers, while the Eurozone will release its Foreign Trade figures.

2Q2024 FINANCIAL RESULTS
" CIMSA: Disclosed a quarterly net income of TRY 1.28bn, vs TRY 1.27bn y/y. EBTIDA fell to TRY 1.48bn from TRY 1.59bn y/y.
" EBEBK: Disclosed a quarterly net income of TRY 36.15mn from TRY 112mn loss y/y.
" EREGL: Disclosed a quarterly net income of TRY 4.39bn, vs a net loss of TRY 4bn y/y. EBITDA also rose to TRY 6.39bn vs TRY 3.82bn y/y.

 
 Trive Yatırım Menkul Değerler A.Ş.
  https://www.trive.com.tr/

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                        Yasal Uyarı
 
  Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.