Morning Report (Trive Yatırım Menkul Değerler )

MOODY'S SURPRISES FOR THE POSITIVE-AND BIDEN PULLS OUT FROM RACE
" The BIST100 closed Friday on a cautious rise of 0.15% at 11, 156, and with a turnover of TRY 113.9bn, ahead of Friday's much anticipated Moody's Sovereign Credit Rating-creating an heightened sense of excitement and expectation not seen for quite some time, thus diverging positively from its European peers, which were hampered by the IT outage that affected the Airline-Financial and Healthcare systems across the globe, including here in Türkiye as well.
" Though a one-notch upgrade was highly expected, the first ever two notch rate hike from Moody's for Türkiye, will most likely be positively priced in today's session. Accordingly, Moody's upgraded Türkiye's ratings to B1 from B3, while maintaining its positive outlook. The reasons for the upgrade were listed as improvements in governance, more specifically the decisive and increasingly well-established return to orthodox monetary policies, which are yielding the first visible results in terms of reducing the country's major macroeconomic imbalances, adding that while inflation and domestic demand have started to moderate, inflationary pressures are expected to ease significantly in the coming months and into 2025.
" SASA-EREGL (thanks to its gold reservoir finding) and PETKM were Friday's biggest gainers, whereas GUBRF-ALARK and ARCLK were the most sold.
" As of print, the TRY is trading weaker against both the USD and the Euro at 33.08 and 36.04, respectively, while the DXY has retreated slightly to 104.33. The 2yr Bond rates closed Friday 10bps lower to 42.03%, while the 10yr rates rose by 4bps to 27.98%.
" On the Commodity front, Brent is trading slightly higher this morning at $82.20, after falling last week due to hopes of a cease-fire in the Middle East, while GOLD is slightly higher at $2404.
" Yesterday, current US President Joe Biden, announced that he dropped out of the 2024 presidential election race against former President Donald Trump, and endorsed Vice President Kamala Harris as the Democratic Party nominee. However, though Kamala Harris seems to have rounded up the support from key senior Democrats, which also saw a sharp spike in the donations in just one day after Biden's speech, the final word as to who will run against Donald Trump in the November elections, will be disclosed at the Chicago party convention on 19 August.
" Over the weekend, Israel struck Houthis targets in Yemen after the drone attack on Tel Aviv earlier in the week.
" China lowered its key short-term policy rate, and its benchmark lending rates today, in efforts to boost growth in the world's second-largest economy. The cuts come after China reported weaker-than-expected second-quarter economic data last week and its top leaders met for a plenum that occurs roughly every five years. Accordingly, this may have a positive impact on the Iron & Steel stocks.
" The CBRT lowered the FX loan growth rate to 1.5% from 2% but kept it unchanged at 2% for local currency loan growths.
" Last week, Non-Residential Investors were net SELLERs of $57.7mn EQUITIES, but net BUYERs of $895mn BONDS.

AGENDA

" This week, the local agenda will kick-off with the Expected 12mth Inflation Survey and followed by the Consumer Confidence Level-One-Week Report rate (expected to remain unchanged at 50%), Real Sector Confidence Level-Capacity Utilization Rate-Net Change in Non-Resident STOCK/BOND Holdings, and conclude with the Bloomberg July Economic Survey.
" On the International front, the US and other global markets will be disclosing the PMI figures, as well as the US Quarterly GDP figures, and the PCE on Friday, while the Eurozone will release the Consumer Confidence level, besides the PMI, and Germany will disclose the IFO Business Confidence Levels.

CORPORATE NEWS
" ENERGY: The Iraqi government announced Sunday a new power line will bring electricity from Türkiye to its northern provinces as authorities aim to diversify the country's energy sources to ease chronic power outages. This news may reflect positively onto AKSEN shares, as it supplies electricity to Iraq.
" ISCTR: Disclosed that regarding the "partial facilitated demerger through associate model" in order to manage subsidiaries and affiliates under a holding company which will be incorporated as a 100% subsidiary of our Bank, it is no longer possible to finalize the transaction within the legal period up until 31 August 2024. Following this date, it will be further evaluated whether a new application is to be made, taking into account the evaluations from the relevant institutions.
" TRGYO and LKMNH will distribute gross TRY 2.35 and TRY 0.69, respectively, cash dividend per share today.

 
 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.