Morning Report (Trive Yatırım Menkul Değerler )

POOR FINANCIAL AND PMI FIGURES TRIGGER GLOBAL SALES-TECH OVERHANG CONTINUES
" The BIST100 fell by 0.88% yesterday, once again below the psychological 11k support level to 10.992, with a turnover of TRY 101bn, parallel to the negative mood in the global markets, due to the poor financial results from the big European stocks, Deutsche Bank saw a loss of the first time in 15 quarters after setting aside a big lawsuit provision, continuing fall in the US tech stocks, as well as the PMI figures, which showed business activity stalled in both the Eurozone and the US, while picking up in the UK, and the German Consumer Confidence level jumped to its two-year high on upbeat pay hopes.
" The Banks once again led the fall in the BIST, dropping another 1.56%, and the Conglomerates fell by a little over 1%, and the REITs also lost 0.72% due to yesterday's hawkish stance from the CBRT, not giving any clues as to when it would start lowering the policy rate. However, the Mining stocks glossed brighter than their peers, rising by 1.29%, and the Energy stocks also managed to move forward, by 0.16%.
" GUBRF-ENKAI and KOZAL were yesterday's best performing blue-chips, whereas TOASO-TCELL and FROTO, were the most sold.
" As of print, the TRY is trading weaker against both the US and the Euro at 32.95 and 35.84, respectively, while the DXY has retreated slightly to 104.27. The 2yr Bond rates closed 7bps lower to 42.22, while the 10yr rates rose by 13bps to 27.97%.
" On the Commodity front, Brent is also trading lower this morning at $80.20 and GOLD has retreated to $2374, due to the slowdown in the business activity levels.
" The Bank of Canada cut interest rates by 25bps for a second consecutive time to 4.5%, and the Bank of China issued 200 billion yuan ($27.5 billion) in one-year loans under its MLF at 2.30%, down 20 basis points from its previous MLF loan. The central bank also injected 235.1 billion yuan into markets through seven-day reverse repos at 1.70% and said the cash injection through the short-term instrument was to "maintain reasonably ample month-end banking system liquidity conditions.
" Meanwhile, Reuters is reporting that the Bank of Japan may go to rate hikes at its policy rate meeting next week.
" Today, President Joe Biden will be hosting the Israeli Prime Minister, Benjamin Netanyahu at the White House to discuss developments in Gaza and progress towards a ceasefire and hostage release deal. Meanwhile, in a rare show of unity, 14 Palestinian groups, including Hamas and Fatah concluded their 2-day meeting in Beijing, China, and agreed to achieve a comprehensive national unity under the PLO.


AGENDA

" On the local front today, the Capacity Utilization Rate-Real Sector Confidence Level, and Foreigners' Net Stock/Bond Holdings will be released, whereas the US will be releasing its 2Q2024 GDP Growth Rate-Durable Goods Orders, and Jobless Claims, and Germany will release its IFO Business Climate Index, while there are no major macro releases expected from the Eurozone.
CORPORATE NEWS
" ARCLK: Arcelik Türkiye CEO, Mr. Can Dincer, gave an interview yesterday where he expressed the company's goal to be a global leader in the home-appliances technology sector, and that they plan to export their solar energy panels to Europe, and strengthen their presence in the Asia-Pacific region.

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

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