Mornıng Report (Trive Yatırım Menkul Değerler)

FALLING LOCAL INFLATION AND LOWER-THAN EXPECTED US ADP FIGURES TRIGGER RISK-ON MODE
" The BIST100 closed yesterday 2.26% higher at 10.682, and with a turnover of TRY 95.8bn, thanks to the lower-than expected local inflation readings, and the low US ADP figures, suggesting that the Fed may cut rates to boost the economy.
" The Banks led the gains, rising by 4.46%, followed by the 2.78% gains in the Conglomerates, whereas the Energy stocks diverged negatively from their peers.
" EREGL-SAHOL and EKGYO were yesterday's biggest movers, the REIT due to the re-appointment of Murat Kurum back to his previous post as the head of the Ministry of Environment and Urbanization, while HEKTS-BIMAS and TAVHL were yesterday's most sold BIST30 stocks.
" As of print, the TRY is trading flat against both the USD and the Euro at 32.55 and 35.10, respectively, while the DXY has receded slightly to 105.34 due to the lower-than expected data set from the US. The 2yr and 10yr rates fell by 137bps and 67% to close at 39.35% and 27.35%, respectively.
" On the Commodity front, Brent is trading lower today at $86.61, and GOLD is flat at $2356.
" The FOMC Minutes revealed that the Fed isn't ready to cut rates until greater confidence inflation is moving to the 2% goal, adding that inflation is moving in the right direction but not quickly enough for them to lower interest rates.
" The CPI rose by 1.64% on an annual basis vs the expected 2.20%, and annual inflation was at 71.6% vs the expected 72.61%, thus its lowest level this year. In the Summary notes, the CBRT warned that consumer demand may not be slowing at the desired rate.
" JPMorgan reduced its year-end inflation rate to Türkiye to 42.5% from 43.5%, and Barclays reduced it to 44% from 44.5%.


AGENDA

" On the local front today, the Effective Exchange Rate and Net Change in Non-Resident BOND/STOCK Holdings will be disclosed, while the ECB will be releasing its Summary notes, and Germany will be releasing its factory orders. Please note that the US markets will be closed today in observance of the 4th of July, and our UK colleagues will be casting their ballots at the general elections.


CORPORATE NEWS

" THYAO: Disclosed that it has reached a compensation settlement with International Aero Engines LLC (IAE) in relation to mitigating the operational impact arising from engine availability and related issues for PW1100G-JM Engine powered A320/321NEO aircraft, including through the revision of the Purchase and Maintenance agreements between our Incorporation and IAE.
" DGNMO: Disclosed that it received an order of TRY 41.2mn for a new housing project in Istanbul.
" EBEBK: Disclosed that the number of visitors to ebebek stores in June 2024 is 4.443.455. In the same period of 2023, this number was 4.098.270. The number of visitors to ebebek stores in the first 6 months of 2024 is 25.032.253. In the same period of 2023, this number was 23.310.442. The number of visitors to ebebek.com website in June 2024 is 8.956.331. In the same period of 2023, this number was 8.875.070. The number of visitors to ebebek.com website in the first 6 months of 2024 is 65.247.903. In the same period of 2023, this number was 67.700.496.
" ASELS: Disclosed that it signed an Electronic Warfare Systems agreement with the Secretariat of Defence Industries worth $109.7mn

 
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