Mornıng Trıve Report (Trive Yatırım Menkul Değerler )

ALL EYES TODAY ON US CPI FIGURES

The BIST100 closed yesterday 0.49% lower to 10,743 and on a turnover of TRY 103.1bn, typically Wednesday is a red day, as investors tend to close their long-credit positions as not to bear the high interest carrying cost. Today, all eyes will be on the US CPI figures (BBGe: +0.1% m/m; +3.1% y/y).
The Banks once again led the fall in the BIST, losing another 1.19% on top of yesterday’s 3.17% retreat, whereas the Industrial stocks performed relatively better, falling a mere 0.12%, and the Mining stocks diverged positively form the peers thanks to the gains in the KOZAA and IPEKE group stocks.
Accordingly, KOZAA-PGSUS and TAVHL were yesterday’s best performing blue-chips, whereas YKBNK-FROTO and HEKTS were the most sold.
As of print, the TRY is trading weaker against the USD from overnight at 32.92, and also weaker against the Euro at 35.67, while the DXY has retreated to 104.96. On the Bonds’ side, the 2yr and 10yr yields rose by 6bps and 26bps to 40.19% and 27.78%, respectively.
On the Commodity front, Brent is trading higher this morning, above the $85 ticker at $85.31, and GOLD is maintaining its recent uptrend at $2382.
At his bi-annual testimony before the Senate Banking Committee, Powell left the Fed’s options open on when the central bank will cut interest rates, which markets are pricing in as likely for September. He told senators he doesn’t expect the next move will be a hike but declined to give any timetable for cuts. “I’m not going to be sending any signals about the timing of future actions.” He added that more good inflation data would boost Fed confidence, that the labor market appears fully back in balance, stressed the Fed’s independence ahead of the upcoming US elections, and sees progress on changes to the bank capital plan.
The US 2Q24 Financial season will also kick-off today.
Türkiye’s May Industrial Production level rose by 1.7% m/m, however, fell by 0.1% on an annual basis, and Unemployment fell to 8.4% from 8.5 m/m.
Minister of Finance and Treasury, Mr. Simsek, stated yesterday that access to external loans was increasing, while the financial costs was decreasing.
Mr. Simesk and the CBRT Governor will be attending the JPMorgan investor meeting today at Istanbul.
 

AGENDA

 

On the local front, The Retail Trade and Net Change in Non-Resident STOCK/BOND holdings will be released, whereas our International audience will be watching the US CPI figures and Jobless Claims, as well as the CPI figures from Germany.
 

CORPORATE NEWS

 

AKGRT: Disclosed that its gross premium generation increased by 2% to TRY 2.42bn and rose by 58% to TRY 15.5 1H2024.
ASELS: Disclosed that it signed a $20.3mn international sales contract regarding the export of air defence systems.
EREGL: Disclosed that it mandated Merrill Lynch International, Citigroup Global Markets Limited, BNP Paribas, Banco Bilbao Vizcaya Argentaria, S.A., Société Générale and Emirates NBD Bank PJSC for selling Company bonds to qualified investors outside Türkiye.
 
 
 Trive Yatırım Menkul Değerler A.Ş.
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                        Yasal Uyarı
 
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