TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

BRENT RISES AFTER OPEC PRODUCTION HIKE-US WAGS FINGER AT MEMBERS
• The BIST100 closed yesterday 0.76% higher to 3484, with a turnover of TRY 75.2bn, led by the gains in the Aviation and Energy stocks, whereas the Banks fell by 1.2%. The BIST saw a brief selling frenzy as the US 10yr rates rose past the 3.75% level, after the higher than expected ADP figures, a precursor to Friday’s critical NFP figures.
• PETKM, SASA and TKFEN-the latter due to the recent deals signed between Turkey and Libya, led the gains among the BIST30 stocks, whereas HALKB, VAKBN and GARAN, were the most sold.
o Please note that Turkey and Libya had signed deals on potential energy exploration in Libyan waters, Turkey’s Foreign Minister stated “We’ve signed a Memorandum of Understanding on exploration for hydrocarbons in Libya’s territorial waters and on Libyan soil, by mixed Turkish-Libyan companies.”
o It is estimated that there is around USD 30trn worth of natural gas in Libyan-controlled waters-perhaps the main reason for the recent outperformance in the energy stocks as well.
• Today, we expect a positive opening at the BIST.
• The TRY is trading flat against the USD at 18.57, whereas the DXY has fallen below the 111 level to 110.87. Both the 2yr and 10yr bond yields rose by 52bps and 14bps respectively, and the 5yr CDS rates rose by 17pts yesterday to 766.
• On the commodity front, Brent rose to over the USD 92 level yesterday, and is currently maintaining its uptrend, currently trading at USD 92.80 after the OPEC+ members cut supplies by 2mn b/d, the highest cut in 2 years, despite pressure and much to the dismay of the United States.
o The White House said in a statement that Biden was “disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine.”
• In counter to the production cut by OPEC+, President Biden directed the Department of Energy to release another 10 million oil barrels from the country's Strategic Petroleum Reserve next month, signaling the administration's effort to keep gas prices low with a month until the crucial midterms. However, the Energy department stated that the release was previously planned. If oil prices continue to rise, we would not be surprised to see Venezuela come into the game plan. Ounce and gram GOLD prices fell yesterday to USD 1715 and TRY 1024, respectively, and are currently trading higher at USD 1723 and TRY 1029, respectively, Zaporizhzhia.
NEWS FLOW:
• According to the daily Dunya, rice is the latest commodity to see high price accelerationi and Treasury Minister, Dr. Nebati stated that the Turkish Grain Board would start to sell barley and corn at relatively lower prices.
• MGROS: Disclosed for the month of September, it has opened 16 Migros storesi 10 Migros Jet sotres, and 1 Macrocenter sotre, with the store count reaching 2750 units and net sales area of 1.739mn sqm.
• Turkey's construction materials exports reached $34.78 billion in the last 12 months as of August, breaking a record year-on-year. In August, it increased by 5.5 percent compared to the same period last year and reached $ 2.99 billion
AGENDA:
• On the local front, last week’s Foreigners’ Net Stocks and Bond investment changes will be released, whereas the international news flow will be comprised of the Eurozone Retail Sales figures, the ECB minutes, and the US Jobless Claims.

 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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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.