TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

" Despite mounting likes of a 25bp rate hike by Fed in July meeting to 95%, there was a positive mood in the US markets yesterday following sell-offs in the last few days. Reflecting that, MSCI Asia is up by 1.4% this morning, meanwhile US and EU futures are slightly up. We expect a positive opening for BIST thanks to Turkey's backing of Sweden's accession to NATO as well as Sweden's pledge to support Turkey's EU accession process as well as modernisation of the EU-Turkey Customs Union and visa liberalisation.
" Both Stoltenberg and Biden stated their contentedness that President Erdogan agreed to forward Sweden's accession protocol to NATO to the Turkish National Assembly and to work closely with the Assembly to ensure its ratification.
" The CBRT announced that the transition to TRY deposits with a maturity longer than 3-months will be calculated as 1.5 times in the calculation of TRY deposits/Total deposits at the securities allocation requirement. Apparently the CBRT is trying to push the banks to raise more core TRY deposits instead of FX protected TRY accounts. So, going forward we envisage higher interest rate offerings on TRY deposits, which could help increase the value of TRY and ultimately help the CBRT to pull down inflation. We see the biggest issue to the strengthening of the TRY as the lack of a TRY instrument that pays real interest.
" The US State Department stated that they openly support the sale of the F-16 to Turkey and support Turkey's European Union goals.
" Three Fed officials including San Francisco Fed President Mary Daly, known as one of the big supporters of Fed's pigeon monetary policies, emphasized the necessity of a few interest rate hikes in this year in order to combat inflation.
AGENDA
" Current account balance will be announced in Turkey. US$7bn deficit is expected by economists from US$5bn in May.
" June inflation data will be released in the US at 15:30 TR time tomorrow. The expected 0.3% monthly inflation will bring the annual figure to 3.1% from 4%. Clearly the 5.25% FED policy rate that surpasses the CPI helps the battle against inflation. This is a good example of how inflation can be pulled down when a central bank applies the right treatment.
" The NATO Leaders' Summit will take place from 11 to 12 July.
" US President Biden is scheduled to travel to the UK, Lithuania and Finland on 9 - 13 July.
" President Erdogan will visit Saudi Arabia, Qatar and the UAE on 17-19 July.

COMPANY NEWS:
" AGHOL: A lawsuit has been filed by a shareholder regarding some of the decisions taken at the general assembly meeting held in 2023 and the hearing date is announced as 29 November 2023.
" AKGRT: Premium generation increased by 81% to TRY2.4bn in June, and by 102% to TRY11.1bn in the first half of the year.
" AKSEN: The company has obtained a pre-license for SPP with an installed power of 50 MW in Eskisehir and has reached a total installed power of 393 MW with 100 MW installed power storage SPP.
" BRKSN & BRKVY: Within the scope of VBTS, a ban on short selling and credit transactions was imposed on company shares until 10 August.
" ALARK: It was announced that 100% of Gurluk Geothermal Energy shares were purchased for US$9.8mn and the share transfer was completed.
" CWENE: Annotations on the factory and land in Antalya OIZ were removed and 401.3 million TL and 2.6 million Euros were paid for the cancellation of mortgages and encumbrances.
" ECILC: The Company signed a Revenue Sharing Agreement in return for Land Share and Construction Contract for Flat Share, including the zoning plan of the 75.370 m2 land in Ayazaga/Sariyer and the construction permit processes to be obtained in accordance with the current zoning plan.
" LKMNH: It was announced that 48,583 m² of land was purchased within the scope of the company's SPP project and the application process for the installation continues.
" MAGEN & ESEN & NATEN: It has been announced that the news in the media are unfounded and a criminal complaint has been filed regarding the news.
" TAVHL: The number of passengers served in the January-June 2023 period went up by 32% y-y, and by 3% at the same period of 2019.
" YYLGD: US$55mn loan agreement from EBRD has been signed to finance ongoing investments and cover working capital.

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