TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• MSCI Asia is up by 0.7%, following similar increases from US and EU indices yesterday. US and EU futures are slightly up this morning. We expect a slightly positive opening for BIST with the help of the positive mood in European futures market and on the back of yesterday’s momentum triggered by the hopes of improving bilateral relationships with the west.
• A set of positive news came from the US after Turkey’s change of attitude towards Sweden’s Nato membership. i. Biden thanked President Erdogan for his diplomacy and leadership regarding Sweden. ii. US Secretary of State Anthony Blinken stated that it is in the interests of the United States and NATO for Turkey to have modernized F-16 aircrafts.
• Current account deficit of Turkey for the month of May announced as US$7.9 bn, above expectations of US$7bn. This monthly figure pushed up the annual current account deficit to US$60bn, the highest of the last decade. The increase is predominantly driven by sliding exports and inching up imports. It is worth reminding that the rating agencies emphasise balance of payments as the softest spot of the Turkish economy. On a positive reading, mounting tourism revenues are likely to deter major issues on this front.
• NATO Secretary General Stoltenberg said that Ukraine cannot become a member of NATO while its war between Russia continues.
• IMF Managing Director Georgieva expects global growth to be around 3% for the next five years.
AGENDA
• Industrial production data for May will be released in Turkey at 10AM. Industrial production is an indicator of GDP growth, and it was down 1.2% y-y in the previous month.
• June inflation data will be released in the US at 15:30 TR time. The expected 0.3% monthly inflation will bring the annual figure to 3.1% from 4%. The 5.25% FED policy rate that surpasses the CPI helps the battle against inflation. Due to tamed US inflation expectations, XAUUSD is gradually going north reaching US$1940 this morning from US$1910 a week earlier.
• The NATO Leaders' Summit started yesterday will continue today as well.
• 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:
• PGSUS: Per announced June traffic results, the total number of passengers increased by 13% y-y to 2.84mn in June while the passenger load factor decreased by 0.8 points to 81.3%. The number of domestic passengers decreased by 6% in June y-y, and the passenger load factor increased by 0.4 points to 84%. The number of international passengers increased by 27% y-y, and the passenger load factor decreased by 1.2 points to 79.9%. In the January-June period total number of passengers increased by 24% to 14.13mn, the passenger load factor increased by 3.1 points to 82.7%.
• AGHOL: The Company management is authorized of issuing debt instruments up to TRY2.5bn to qualified investors domestically and/or private placement methods, with a maximum maturity of 36 months, with a discount and/or a fixed or floating coupon depending on the market conditions.
• GWIND: The company’s application process to EMRA for storage electricity generation facility has been completed and pre-licenses for 7 storage WPP and SPP with a total capacity of 350 MW have been obtained.
• CANTE & ODAS: It has been announced that the decision taken in favor of the company regarding the EMRA letter was decided to be suspended by the Ankara 8th Administrative Litigation Department and the case will continue to be heard on its merits.
• DERIM & OYAYO & VKING: Within the scope of VBTS, a ban on short selling and credit transactions was imposed on company shares until 11 August.
• YAYLA: Within the scope of VBTS, gross clearing measure was introduced for company shares until August 11, while the ban on short selling and credit transactions was extended until August 11.
• KCAER: 5061 hectares of Geothermal Resources and Natural Mineral Water J-443 license and 5782 hectares of blocked area belonging to the company have been transferred to its 99% subsidiary Kocaer Energy.
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 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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