TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

EYES ON THE ECB MEETING AMID THE BANKING CONTAGION
" The BIST100 closed yesterday on a loss of 1.65% at 5122 and turnover of TRY 76.1bn due to the harsh sell-offs in the global markets-except our very own mind you, amid the SVB scandal. The Banks managed to diverge positively from their peers, whereas the REITs, MINING and Conglomerates, dragged the benchmark lower.
" TUPRS, PGSUS and ISCTR led the gains among the BIST30 stocks, whereas TCELL, GUBRF and TTKOM were the most sold.
" Today, we expect a positive opening in line with the recovery in global markets and as indicated by futures night session yesterday.
" As of yesterday's close, the TRY is trading flat, just under the 19 level, but weaker against the Euro at 20.16, whereas the DXY is slightly lower this morning at 104.46. The 2yr bond yields rose by 29bps to 10.82%, whereas the 10yr rates rose less aggressively, by 4bps to 11.29%.
" On the commodity front, Brent has managed to edge higher this morning just above the USD 74 level, and ounce and gram GOLD both rose yesterday, thanks to the lower-than-expected U.S. PPI figures, currently trading at USD 1923 and TRY 1174, respectively.
" Swiss Credit Suisse dropped to the bottom of the blue-chip index after the bank's biggest lender, Saudi National Bank, said it would not be able to offer it more financial help, causing for Its shares to close down 24% after seeing losses accure to 30%. Depsite the Bank stating that it will borrow USD 54bn from the Swiss National Bank, as well as announcing cash ofers for senior debt Securities of up to USD 3bn, the markets, more specifiacally Asia this morning, are still trading red due to the fear of...CONTAGION.
" Today, all eyes will be on the ECB meeting, where the question now is whether the Bank will stick to its earlier hawkish rhetoric and raise interest rates by 50bps, or turn dovish amid the recent global banking crises, that has particularly hit Credit Suisse, but also spurred sell-offs in other major European banks, to a 25bps rate cut-a question that will also be tiered next week to the FOMC?
NEWS FLOW:
" FRIGO: POSITIVE - Disclosed that investments will be made to facilitate garden plantations for the export of canned peach and apricot products.
" AEFES: NEUTRAL - Both AFES and Carsberg denied yesterday that they reached an agreement regarding Carlsberg's sale of its Russian business to Turkey.
" ANSGR: POSITIVE - Disclosed that its Jan-Feb premiums rose by 122% to TRY 5.8bn
" EKGYO: POSITIVE - Disclosed that the highest bid for its Istanbul Cekmekoy was at TRY 12bn, and also disclosed the approval for its Florya housing project.
AGENDA:
" There are no major local macro releases, whereas the ECB rate decision to be released at 16:15 TR time, followed by ECB President Lagarde's speech will be the most important news flow, as well as the U.S. February housing starts and building permits, as well as the March Philadelphia Fed business outlook



 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.