TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST added to yesterday’s gains by a further 1.90% to close at 4657, with a notable turnover of TRY 125.2bn, led by the hefty appetite in the Banks, rising by over 6%, whereas the Aviation stocks continued to fall, and the REITs were the most sold stocks.
• YKBNK and SASA closed limit-up, thus leading the gains at the BIST30, and followed by AKBNK, with ARCLK following the gains after the Banks. As for the bottom 3 stocks, TCELL and TTKOM were the most sold, and were joined by KOZAL. Please note that due to the MSCI re-shuffling in December, we may once again see interest in HEKTS-SASA and YKBNK shares.
• Today, we expect a slightly positive opening at the BIST.
• Currently, the TRY is trading flat against the USD at 18.61, and both the DXY is flat at 106.45. The TRY yields are also continuing to fall, with the 2yr and 10yr rates falling by 18bps and 2bps to 13.40% and 11.92%, respectively. The 5yr CDS fell by over 3pts yesterday to 558.
• On the commodity front, Brent is trading higher at USD 92.56 as compared to its 18:10 level yesterday, after having had flirted above the USD 93 level following the attack on Poland, and both ounce and gram GOLD prices have slipped a tad to USD 1773 and 1060, respectively, after also having had risen last night.
• Yesterday, Atlanta Fed President, Raphael Bostic stated that while there have been some positive recent signs that inflation may be slowing, more work is still needed by policymakers to get interest rates to a restrictive level. “There are glimmers of hope,” Bostic said in an essay posted on the Atlanta Fed Website Tuesday, citing signs including slowing increases in goods prices. “I will need to see indicators of broad-based easing of inflation.” Federal Reserve Bank of Philadelphia President Patrick Harker said he expects officials to slow the pace of their interest-rate increases as monetary policy approaches a sufficiently restrictive level.
• The European Central Bank will continue to increase borrowing costs, according to Governing Council member Robert Holzmann. “We’ve recently raised interest rates strongly,” he said in Vienna on Tuesday. “We will raise interest rates further.”
• U.S. producer price index for October came in at 8% year-on-year, undershooting the 8.3% estimate and further easing inflation concerns.
• The Central Gov’t Budget Deficit widened by a further TRY 83.3bn vs last month’s reading of TRY 78.6bn.
• In its Turkey forecast report, Morgan Stanley expects GDP growth rate for 2023 to be 2.8% and 2.4% for 2024, and inflation to be at 50.8% and 49.6% for 2023, and 2024, respectively, much higher than the consensus 43% and 25%.
• Two people died in Poland, near the Ukraine border, after being struck by a projectile from Russia. As such, it is highly-likely that Poland would call for an emergency meeting invoking Article 4 of the NATO under which members confer when a nation’s territorial integrity or security has been threatened. Pentagon officials say they are unable to confirm reports the blast was due to a stray Russian missile. Moscow rejects the incident.
NEWS FLOW:
• SUWEN: Disclosed that between Oct 4-Nov 15, it has opened 3 new stores
• ARCLK: According to the daily Dunya, ARCLK will establish a whitegood’s manufacturing plant in Egypt, with an investment of USD 100mn, to be operational in the second half of 2023, with 60% of production to be exported.
AGENDA:
• On the local front, Home Sale Figures and Prices will be released today, whereas on the international side, the U.S. retail sales will be heading the macro flow, as well as the Industrial Production and Capacity Utilization rate. Fed’s John Williams, Lael Brainard and ECB President Christine Lagarde are expected to speak today as well.

 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.