TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

WE EXPECT POSITIVE MOOD FOR BIST
" MSCI Asia is almost flat despite a little positive mood in Chinese markets while other major Asian markets are down. US and Europe futures are slightly negative after yesterday's positive closings. We expect positive mood for BIST to continue today with the announcement of US$50.7bn worth of contracts with the UAE.
" In the statement made by the Directorate of Communications, it was announced that 13 contracts have been signed between Turkey and the UEA in fields such as energy, transportation, infrastructure, logistics, e-commerce, finance, health, food, tourism, real estate, construction, defense industry, artificial intelligence and advanced technologies with an aggregate size of US$50.7bn, US$8.5bn of which is a sukuk loan aiming for earthquake recovery.
" As per Haberturk, the 'ceiling price' applied to domestic one-way flights Increased from TRY 1,150 TL to TRY1,650, which is upbeat for aviation stocks such as PGSUS and THYAO.
" Putin said the continuation of the grain agreement in its current form has become meaningless for Russia, adding that for the continuation of the agreement all obstacles in front of Russian banks and financial institutions providing services for the supply of food and fertilizers should be removed and the problem of insurance of Russian ships should be solved.
" The Central Bank of China set the reference value of the yuan just below 7.15 against the US$, 680 bp stronger than the average expectations in the Bloomberg survey. Following the Bank's decision, the offshore yuan also increased by close to 1%
" International Monetary Fund (IMF) stated that core inflation has become more permanent, and it is expected that inflation in the Eurozone will fall further but remain high for a longer period.
" Housing starts in the U.S. fell in 8% in June y-y. and showed that the troubles in the housing sector continued.
" Core inflation in the Eurozone exceeded forecasts in June at 5.5% (forecast:5.4%), reinforcing expectations that the ECB will raise rates at next week's meeting. Headline inflation decreased from 6.1% to 5.5% on an annual basis; however, core inflation went up to 5.5% in June from 5.3% a month earlier.

AGENDA
" Consumer Confidence Index for June will be announced in Turkey at 10am Turkish time, May reading was 85.1.
" CBRT Monetary Policy Committee meeting for June will be held in Turkey, policy rate decision will be announced at 2pm Turkish time. TFG Istanbul estimates 500bp rate hike from 15% to 20%. A more realistic rate hike expectation could be 100-300bp range in our view.
" Egyptian President Sisi will pay an official visit to Turkey on July 27. Recovering ties with Egypt will pave the way to secure a demarcation agreement with Egypt in the eastern Mediterranean in our view. A maritime demarcation agreement can solidify Turkey's presence in the Mediterranean and may also provide an upper hand for gas search. BIM markets with insignificant presence in Egypt may grow faster going forward on the back of improving bilateral relations.

COMPANY NEWS
" ASTOR: A contract was signed between the Company and MEPET for the installation of electric vehicle charging stations in 14 different locations.
" TSKB: Under the coordination of Commerzbank Aktiengesellschaft, a syndication loan agreement with 367 days maturity consisting of two separate tranches of EUR94mn US$17.5mn was signed.


 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.