TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 closed at 5,251 points, down 0.34%. We expect risk appetite to be limited before the holiday as well as the important central bank meeting. We expect flat/slightly down opening with lower trading volume.
• Ministry of Labor and Social Security announced the minimum wage after the third meeting of The Minimum Wage Determination Commission. The new minimum wage was announced as TRY11,402 net, with an increase of 34%. The monthly cost to employers will be TRY16k. Post announcement perception of cost increase in sector groups with a high number of employees, such as retailing, was reflected in the index in a limited way.
• Domestic markets are focused on the CBRT's interest rate decision before the Eid holiday.
• Moody's expects the CBRT policy rate to be at 25-30% as they expect the central bank to bring the policy rate closer to the deposit rates.
• We are anticipating the CBRT to increase the policy rate from 8.5% to 23.5% and also introduce an interest rate corridor of +/- 10pp.
• The USA stated that they will continue to support the efforts of President Erdogan and the UN in extending the duration of the Black Sea Grain Initiative.
• Fed Vice Chairman nominee Jefferson on the Banking Committee in his presentation for the approval session said that inflation is starting to fall but that the Fed will continue to focus on returning inflation to its 2% target. FED member Cook on his new term candidacy presentation indicated the same.
AGENDA
• Domestic Capacity Utilization Rate and Manufacturing Confidence Index will be announced.
• CPI data in the UK will be announced.
• Russia: The meeting on Turkey-Syria relations will be held in Astana today.
• Fed Chairman Powell will make a presentation to the US Senate.
• The CBRT interest rate decision will be announced tomorrow.
COMPANY NEWS:
• AKBNK - It has been announced that an application has been made to the CMB within the scope of the bond issue abroad, with a maturity of 368 days, amounting to 4 billion dollars.
• AYGAZ - 1 billion TL bond with 99-day maturity was issued.
• INDES - It has been announced that the sale of 996,380 TL shares, which corresponds to 0.44% of the Company's capital, owned by Nevres Erol Bilecik, one of the company partners, to Desbil Teknolojik within the scope of Wholesale Purchases and Sales Transactions for 20.40 TL per share has been cancelled.
• ISCTR - It has been announced that an application has been made to the CMB within the scope of issuance of debt instruments up to 3 billion TL.
• QNBFB - USD 27.8 million bond issued abroad with a maturity of 92 days.
• YKBNK - £15.0 million of debt instruments with a maturity of 183 days was issued.

 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.