TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 faced heavy sell-offs yesterday, falling by a little over 2% to 3198, with a turnover of TRY 50.8bn, due to the unified global stance by the Fed Presidents and ECB President Lagarde, against inflation by aggressive rate hikes.
• The Banks gave back more than they had gained the previous trading day, falling over 3% yesterday, and the Aviation stocks fell by nearly 2.50 percent due to the increase in the global Covid cases.
• Only VESTL and GUBRF managed to close in the positive territory on the BIST30 side, followed by TUPRS-shedding a mere 0.17%, due to the 4% rise in Brent prices, whereas TTKOM, VAKBN and TCELL were the most sold.
• YKBNK, AKBNK and SASA led the gains among the BIST30 stocks, whereas VAKBN, HALKB and KOZAA and KOZAL found themselves on the wrong end of the standings.
• The TRY weakened yesterday against the greenback to 18.53 yesterday, and is currently trading flat, and the DXY had fallen sharply to 112.80 at around the market close yesterday, but has since risen to 113.30. The 2yr rates saw a sharp increase of 59bps to 14.83%, whereas the 10yr rates saw a slight increase of 13bps to close yesterday at 11.74%. The 5yr CDS rates fell after their recent surge to below the 800 level by 24pts to 780.
• Yesterday, it was risk-on mode in the global markets, due to the BOE’s pledge of 65bn British pound purchase of UK Government bonds.
• Today, we may see reactionary buybacks in the BIST, parallel to the risk-on mode in the global markets.
• On the commodity front, Brent is trading calm this morning at USD 87.44, after elevating yesterday to above the USD 88 level, due mainly to the decline in US inventories and hurricane Ian, and ounce and gram GOLD prices were positively affected by yesterday’s BOE bond-purchase program, rising to USD 1660 and TRY 990, respectively, but have since pared those gains to fall to USD 1645, and TRY 981, respectively.
• Yesterday, the European Central Bank Governing Council member, Martins Kazaks stated that the ECB should raise interest rates by another 75 basis points at its next meeting in October, with steps likely to get smaller after that.
• Speaking to local news channels last night, President Erdogan stated that his desire was for the CBRT to reduce interest rates further, to single-digits by the end of the year.
• All eyes today will be on the Economic Transformation and New Paradigms Summit, to be attended by the Finance and Treasury Minister, Dr. Nureddin Nebati, to which our General Manager, Mr. Mete Yuksel, will also be attending.
AGENDA:
On the local front, the Economic Confidence Level (Prev. 94.3), Summary of last week’s MPC meeting, BRSA Banking monthly data, and Foreigners’ Weekly Net Stock/Bond Investment changes will be disclosed, whereas the German CPI, US Jobless Claims (BBG est. 215k), Annualized QoQ GDP, Personal Consumption and Core PCE QoQ (BBG est. 4.4+) will be disclosed.
 

 
 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.