TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST opened the first day of the week on sharp losses, paring Friday’s gains, by falling 3.20% to 5171 with TRY 110bn turnover, led by the sales in the Banks and Conglomerates, due to the new regulation pushing banks to increase the share of TRY deposits in total to over 70% for minimum additional bond holding requirement. TRY deposits currently make up 53% of the total. All large banks other than Isbank are above 50%, 60% could be hard but achievable for some.
• On the BIST30 side, only SASA, BIMAS, and KOZAL managed to close in the positive, whereas the most sold were TTKOM, ARCLK and TCELL shares. The rise in the gram GOLD prices insulated the sell-offs in the Mining stocks to some degree.
• Today, we expect a flat opening, and may see the overhang continue in the markets parallel to the mixed trading in the international markets due to both the hawkish tones yesterday from the SF and Atlanta Fed Presidents, as well as Powell’s speech today, ahead of Thursday’s US CPI figures.
• As of yesterday’s close, the TRY is trading flat at 18.77 against the USD, and flat against the Euro at 20.16, whereas the DXY has risen a tad to 103.18, as of print. Both the 2yr and 10yr bond yields closed higher yesterday by 24bps and 3bps respectively to 9.60% and 8.60%, respectively. The VIX volatility index has also jumped by 4% to just below the 22 level.
• On the commodity front, Brent has pulled-back, and is trading lower at USD 79.30, and ounce and gram GOLD are trading slightly higher at USD 1873 and TRY 1131, respectively.
• Federal Reserve Bank of San Francisco President Mary Daly said she expects the central bank to raise interest rates to somewhere above 5% before pausing, though the ultimate level is unclear and will depend on incoming data on inflation. As for the Fed’s next meeting at the end of the month, the central bank could either raise rates by 50 basis points for a second straight time or slow down to a quarter-point hike, Daly said Monday in a live-streamed interview with the Wall Street Journal.
• Atlanta Fed President Raphael Bostic said the central bank should raise interest rates above 5% by early in the second quarter and then go on hold for “a long time.” “We are just going to have to hold our resolve,” he told the Atlanta Rotary Club on Monday. Bostic said the Fed was committed to tackling high inflation and this warrants raising interest rates into a 5% to 5.25% range to squeeze excess demand out of the economy.
NEWS FLOW:
• FROTO/KCHOL: Amid the ambiguity yesterday regarding SK ON’s battery production in Turkey, media reports stated that Ford Motor Co. will partner with LG Energy Solutions to build new battery plant in Turkey, thus dropping its deal with SK ON Co. The facility in Turkey is slated to open as soon as 2025 with an annual capacity of 30 to 45 gigawatt hours, according to an initial accord from March last year between Ford, SK On and Turkish conglomerate Koc Holding.
• HALKB/KLRHO: Kiler REIT disclosed that it will buy the 146 units in Istanbul Sapphire Tower from HALKB, for TRY 760mn and 101 units for TRY 145mn.
• TAVHL: Shareholder Sera Yapi has applied to make 630k shares tradeable
AGENDA:
• On the local front, November Unemployment and Industrial Production Rate (Cons. -0.9%m/m; -1.0 y/y)) will be released, whereas on the international front, all eyes will be on Fed Chairman Powell’s speech in Sweden, as well as the US Wholesale Inventories.


 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.



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