TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST faced sharp sell-offs yesterday to close 3.61% lower at 5067, with another noticeable large turnover of TRY 158.9bn, with the Banks and REITs managing to see less of a selling pressure compared to their peers.
• On the BIST30 side, only HALKB and EKGYO managed to close in the green, whereas TKFEN, KRDMD and GUBRF were the most sold.
• Today, we may see the BIST open on reactionary buybacks.
• As of yesterday’s close, the TRY is slightly stronger flat against the USD at 18.63 and at 19.84 against the Euro, and the DXY has risen slightly to 103.90. The 2yr bond rates have fallen slightly by 10bps to 9.28%, whereas the fall in the 10yr yields was more pronounced by 30bps to 10.94%. The 5yr CDS rates once again jumped over the 500 level to 515, a jump of nearly 20pts.
• On the commodity front, Brent is trading flat at 82.15, soaring to USD 83.20, but quickly falling back down again after Fed Chairman took to the podium, and ounce and gram GOLD prices saw a steep fall as well, after Powell’s hawkish speech, currently trading at USD 1792 and TRY 1073, respectively.
• Yesterday, a Turkish court sentenced the current Istanbul mayor to 2 years and 7 months prison sentence on charges of insulting members of Turkey’s Supreme Electoral Council, with the main opposition party set to appeal against the verdict.
FOMC:
• While the FOMC hiked the federal funds rate by 50bp to 4.5%, matching the market expectations, the upward shift in the dot plot, coupled with worsening core PCE and GDP growth expectations of FOMC members, have triggered the risk-off mode in the markets. FOMC members now expect the median policy rate at 5.1% for 2023 vs Sep estimate of 4.6%. GDP growth expectation is down to a mere 0.5% for 2023 (Sep:1.2%). Core PCE expectation is up to 3.5% for 2023 (Sep:3.1%), moving further away from the 2% target. Powell's hawkish tone further contributed to the risk-off mood.
NEWS FLOW:
• FRIGO: Short-selling and margin trading will not be allowed until January 13, 2023.
• ARCLK: Disclosed that the upper limit of the Indesit and Whirlpool acquisition prices would be €261.4mn.
• ORGE: Disclosed that it was awarded a €1.9mn electrical works contract in the Bakirkoy metro station.
• TUKAS: Disclosed that owner Cengiz Okullu sold 95mn shares via a private order, thus cutting his stake in the company to 0.6%, whereas Azimut disclosed that it bought the shares and raised its stake in the company to 19.70% from 0.35%.
AGENDA:
• On the local front, Homes Sales figures, the Central Gov’t Budget Balance and Foreigners’ Net Stock/Bond Weekly Holding will be released, whereas on the international front, the BOE and ECB rate decisions will be released, US Jobless Claims, Retail Sales and Capacity Utilization and Industrial Production figures will be released.

 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.