TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST diverged positively from its peers, due to the hawkish rhetoric from the Fed Presidents, closing 1% higher at 4923, after peaking at its new historic high of 4970, on a turnover of TRY 114.6BN, led by inflows to Banks, followed by the REITs, whereas the Energy and Mining stocks faced profit-takings.
• HALKB shares topped the BIST30 gainers, after global support for the Bank in its ongoing trial in the US, and was followed by PETKM and AKBNK shares, whereas the most sold were ASELS, KOZAL and TKFEN.
• Today, we may see the positive mood continue.
• As of yesterday’s session end, the TRY is trading flat against the USD at 18.63, and the DXY is a tad stronger at 106.2. The 2yr TRY bond yields fell another 10bps yesterday to 10.71%, whereas the 10yr rates rose again by 4bps to 10.84%. The 5yr CDS rates will open the new day from the 538 level, after falling by a little over 4pts yesterday.
• On the commodity front, Brent is trading higher at USD 85.45, due to the calming tension on the China front and on expectations of daily output cut by OPEC+. Both ounce and gram GOLD have somewhat pared yesterday’s sell-offs after the Fed-speak, rising to USD 1754 and TRY 1051, respectively.
• Federal Reserve Bank of St. Louis President James Bullard said financial markets are underestimating the chances that policymakers will need to be more aggressive next year in raising interest rates to curb inflation, while reiterating his view that the Fed needs to reach at least 5% to 7% range in order to tame the inflation. His counterpart in New York, John Williams, echoed Bullard’s hawkish statements saying, policymakers have more work to do to curb inflation, which remains “far too high” despite some recent improvement in supply chain challenges. “Further tightening of monetary policy should help restore balance between demand and supply and bring inflation back to 2% over the next few years.” Cleveland head, Loretta Mester stated that the Fed isn’t near a policy pause in the fight against inflation in her interview to the Financial Times.
• Meanwhile, ECB president Christine “Laggard” Lagarde, stated that the ECB must increase the rates, even as the economic activity slows down.
• Volkswagen disclosed that it has temporarily halted its production in China due to the demonstrations.

NEWS FLOW:
• RETAIL CHAINS: Speaking after the Cabinet Meeting yesterday, President Erdogan stated that the government is investigating allegations against retail chains, and also claimed that inflation would significantly fall in the new year.
• BNTAS: Disclosed that will revalue its land, machinery and vehicle assets.
• SUNTK: Disclosed that insiders have sold 2.371mn shares that they bought during the IPO with average price of TRY 25.66 for TRY 48 via a private placement.
• SISE: According to the Official Gazette, an inquiry has been opened to the import of clear flat glass imports from Russia.
• FROTO: Disclosed the approval of gross TRY 5.7/share dividend pay-out at its AGM.
• ODAS: Disclosed that the company’s board has decided to asses assess tourism and marina investments.
AGENDA:
• On the local front, Trade Balance and Economic Confidence will be released, whereas on the international front, German CPI, and U.S. September Case-Schiller home prices and November Consumer Confidence numbers will be followed.


 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.