CBRT continues tightening steps to increase funding cost

Central Bank of the Republic of Turkey (CBRT) had decided to reset BIST Repo-Reverse Repo funding that provided for a limited amount at overnight lending rate (11.75%), in the framework of tightening steps, as of today.(Tera Yatırım) ... Devamı

Pressure on ECB for increasing asset purchases

The atmosphere before the October 29 ECB meeting is not very positive in the context of increasing Covid cases and closure measures. Euro Zone economies are slowing down. ... Devamı

CBRT catches the market with its inflation forecasts, could not break the policy uncertainty

At the 4th Inflation Report meeting of the year, CBRT increased its year-end inflation expectation from the previous 8.9% to 12.1%. Exchange cost pressure on import prices, output gap, food inflation and inflation has been the basis for revising its projections within the framework of the main trend of inflation. ... Devamı

CBRT Inflation Report Preview: Policy guidance to be the main issue

The CBRT will announce the 4th Inflation Report of the year tomorrow. At the MPC meeting on October 22, the Central Bank, which did not increase the policy rate by going beyond expectations and making a negative effect in a sense, may share messages that will clarify this issue tomorrow, with the guidance of the forward-looking monetary policy, after the different decisions taken in the September and October MPCs. The subject to be followed by the market, especially in the question and answer section, will be the communication on monetary policy guidance. ... Devamı

BRSA includes domestic interbank syndicated loans in asset ratio

The Banking Regulation and Supervision Agency (BRSA) announced that it made an update in the Asset Ratio (AR) calculation. ... Devamı

CBRT: No change in policy rate, rate hike for LLW… The signal for the continuation of the back door tightening

In an unexpected move, the Central Bank left the policy rate unchanged at 10.25%.(Tera Yatırım) ... Devamı

October 22nd CBRT rate hike expectations

With the average funding cost over inflation, we switched to a positive real interest position in terms of the overall funding composition. We expect that the traditional repo auctions with a late liquidity window interest rate of around 13.25% and the overnight borrowing limits reduced by half will increase the weight of the LLW on the general funding and the increase in the funding cost will continue. We expect the Central Bank to continue to increase interest rates in order to strengthen the real interest position within the framework of the funding composition and to open up space for additional tightening. Inflation expectations are deteriorating rapidly, and the continued increase in exchange rates can be expected to have an additional effect. In this context, we think that the Central Bank will make an interest rate hike by at least 150 basis points on October 22, or even exceed it. ... Devamı

Turkish government’s new incentive package

The Law Proposal on the Amendment of the Unemployment Insurance Law and Some Laws signed by the AK Party deputies was submitted to the Presidency of the Turkish Grand National Assembly. (Tera Yatırım) ... Devamı

CBRT Survey of Expectations: Year-end inflation expectation at 11.76%

In the CBRT October Expectations Survey, market participants' current year-end inflation expectation was 11.76%. (Tera Yatırım) ... Devamı

US September inflation, demand situation in the economy and fiscal stimulus

In the USA, headline CPI increased by 0.2% on a monthly basis and 1.4% on an annual basis in September. (Tera Yatırım) ... Devamı

Turkey’s industrial production points to a rapid recovery in August

According to calendar adjusted data, Turkey’s industrial production in August increased by 10.4% compared to the same month of the previous year; Seasonal and calendar adjusted industrial production, on the other hand, increased by 3.4% compared to the previous month. According to the unadjusted data, there was a 16% increase in industrial production compared to the same period of the previous year. ... Devamı

The real effects of Covid-19 not seen in Turkish unemployment data

In July, the unemployment rate in Turkey was realized as 13.4% compared to the same month last year’s 13,9%, with a decrease of 0.5 points. ... Devamı

Turkey’s current deficit deepens with the deterioration in the trade balance

In August current account balance in Turkey, gave 4.6 billion USD deficit. While the monthly current account deficit was realized slightly above the market expectation of 4.4 billion USD, it appears to have expanded from the revised level of 1.94 billion USD in July. ... Devamı

CBRT raises the TRY swap interest rate

Central Bank of the Republic of Turkey (CBRT), increased the interest rates used in TRY operations from 10.25% to 11.75%.(Tera Yatırım) ... Devamı

US: Fiscal stimulus package and election situations

Trump said that after leaving the fiscal stimulus package talks with the Democrats to post-election, a small stimulus package that includes many aid measures, including checks, airline assistance, and payroll protection could be passed. (Tera Yatırım) ... Devamı

Turkey’s inflation is below expectations in September

Turkey’s consumer prices increased by 0.97% in September, while annual inflation was realized as 11.75%. ... Devamı

US: The loss of momentum in employment, the unemployment rate continues to decrease

While payrolls in the USA increased by 661 thousand, which is expected to increase by 850 thousand in September, unemployment, which is expected to decrease to 8.2%, declined to 7.9%. ... Devamı

Foreign trade deficit at 4.88 billion USD in September

Germany was the country to which we export the most in September, followed by England, USA and Italy. (Tera Yatırım) ... Devamı

Turkey PMI: Recovery in manufacturing slows down

According to the data announced by the Istanbul Chamber of Industry (ISO) and IHS Markit; Manufacturing PMI declined from 54.3 to 52.8 in September. (Tera Yatırım) ... Devamı

Foreign trade balance has a deficit of 6.28 billion USD in August

Germany is the country to which we export the most in August, followed by the UK, USA and Iraq. (Tera Yatırım) ... Devamı

Pandemic revisions, future assumptions in the New Economic Program

The New Economy Program (NEP), announced by Treasury and Finance Minister Mr. Berat Albayrak, brings significant revisions in macroeconomic forecasts, it is seen that these revisions are made in a manner close to the levels predicted by the market in general terms. ... Devamı

BRSA further lowers the asset ratio criterion for banks

The BRSA lowered the asset ratio criterion applied for banks and Islamic financial institutions by 5 points down to 90% and 70%, respectively. ... Devamı

COVID-19 Changes Cancer Clinical Trial Enrollment Procedures

COVID-19 has changed the healthcare landscape in more ways than one, but in the space of cancer treatment, clinical trial enrollment has decreased dramatically. About 3-5% of adult cancer patients participate in cancer clinical trials. Since the pandemic, that number has become even lower. ... Devamı

The first rate hike from the CBRT after 2018

With an unexpected move, the Central Bank increased the 1-week repo rate, which we know as the policy rate, by 200 basis points from 8.25% to 10.25%. (Tera Yatırım) ... Devamı

Expectations and scenarios before the CBRT's critical interest rate decision

We expect the Central Bank to keep the 1-week repo rate, known as the policy rate, at 8.25% without changing it, and to continue the indirect monetary policy tightening by controlling liquidity. (Tera Yatırım) ... Devamı

China, which has “limited“the number of domestic cases, has established the National Center for COVID-19

  Gao Fu, head of the Chinese Center for Disease Prevention and Control, announced the establishment of the National Center for COVID-19 to better combat the outbreak of the novel coronavirus (COVID-19). ... Devamı

The second wave in global sales

  Global stock markets are falling below 50 day averages with a new wave of sales.  Entering the US election in an environment of rising second wave increases the uncertainty. ... Devamı

Weekly Market Calendar September 21-25, 2020

  The agricultural input price index, consumer confidence index, capacity utilization rate, service sector confidence index, real sector confidence index, interest rate decision TCMB and number of foreign visitors for the week extending from September 21 to 25, 2020. ... Devamı

CBRT Survey of Expectations: The year-end inflation expectation at 11.46%

In the CBRT's September Expectations Survey, market participants' current year-end inflation expectation was 11.46%. (Tera Yatırım) ... Devamı

Foreign capital appears optimistic in the Chinese market

  In news published yesterday in The Wall Street Journal, it was noted that China's economic recovery in August had accelerated, and retail sales increased compared to the same period last year. ... Devamı

China counts the days for the third aircraft carrier

A third Chinese aircraft carrier is under construction at the Jiangnan Shipyards in Shanghai.   ... Devamı

US and European stock markets

 Snowflake, which held its initial public offering today, was one of the most-followed stocks of the day in the US equity markets. ... Devamı

Fed would have to keep interest rates at zero for more than 3 years

The Fed did not touch interest rates as expected, signaling that it will continue easy monetary policy for a long time, helping the American economy to recover from the coronavirus crisis. (Tera Yatırım) ... Devamı

Chinese President Xi has invited European Union leaders to the Xinjiang Uygur Autonomous Region

 As false news about the Xinjiang Uygur Autonomous Region in China increased recently, Chinese President Xi Jinping has called on European leaders to see the facts in their place. ... Devamı

US and European stock markets

 JPMorgan fell 3.11% and Traveler COS fell 2.02%.  Salesforce shares rose 2.04%, Dow 1.96% and Home Depot 1.76%. ... Devamı

7 main benefits of physical therapy after Covid-19 disease

  At the present time, we are in the middle of a global epidemic, although we do not know the effects of the disease well afterwards, it is clear that one of the most important factors in the patient's return to a normal life is "physical therapy and rehabilitation", depending on the symptoms we see in patients. ... Devamı

First Fed meeting after Powell milestone

The Fed will announce the decisions of the September FOMC meeting tomorrow, which started today. (Tera Yatırım) ... Devamı

Germany's largest export market was China

  In a statement issued by the German Federal Statistical Office, it was reported that the total value of Germany's exports to China in April and June approached 23 billion euros, and Germany's exports to the United States reached 20 billion euros in the same period. ... Devamı

Recommendations for strengthening the immune system

  Recently, everyone is looking for ways to strengthen the immune system. ... Devamı

Phase 2/3 of the COVID-19 antibody treatment studies have begun

  With regard to antibody therapy, which began studies to prevent hospitalization due to the emerging corona virus, with the statement of the two companies, phase 2/3 of the clinical trials was announced in which the safety and effectiveness of the treatment was evaluated. ... Devamı

On the markets today

• The total number of coronavirus cases in Turkey increased by 291,162 by 1,526 people, and the number increased by 7,056, by 57 people who lost their lives. ... Devamı

Industrial production reflects the recovery in July

According to calendar adjusted data, Turkey’s industrial production in July increased by 4.4% compared to the same month of the previous year; Seasonal and calendar adjusted industrial production, on the other hand, increased by 8.4% compared to the previous month. ... Devamı

Moody’s downgrades Turkey’s credit rating and remains negative outlook

International credit rating agency Moody's Investors Service, downgrades Turkey's credit rating, as a result of the erosion of the country's external financial fragility, pointing institutional challenges. Turkey's credit rating lowered to B2 from B1 and the rating outlook left "negative", based on the fact that fiscal austerity measures deteriorate faster than expected. ... Devamı

PwC: China, the world's largest e-sports industry

China was the largest market for esports in the world last year, according to a report titled "Global Entertainment and Media Industry Outlook 2020-2024" published by PricewaterhouseCoopers Corporation (PwC). ... Devamı

16 million 5G compatible phones were sold in 8 months in China

  In the first eight months of the year in China, 93 million 679,000 mobile phones supported by 5G technology were announced in the domestic market, and this number constitutes 46.3 percent of all mobile phones.   ... Devamı

Wang Yi: China has not interfered in the internal affairs of the United States

  Chinese State Councilor and Foreign Minister Wang Yi noted that China has never interfered in the internal affairs of the United States. ... Devamı

Gradual increase in US inflation

In the USA, headline CPI increased by 0.4% on a monthly basis and increased by 1.3% on an annual basis in August. (Tera Yatırım) ... Devamı

After the trade fair in China, the international investment fair also opened its doors

The International Investment Expo 2020 kicked off yesterday in Xiamen, Fujian Province, China.  The parties attending the exhibition agreed to mutually beneficial cooperation. ... Devamı

Employment to be affected by economic activity and government incentives

In June, the unemployment rate in Turkey was realized as 13.4% compared to the same month last year’s 13%, with an increase of 0.4 points.(Tera Yatırım) ... Devamı

US and European stock markets

Euro Stoxx 50 is up 1.8%, the German DAX Index is up 2% and the French CAC40 is up 1.4%. ... Devamı

The car sales record for the past two years in China was broken in August

Private car sales in China increased by 8.8 percent in August compared to the same period last year. ... Devamı