Morning Note /
Global

Turkey: It is Fed day

  • No surprises are expected and FED will raise 25bps

  • Brent is up once again above 100 dollars

  • We might see a positive reaction in Tupras today

ATA Invest
16 March 2022
Published byATA Invest

It is FED day and global markets are in a positive rebound mood. No surprises are expected and FED will raise 25bps and will keep its cautious tone on the path of future hikes due to the uncertainties created by the Ukraine-Russia war.

We expect the Turkish market to test the 2100 resistance and the banks continue to perform well despite heavy selling in Akbank shares by a US fund, which is likely to continue (they held 244m shares in 1Q and sold 37mn shares in our view). Brent is up once again above 100 dollars and we might see a positive reaction in Tupras today.

Company news:

*TKFEN TI> acquired additional US$60mn project from Chiyoda Technip Joint Venture (CTJV) regarding Piping Prefabrication works for the Offsites 2 package in Qatar.. (slightly positive) The acquired project accounts for 5% of US$1.3bn backlog (as of 4Q21-end). We consider that the contribution of the additional project will be slightly positive. Please note that the value of the total project contract has reached USD448.6mn with this additional project.

Weekly Agenda:

March 17: CBRT One-Week Repo Rate( Current 14%, Consensus 14%)