Weekly Outlook

WEEKLY OUTLOOK 02-06 January 2017

03 Jul 18 (Tue)
02:22 pm

WEEKLY OUTLOOK 02-06 January 2017

WEEKLY OUTLOOK Turkey being hit by another terrorist attack is likely feel the pressure over markets on Monday but will tend to move in line with international markers thereafter. With quite thin volume at the final week of the year, CDS spreads reflecting country risk premium have narrowed down from 281.3 a week ago to 273.2 on Friday. BIST100 closed at 78,139 on a 1.5% weekly gain (1.2% in $ terms) while lira was down 0.3% against $ to 3.522. Bond yields were also higher. 5y and 10y benchmark bond yields picked up to 11.21% and 11...

WEEKLY OUTLOOK 26-30 December 2016

03 Jul 18 (Tue)
02:15 pm

WEEKLY OUTLOOK 26-30 December 2016

WEEKLY OUTLOOK Having left behind FOMC and MPC decisions, trading volume is expected to dip this week due to Christmas. Terror attacks in Turkey seems to have deter risk perception yet market reaction has remained limited. CDS spread which reflects the changes in country risk premium has narrowed from 281.3 in Dec 16 to 270.7 in Dec 23. BIST100 ended the week on 0.8% loss at 79,972 while loss in USD terms has been 1.1%. USDTRY appreciated 0.4% to 3.511 while 5y and 10y benchmark bond yields were on the fall in line with CDS spreads...

WEEKLY OUTLOOK 19-23 December 2016

03 Jul 18 (Tue)
02:11 pm

WEEKLY OUTLOOK 19-23 December 2016

WEEKLY OUTLOOK Volatility in global financial markets after FOMC meeting have spread over Turkish asset prices as well. However BIST100 closed to week 2.5% higher (1.2% in USD terms) than a week ago at 77,590. Lira lost 1.2% against USD, reaching 3.497 while long end of the yield curve have picked up. Accordingly, 2 year benchmark bond yield rose to 10.92% from 10.83% while 5y and 10y benchmark bond yields went up to 11.42% and 11.39% respectively from 11.19% and 11.23%. CDS spread as the main indicator of country risk premium has s...

WEEKLY OUTLOOK 12-16 December 2016

03 Jul 18 (Tue)
01:49 pm

WEEKLY OUTLOOK 12-16 December 2016

WEEKLY OUTLOOK Turkish assets have revalued in the week to December 9 amid FX sale of public institutions, Economy Coordination Board decisions to boost economic activity inside as well as ECB decision and revaluation of dollar inside.  CDS spreads which show the risk premium in the country have eased from 306.2 in December 2 to 288.8 atDecember 9 close. BIST100 ended the week at 75,727 on a 3.2% gain (4.8% in USD terms) while USD/TRY closed at 3.456 on 1.5% drop. Bond yiels in line with CDS retracted albeit slightly, with 2y benchm...

WEEKLY OUTLOOK 5-9 December 2016

03 Jul 18 (Tue)
01:00 pm

WEEKLY OUTLOOK 5-9 December 2016

WEEKLY OUTLOOK Strong growth indicators for US economy and political uncertainties that created excessive volatiltiy in exchange rates, combined with rate but expectation from Fitch have led to a sell of in domestic markets. 5Y CDS premium which closed at 299 picked up to 306.3 in December 2 close. BIST 100 closed the week at 73,391 on a 2.1% loss (-3.2% in USD terms) USD/TRY ended the week with 1.9% depreciation in lira against USD, reaching  3.510. Yield curve has again shifted up and 5y and 10y benchmark bond yields which closed...

WEEKLY OUTLOOK 28 November – 2 December 2016

03 Jul 18 (Tue)
12:38 pm

WEEKLY OUTLOOK 28 November – 2 December 2016

WEEKLY OUTLOOK Despite the CBRT’s strong move in its Monetary Policy Council meeting including policy rates hikes and FX required reserve cuts, European Parliament’s approval of non-binding suggestion to freeze Turkey’s EU accession process have led to an excessive volatility in financial markets and eased the gains from tightening in monetary policy. CDS spreads further widened from 296 in the previous week to 299 in the last Friday close. BIST 100 closed the week at 74,363 on 1.7% weekly loss (3.3% loss in USD terms), and USD/TRY...

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