Garanti BBVA Grants Authorization for International Bond Issuance and Announces Cash Tender Offer for Two Bonds
Forex - Garanti BBVA (BME:BBVA) has announced a cash Tender Offer for two bonds while granting authorization for the issuance of capital-like (Basel III compliant) bonds in US Dollars to foreign institutional investors. According to a statement made by Garanti BBVA to the Public Disclosure Platform, the bank has authorized Banco Bilbao Vizcaya Argentaria, S.A, Citigroup Global Markets Limited, Standard Chartered Bank, Abu Dhabi Commercial Bank P.J.S.C., Emirates NBD Bank PJSC, Mizuho International plc, SMBC Nikko Capital Markets Limited, and Societe Generale for the issuance of these bonds. The bank also announced a cash Tender Offer for a Tier 2 bond with a nominal value of 750,000,000 US Dollars, maturing in 2027, with ISIN codes XS1617531063 and US900148AE73, on November 21, 2024. Banco Bilbao Vizcaya Argentaria, S.A. and Standard Chartered Bank have been authorized for the Tender Offer.
Ukraine Claims Russia Has Used Intercontinental Ballistic Missiles for the First Time
Forex - Ukraine announced that Russia launched an intercontinental ballistic missile targeting the city of Dnipro during the night, marking the first time Moscow has used such a missile in the conflict. The exact type of missile fired was not specified, but the Ukrainian Air Force stated in a Telegram post on Thursday that the missile was launched from Russia's Astrakhan region.
MARKET OUTLOOK - The Dollar Index Expected to Trade Between 106-107
Forex - ING stated that the dollar will continue to trade at a higher range following the gains it made after the U.S. presidential elections. ING analyst Chris Turner emphasized that the market is moving away from pricing in a rate cut by the Fed in December as it prepares for a potential second term for Donald Trump. Turner noted that developments in overseas economies are far from encouraging and indicated that the likelihood of U.S. data, including the unemployment claims report to be released at 1630 UTC, moving the markets is low. He also mentioned that the DXY dollar index should continue to trade in the new range of 106-107. DXY is currently stable at 106.640.
MARKET OUTLOOK - Focus on the Tone of the CBRT Statement and Guidance for Interest Rate Cuts
The Turkish lira is declining as investors take a cautious stance ahead of the Central Bank of Turkey's recent policy decision. ING analyst Frantisek Taborsky indicated that the Central Bank is expected to keep interest rates unchanged at 50% during the decision to be made at 1400 GMT. "The main focus will be on the tone of the central bankers and forward guidance for the first interest rate cut," Taborsky stated, recalling that the Central Bank indicated a slowdown in the main trend of inflation in its recent inflation assessment last month. He mentioned that the Central Bank may wait for more inflation data before considering an interest rate cut; however, he notes that the likelihood of such a move has increased for December.
Galatasaray Football Team's Jersey Back Sponsor is Pacific Holding
Foreks - Galatasaray (IS:GSRAY) has signed a jersey sponsorship agreement for the 2024-2025 season with Pasifik Holding, one of our country's leading conglomerates, known for its visionary investments across various sectors, including real estate, energy, logistics, and technology.
The signing ceremony was held at Ali Sami Yen Sports Complex Rams Park, attended by Galatasaray Sports Club President Dursun Aydın Özbek and Pasifik Holding Chairman Fatih Erdoğan. Fatih Erdoğan made the following statement:
"I would like to express my gratitude to the Galatasaray community, Mr. President, and the Board of Directors for hosting us here today. On behalf of the Pasifik family, I want to thank the entire Galatasaray community, the Board of Directors, and our president for accepting our support. I want to emphasize that this beautiful collaboration and partnership makes us proud as the Pasifik family. It is a great honor for us to support Galatasaray, one of the esteemed sports clubs."
"Our real estate company is Pasifik GYO (IS:PSGYO), which is well-known and serves as the foundation for the entire group. We have carried out significant projects in real estate, starting in Ankara, with important projects in locations such as Istanbul and Bodrum. Following this, we made investments in logistics, technology, and, ultimately, the energy sector, believing they would contribute to the future and economy of our country while also providing significant growth opportunities."
"In logistics, we initiated international railway transport in Turkey. We have achieved unprecedented feats in railway transportation within five years, enabling Turkey to become a logistics hub. We have become one of the important players in the much-discussed logistics corridors by signing significant collaborations with many countries from Asia to Europe."
"We have crowned our journey in technology, which started with cybersecurity and IT, by investing in drone technologies that promote our country globally. As of today, we are the company that has developed the first and only unmanned helicopter in our country."
"We have also made investments in the energy sector, primarily in renewable energy. In terms of real estate, I want to highlight that we have created projects that bring firsts to the region. The media has primarily recognized us for our real estate projects. I would like to mention that our Next Level branded projects have received great interest and contain many firsts in their field. This journey began in Ankara. After implementing another Next Level project in Ankara, we moved to Istanbul, developing this project in Levent, near Zorlu, on Büyükdere Avenue. We are also working on our Next Level Kemerburgaz project. We have new projects starting, including Next Level Bodrum. We have other branded projects, but we use the Next Level name when we believe it elevates the brand to a new level. In this regard, I think our Next Level brand aligns well with the Galatasaray brand. Galatasaray has always been a club that has achieved a level beyond football since my childhood. Its international successes and achievements are evident."
"I hope this will be a preparation for a beautiful future. We take pride in having made this support. As I conclude my words, I would like to thank the Board of Directors, our president, and especially my brother Abdullah. He reached out to me unexpectedly and discussed the sponsorship. I also want to extend special thanks to my coach Okan, who has shown great interest in us."
Galatasaray Sportif A.Ş. Vice President Abdullah Kavukçu said: "Dear Galatasaray community, esteemed members of the press, Pasifik Holding family, and our great fan base following us on our YouTube channel… Today, we are gathered at the signing ceremony with Pasifik Holding, with whom we have reached a jersey sponsorship agreement for our Football A Team."
"As Galatasaray Sports Club, we have signed significant sponsorship agreements to maintain our economic strength this year, and we continue to do so. In this context, the agreement we have made with Pasifik Holding is of great importance."
"It is gratifying that Galatasaray, a world-renowned sports brand, has partnered with Pasifik Holding, which stands out with its visionary investments in various fields. The terms of the agreement have pleased us all."
"We see this agreement as the first step towards a long-term collaboration for the future. We hope it marks the beginning of a path where we walk shoulder to shoulder in Galatasaray's national and international successes."
"I thank our esteemed president Dursun Aydın Özbek, Pasifik Holding Chairman Fatih Erdoğan, and everyone who contributed to this agreement, and I extend my respect to all of you."
Galatasaray Sports Club President Dursun Aydın Özbek stated: "Esteemed members of the press, valuable Galatasaray fans watching us… Welcome to our press conference. Today, we are gathered for the signing ceremony of the jersey sponsorship agreement with Pasifik Holding for our men's football team. Pasifik Holding is one of our country's leading conglomerates that makes visionary investments in many areas, including real estate, energy, logistics, and technology. They bring this visionary perspective to achieve new successes alongside the Galatasaray brand. I would like to express my gratitude to Pasifik Holding and Mr. Fatih Erdoğan for this agreement. I also thank our Sportif A.Ş. Vice President Mr. Abdullah Kavukçu for his contributions during this sponsorship process."
"The Galatasaray brand will continue to align itself with brands that share the same vision, characterized by its unique history and achievements. I wholeheartedly believe that these partnerships will lead us to the larger trophies we aspire to. I wish our agreement to be beneficial for Galatasaray, Pasifik Holding, and Turkish sports. I extend my love and respect to all of you."
U.S. natural gas futures gained significant value due to cold weather forecasts for the end of November. The expectation of temperatures below seasonal norms increases natural gas demand, exerting upward pressure on prices. The course of European and U.S. markets, along with the inventory data to be released by the U.S. Energy Information Administration, are among the factors to be closely monitored in the markets. Global geopolitical developments, such as geopolitical risks and U.S.-China relations, also create fluctuations in energy markets.
From a technical perspective, the NGCUSD pair is trading above the 3.33 - 3.37 support levels on the daily chart. As long as it remains above these levels, upward movements are expected to continue. In upward movements, 3.44, 3.50, and 3.535 resistance levels can be observed. The RSI indicator is at 49, showing a neutral outlook. A rise of 1.93% compared to the previous day is noteworthy in the pair. In case of possible pullbacks, the 3.4 and 3.37 support levels should be monitored; if hourly closings are seen below the 3.33 level, the potential for a decline may increase.
Crude oil futures experienced a limited decline despite rising geopolitical risks due to the increase in U.S. inventories. Developments such as Ukraine's long-range missile attacks on Russia and Russia reserving the right to use nuclear weapons increased geopolitical risk perception. Nonetheless, the U.S. Energy Information Administration's announcement of an increase of about 500,000 barrels in inventories pressured the prices. The trajectory of European and U.S. stock markets is among other factors that could impact oil pricing throughout the day.
From a technical perspective, as long as the BRNUSD pair maintains above the 72.50 - 73.00 support levels, it may show an upward trend. In potential rises, the 73.50 and 74.00 resistance levels can be targeted. However, if the downward trend continues, closures below the 72.50 level should be closely monitored. In this case, the 72.00 and 71.50 levels may come into play as supports. The RSI indicator stands at the 50 level, presenting a neutral outlook and not indicating a clear direction in price movements. It is observed that the pair ended the day with a 0.11% decline.
Despite Nvidia's results surpassing market expectations, the NASDAQ100 index continues to be under pressure due to the stagnant outlook in the markets. Data regarding US unemployment benefit claims will be closely monitored today. Additionally, increasing geopolitical risks, particularly the tension between Ukraine and Russia, are heightening uncertainties for the markets. US 10-year bond yields remain at the level of 4.40%. The decline observed in global markets, especially in Asian stock exchanges, is also putting pressure on the NASDAQ100.
From a technical perspective, the NASDAQ100 index is trading within the 20680 – 20785 support zone. The decision phase scenario within this zone remains valid. Persistent movements above the 20785 level may allow for the strengthening of upward momentum, and resistance levels at 20900 and 21000 could be tested. In the case of downward movements, if it remains persistently below the 20680 level, the 20500 and 20375 support levels may be targeted. The RSI indicator is displaying a neutral outlook, and it is observed that the index shows a negative change of 0.27%.
The DAX40 index is moving in line with the mixed trend in European and Asian stock markets and the optimism observed in US stock indices. In Europe, Italy's economic pressure and the UK's efforts to remain positive stand out as the only positive change within the overall negative outlook, while the DAX40 index experiences losses slightly exceeding 1%. Geopolitical risks and economic data from the US and Europe are among the subjects carefully monitored by the market. These factors are influential on the general direction of the index.
From a technical perspective, the DAX40 index is at a decision point near the long-term monitored support level of 18995 – 19090. Maintaining this level is important for the continuation of the upward trend. However, confirmation of the rise requires sustained movements above the resistance zone of 19275 – 19350, located at the 55 and 89-period moving averages. The RSI indicator is displaying a neutral outlook around 50. The index has shown a slight increase of 0.14% during the day. If it pulls below the 18995 level, there is a risk of a retreat towards the 18885 and 18780 support levels.
WTI crude oil prices remain under pressure despite rising geopolitical risks due to U.S. inventory data releases. Ukraine's missile attacks on Russia and Russia's threat of using nuclear weapons increase the uncertainty in oil prices. However, the U.S. Energy Information Administration's announcement of a 500,000-barrel increase in stocks raises concerns about oversupply, pulling prices down. In this scenario, developments in European and U.S. stock markets may be expected to affect oil prices.
According to chart data, WTI oil is trading in the 68.50 - 69.00 support zone. In upward movements, the levels of 69.50 and 70.00 are monitored as resistance, and if these levels are exceeded, the 70.50 level can be targeted. In case of possible declines, hourly closings below the level of 68.50 may bring up support levels of 68.00 and 67.50. The RSI indicator is at the level of 40, exhibiting a negative outlook. There is a 0.40% decrease compared to the previous day.
The USD/TRY exchange rate is displaying a weak outlook, paralleling the movements of emerging market currencies against the US Dollar. The Turkish Lira has depreciated by 0.08%, with uncertainties regarding the CBRT's interest rate decision exerting pressure on the exchange rate. In international markets, particularly the downturn of US and Asian stock exchanges and the increase in geopolitical risks are also boosting demand for the Dollar. After yesterday's rise, the Dollar index is showing a calm trajectory, which is among the fundamental factors affecting the USD/TRY exchange rate.
In technical analysis, the USD/TRY pair is trading near the 34.48 level. In short-term movements, the levels of 34.39 and 34.30 are monitored as support. In upward movements, the resistance levels to watch are 34.51 and 34.57. The level of 34.65 stands out as a stronger resistance point. The RSI indicator is at 60, showing a positive trend. The pair has increased by 0.17% compared to yesterday’s close. Persistence above 34.30 may support the pair's upward momentum, while closures below this level may increase short-term pressure.
With the increase in geopolitical risks, gold prices continue their upward trend. Ukraine's attacks on Russia and the U.S. vetoing the ceasefire in Gaza are increasing tensions in the region, supporting the safe-haven demand for gold. Additionally, U.S. unemployment claims are being monitored by the market. Such developments cause investors to turn to safe assets like gold.
From a technical perspective, gold is trading at the 2657 level on the 4-hour chart. As long as it remains above the 2630-2640 support zone, the positive trend continues. In upward movements, resistance levels of 2660 and 2670 can be monitored. On the downside, closures below the 2630 level may bring the 2620 and 2610 support levels into focus. The RSI indicator shows a positive trend, indicating that the rise may continue from the current levels. An increase of 0.27% is observed compared to the previous day.
The EURUSD pair reacted positively with the weakening dollar after the Classic Dollar Index approached its October 2023 peak. The macroeconomic data coming from the US could determine the Dollar Index's persistence at the 107 level. According to the technical outlook of the index, the current positive trend continues, and a possible move towards the 109.25 level might remain on the agenda. On the European side, the impact of economic data on the pair will continue to be monitored.
From a technical perspective, the EURUSD pair is trading below the 34 and 55 period averages located at the 1.0580 - 1.0610 levels. A drop below the 1.0525 support might trigger a move towards the 1.0450 level. However, a recovery above the 1.058 level could support an upward movement. The RSI indicator stands at 43, presenting a negative outlook. The pair has shown a change of 0.05% compared to the previous day.
The upcoming data from the US, including Unemployment Claims, the Philadelphia Fed Manufacturing Index, and Home Sales, could lead to volatility in the GBP/USD pair. The levels close to the peak seen in the Dollar Index continue to affect the pair's movements. Despite the dollar's strong trend, if the GBP/USD pair continues to stay below the 34-day average, the effects of new data regarding the US economy should be closely monitored. The ongoing interest rates and geopolitical risk factors in the US may also be decisive for the pair.
When examining the GBP/USD pair on the 1-hour chart, the levels of 1.2685 and 1.2725 stand out as resistance, while 1.26, 1.256, and 1.252 are observed as support. The pair has slightly declined, with a decrease of 0.013%, at the level of 1.26514. The RSI indicator provides a neutral signal, and there is very little change compared to yesterday's close, which may indicate that the pair is searching for direction in the short term.
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