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Daily Bulletin

Tacirler Investment

Good morning. Following the core Personal Consumption Expenditures (PCE), which remained flat at 2.8% contrary to expectations of an increase, the stock markets (which have been weak over the past two weeks) found a much-needed reason to rally. Wall Street saw gains close to 1% on Friday, and this morning, U.S. and European futures, along with Asian markets, are generally trending upward. In summary, global risk appetite appears to be starting the new week on a positive note. As for Borsa Istanbul, the BIST 100 index, which approached 10,300 two weeks ago on expectations of Syria’s reconstruction and subsequently fell under constant pressure to as low as 9,700, continues to exhibit a weak outlook, marked by low momentum, broken support levels, and negative indicators. This morning, while we expect reactionary buying tied to external factors, we believe any upward moves will remain limited as long as the upward trend from early November is not regained. The 9,700 and 9,570–9,600 range can be monitored as support levels, while 9,810 and 9,900 serve as resistance levels. On today’s agenda, the U.S. housing sector and consumption-related data flow stand out, though we anticipate the year-end lull to become more pronounced as we approach the final days of the year. Domestically, minimum wage negotiations and the Central Bank’s policy rate decision could sustain volatility. Turkey’s 5-year CDS premiums start the day at 256 basis points.

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