Daily Bulletin

Good morning. Nvidia’s stronger-than-expected 3Q25 results are supporting a broad-based risk-on tone led by U.S. equities. However, given the further decline in Fed rate-cut expectations after yesterday’s minutes, we do not expect the Nvidia-driven momentum to be long-lasting. In addition, U.S. authorities announced that October employment data will not be released due to incomplete data collection during the...
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Good morning. Profit-taking activity and pullbacks from record highs continue across global equity markets. This trend is largely driven by expectations for Fed rate cuts being pushed further out, along with a reduction in the total number of cuts anticipated for the upcoming period. In addition, concerns around elevated valuations—particularly among AI-focused technology names in the U.S.—are contributing to the...
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Good morning. Global risk appetite remains under pressure as expectations for Fed rate cuts have been pushed out to March 2026 and selling has intensified in major technology stocks. Following yesterday’s declines of up to 1% in U.S. and European equity markets, futures and Asian indices are also broadly weaker this morning. In Borsa Istanbul, however, modest inflows and rising trading volumes supported a 1.3%...
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Good morning. Global risk sentiment is starting the new week on a mixed footing. U.S. futures are trading in positive territory this morning, European futures are weaker, and Asian markets exhibit a generally soft tone with selective buying interest. Although the Borsa Istanbul dipped below the 100-day exponential moving average on Friday, the late-session rebound was notable. By the close, the BIST 100 Index had...
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Good morning. Despite the U.S. government reopening, cautious remarks from several Fed officials suggesting that a rate cut may not materialize in December and the selling pressure on technology stocks triggered pullbacks of up to 2% in U.S. equities yesterday. European markets mirrored the weakness yesterday, while Asian markets followed the U.S. sell-off this morning. Futures are trading flat at the open. In...
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Good morning. The reopening of the U.S. government after 42 days of closure is driving gains across global equity markets. The resumption of macroeconomic data releases is expected to strengthen expectations for a potential rate cut from the Federal Reserve. As a result, optimism appears to be persisting. Looking at this morning’s session, U.S. and European futures, along with Asian markets, are generally trading...
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Good morning. Global risk appetite remains broadly intact midweek; in the U.S., following the Senate’s 60-to-40 approval of the temporary budget bill aimed at reopening the government, attention now turns to the House vote expected today or tomorrow and the subsequent signing process. The upward momentum seen in U.S. and European indices toward record highs yesterday is being maintained in futures markets this...
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Good morning. Global markets started the new week on a positive note. While the rally in U.S. and European indices continued yesterday with attempts to reach new record highs, futures are also maintaining a positive tone this morning. In Asia, however, a mild selling pressure is being observed. Risk appetite is supported by the U.S. Senate’s approval of a temporary budget bill to reopen the federal government, with...
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