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Good morning. Despite mixed signals regarding the U.S.–China negotiations, global risk appetite remains positive. It is worth noting that yesterday’s sharp declines in precious metals were largely driven by expectations surrounding these talks; however, there is still no deterioration in the main trend for gold. In the short term, the $4,000/oz level serves as key support, while in the medium to long term, $3,600...
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Good morning. Following the release of bank earnings in the U.S., positive results from technology companies, progress expectations in U.S.–China negotiations, and indications that the government shutdown could end next week are driving gains in U.S. equities. In Asia, the resolution of political gridlock in Japan and stronger-than-expected growth data from China are supporting regional markets. The outlook in...
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*Based on our calculations using the CBT’s analytical balance sheet, we estimate that during the week of October 10 – 17, net international reserves increased by USD2.5bn to USD81.6bn, while gross FX reserves soared notably by USD8.8bn to USD198.6bn. Accordingly, our calculations point to gross foreign exchange reserves reaching an all-time high. We anticipate that the official reserve data, to be released on...
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Good morning. Global risk appetite is starting the new week on a positive note. In the U.S., concerns that emerged on Friday regarding troubled loans appear to be contained, with no signs of a broader credit issue. Additionally, optimism over progress in U.S.–China relations is supporting buying sentiment across U.S. and European futures as well as Asian equity markets this morning. At Borsa Istanbul, after a...
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* The CBT released its Market Participants Survey for October 2025. Following the higher-than-expected September inflation print, participants’ inflation expectations for the coming periods deteriorated markedly. Accordingly, the 2025 year-end CPI expectation rose to 31.77% in October from 29.86% previously. In addition, the 12-month-ahead CPI expectation increased from 22.25% to 23.26%, while the 24-month-ahead...
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Good morning. In addition to the numerous topics being monitored in the U.S., sentiment in the markets weakened yesterday after negative news regarding regional banks’ loan portfolios and indications in some earnings reports that portions of their loan books had been written off. At present, there are no expectations of a systemic credit risk spreading to major U.S. banks or other nationwide financial institutions;...
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* The CBT will release the results of the October Market Participants’ Expectations Survey today @ 10:00 local time. Following the significantly higher than expected September inflation print, we anticipate a palpable deterioration in market participants’ year-end inflation expectations. Please recall that, in the latest survey results released for September, the year-end 2025 inflation expectation rose to 29.86%,...
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Good morning. Global equity markets are trading with volatility near their peak levels, driven by developments in U.S.–China relations, expectations of rate cuts from the Fed, corporate earnings releases, and ongoing geopolitical factors. In Borsa Istanbul, the four-week downward trend paused yesterday, as the BIST 100 index rebounded by 1.44% to close at 10,464, holding above the critical 10,200–10,300 support...
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