All Newsletters

Good morning. U.S. GDP growth data released yesterday came in above expectations, pushing Wall Street to fresh record highs. However, this data also complicates the case for a potential Fed rate cut on September 17, leading U.S. futures to start the day on a weaker note. European futures are likewise trading negative, while in Asia, China and Hong Kong are seeing buying interest, with the rest of the region mostly...
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Global risk appetite is losing momentum; however, the overall outlook remains balanced this morning. Nvidia’s financial results and forward guidance failed to generate excitement, and global markets are expected to focus on today’s U.S. growth data. On Borsa Istanbul, following eight consecutive sessions of gains, the BIST 100 index closed yesterday down 1.5% at 11,359. Despite the decline, capital inflows...
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Good morning. Following U.S. President Trump’s accusation of “mortgage fraud” against Federal Reserve Board member Cook and his threat of removal, Trump stated he would “wait for the court’s decision,” while company-specific developments fueled a rebound in U.S. equities yesterday. This morning, U.S. and European futures are trading higher; however, political deadlock in France has triggered budgetary concerns,...
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Good morning. The day begins with U.S. President Donald Trump removing Federal Reserve Board member Lisa Cook over a serious allegation of “mortgage fraud,” while Cook resists, stating that he has “no authority” to do so. In the U.S., where legal rights and regulatory frameworks are given high priority, concerns over political intervention and deviation from the legal basis are weighing on U.S. assets. Wall Street...
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Good morning, wishing you a productive week. Following Fed Chair Powell’s emphasis on “employment risks” and his signaling of potential rate cuts, market pricing for a Fed rate cut on September 17 has strengthened. U.S. equities ended last Friday with sharp gains of 1.5–1.8%, marking fresh highs, while the new week is starting on a more cautious note. U.S. and European futures are slightly negative, whereas Asian...
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Good morning. Following the release of growth-oriented data in the U.S. yesterday, which exceeded expectations, we observe that pricing for a rate cut by the Fed at its September 17 meeting has diminished further. In addition, the perception that the Russia–Ukraine war will be prolonged, along with ongoing speculation that technology companies may be trading at expensive levels, has triggered selling pressure in...
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* During the week of 8 – 15 August, foreign investors were net buyers of USD125mn in the equity market and USD1.1bn in the government bond market (excluding repo transactions), marking the strongest weekly foreign inflow into bond market over the past six weeks. Consequently, the foreigners’ share in total bond stock increased from 6.4% to 6.7%. Moreover, the residents’ FX deposits declined by USD934mn (excluding...
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DESA reported TL 1.03bn revenue, TL 207mn EBITDA (20% margin) and TL 115mn net profit in 2Q25; the gross margin came in at 56%. 1H25 results were TL 1.84bn revenue, TL 568mn EBITDA (31% margin) and TL 242mn net profit. Despite the impact of promotional activity and higher selling & marketing and G&A expenses, operating profitability was preserved in 2Q. In yesterday’s analyst call, management reaffirmed...
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