All Newsletters

* The CBT will release weekly foreign portfolio flows, money & banking statistics, and international reserves for the period of September 19 – 26 @ 14:30 local time. Based on our calculations using the CBT’s analytical balance sheet, we estimate that during the week of September 19 – 26, net international reserves rose by USD2.4bn to USD72.7bn, while gross FX reserves increased by USD4.2bn to USD183.2bn. We...
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Tüpraş announced September product margins. Among middle distillates, the diesel margin improved 21% m/m, while the jet fuel margin rose 18% m/m. In light distillates, the gasoline margin increased 18% m/m, whereas the fuel oil margin came in at −$13.3/bbl. With the exception of fuel oil, all product margins improved in September, and overall margins remained above their five-year averages. On a y/y basis, diesel,...
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Good morning. In the U.S. Senate, the failure to approve the relevant funding plan has triggered a “government shutdown” process, which could disrupt non-essential public services and lead to unpaid furloughs. U.S. equities, which closed positively yesterday, are trading notably lower in futures this morning. European futures and open Asian markets, however, are showing a more balanced outlook. On Borsa Istanbul,...
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*Istanbul Chamber of Industry (ICI) Turkey September Manufacturing PMI will be announced @ 10:00 local time. The Istanbul Chamber of Industry (ICI) Turkey Manufacturing PMI rose to 47.3 in August from 45.9 in July, marking its first increase since January and reaching its highest level since April. Yet, the index continues to remain below the 50-threshold since April 2024, signaling a continued contraction in...
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Good morning. Global risk appetite is balanced this morning, though it is worth noting that U.S. and European equities closed higher yesterday. In Borsa Istanbul, however, after a negative opening and a brief recovery attempt, the index ended the day down 0.92% at 11,048 points. On the institutional side, outflows remain limited, while modest foreign inflows were observed. From a technical perspective, following a...
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* August Employment figures will be released @ 10:00 local time. The adjusted unemployment rate declined to 8% in July from 8.4%. As per the composite measure of labor underutilization – including time related underemployment, potential labor force and unemployment – eased to 29.6% from 32.7%, though remaining elevated. Moreover, Within the components, the combined rate of time-related underemployment and...
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Good morning. Global markets are starting the new week on a positive note. U.S. and European futures, as well as Asian equities, are generally trading higher. In Borsa Istanbul, however, we saw a notable decline of up to 2% on Friday, which we believe was mainly driven by non-economic factors. These effects are likely to persist, yet we may see some support from the prevailing optimism abroad. For the BIST 100...
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*TURKSTAT will release September Economic Confidence Index @ 10:00 local time. The index edged up from 96.3 in July to 97.9 in August. It’s worth noting thath the index has remained below the 100-threshold since April, indicating that sentiment regarding the overall economic outlook continues to reside in pessimistic territory. A closer look at the August sub-indices reveals a mixed picture: the Consumer Confidence...
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