All Newsletters

Good morning. Global equity markets are starting the new week on a constructive note. In the US, buying interest in technology stocks stood out on Friday, while US futures and Asian equities are trading in positive territory this morning; European futures, however, are slightly negative. Borsa Istanbul closed Friday broadly flat with a 0.1% gain, yet it is worth noting that the BIST 100 Index posted its...
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* The consumer confidence index edged down from 85 level to 83.5 level in December, which stands for the lowest level since July. As a result, the index, which averaged 83.9 in 3Q25, remained broadly unchanged in the final quarter of the year, posting an average of 84. It is important to underscore that the consumer confidence index — which ranges from 0 to 200 — signals pessimism when it falls below 100, and...
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In our analyst meeting with Gen İlaç management, we discussed recent developments in the company’s ongoing operations, regulatory actions taken to date, R&D projects expected to support medium to long term growth, and the company’s overall growth strategy. The key takeaway from the meeting was that Gen İlaç continues to preserve its strong cash generating business model in the short term, while steadily...
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*TURKSTAT will release December Consumer Confidence Index @ 10:00 local time. The consumer confidence index edged up from 83.6 to 85 level in November. It is important to underscore that the consumer confidence index — which ranges from 0 to 200 — signals pessimism when it falls below 100, and optimism when it exceeds that threshold. A breakdown of the November consumer confidence index reveals the following: The...
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We attended Doğan Holding’s institutional investor meeting, which also included the senior management of its subsidiaries Hepiyi Insurance and Gümüştaş Mining. The key messages from the meeting were that momentum in the non-automotive portfolio remains intact despite volatility in the automotive segment, 2025 is being managed with a focus on margin protection and cost discipline, and the portfolio simplification...
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In the U.S., financing concerns surrounding Oracle have triggered broad-based selling across the artificial intelligence ecosystem, with some technology stocks posting monthly declines of up to 10%. U.S. equity futures are attempting a rebound this morning; however, European futures and Asian equity markets remain in negative territory. In Borsa Istanbul, the BIST 100 Index declined by 0.6% yesterday, closing the...
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* The CBT will release October short-term external debt stock figures @ 10:00 local time. The short-term external debt stock in September materialized at USD165.8bn, down by 1.9% m/m.  In terms of short-term debt statistics, we believe that “debt stock on a remaining maturity basis,” calculated based on the external debt maturing within 1 year or less regarding the original maturity, is rather critical, which is at...
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Good morning. The weak global outlook persists. Despite soft U.S. employment data, the first rate cut by the Fed is still expected in June. Recent messages from Fed officials continue to emphasize inflation risks and suggest that above-target readings may persist into 2026. Rising tensions between the U.S. and Venezuela, along with China’s and Russia’s supportive stance toward Venezuela, have contributed to an...
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