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Good morning. Despite expectations for a Fed rate cut on December 10 remaining intact, profit-taking from peak levels continues in U.S. and European markets. In Asia, the picture is more mixed, though the overall tone remains weak. In Borsa Istanbul, however, the index broke above the 11,000–11,050 resistance zone with yesterday’s 2% advance. The index closed the session at 11,116, supported primarily by the...
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Tüpraş announced its November product margins. Accordingly, within middle distillate products, diesel margins improved by 38% month-on-month, while jet fuel margins increased by 26%. Among light distillates, the gasoline margin rose by 29% compared to the previous month, while the fuel oil margin was recorded at minus USD 9.3 per barrel. For Tüpraş, which is included in our model portfolio, we have a target price...
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Good morning. Global risk appetite is starting the week on a soft footing. There is no single dominant driver behind the move; weaker data out of Asia or protracted Russia-Ukraine peace negotiations can be cited as headline factors. After pricing in rate-cut expectations from the Fed throughout last week, equities are entering the new week with profit-taking. U.S. and European futures are trading in negative...
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Good morning. Despite U.S. markets being closed due to Thanksgiving, expectations of a rate cut from the Fed on December 10 continue to underpin global risk appetite. Borsa Istanbul is attempting to align with this constructive tone, though upward momentum remains constrained. The BIST 100 Index advanced 0.28% yesterday, with ISCTR, ENKAI, TAVHL, TUPRS and YKBNK delivering the strongest positive contributions,...
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* October Employment figures will be released @ 10:00 local time. The adjusted unemployment remained unchanged at 8.6% in September, while the rate of composite measure of labor underutilization – consisting of time-related underemployment, potential labor force and unemployment– decreased from 29.8% to 28.6%. Moreover, within the components, the combined rate of time-related underemployment and unemployment edged...
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Good morning. While expectations for Fed rate cuts remain intact, the rebound observed in U.S. equities over the past four sessions has only now been sufficient to break above last week’s post-Nvidia-earnings highs. U.S. markets will be closed today due to the Thanksgiving holiday; tomorrow, trading will open in the morning but close early for a half-day session. European futures and Asian markets are once again...
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* The CBT Governor Karahan spoke yesterday in a live broadcast on “Monetary Policy and the Macroeconomic Outlook” outlining the Bank’s policy stance, the ongoing rebalancing in domestic demand, and the disinflation process. He noted that the more than USD80bn increase in gross reserves has largely reflected resident FX conversions and highlighted the sharp decline in FX-protected deposits (KKM). Reaffirming price...
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Good morning. As expectations for Fed rate cuts continue to strengthen, the discussion around who will lead the Fed after Chair Powell is increasingly gaining traction. The common thread among the prominent candidates is their alignment with President Trump’s calls for rate reductions. Accordingly, we expect both the timeline for rate-cut expectations to be pulled forward and the total anticipated cuts over the...
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