All Newsletters

Good morning. Weak results from technology companies in the U.S., continued geopolitical stress and the elevated course of oil prices, together with the Fed and the ECB emphasizing inflation risks even though they did not change rates, are bringing selling to global markets. U.S. and European futures and Asian markets are generally in negative territory this morning. Although we see a search for balance above...
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* TURKSTAT will release October Economic Confidence Index @ 10:00 local time. The Economic Confidence Index rose by 0.7% from 100.6 to 101.3 in September, reaching its highest level since 2023 and remaining above the 100 threshold for a second consecutive month. Among the sub-indices, the Consumer Confidence Index increased by 1.3% to 91.9, while the Retail Trade Confidence Index rose by 1.1% to 111.3. The Real...
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We view ASELSAN's 3Q26 financial results positively, driven by stronger-than-expected net profit and robust operational performance. Based on the increasing backlog and our updated financial forecasts, we raise our 12-month target price from TL452 to TL480 per share. However, as the expected upside potential is broadly in line with our index return expectations, we maintain our HOLD...
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* TURKSTAT will release September foreign trade figures at 10:00 local time. Preliminary September trade figures released by the Ministry of Trade point to a broadly stable trade deficit. Exports increased by 15.4% y/y to USD26bn, while imports rose by 5.9% y/y to USD31.2bn. Accordingly, the trade deficit remained unchanged from August at USD5.2bn, while the trailing 12-month deficit narrowed from USD97.5bn to...
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TTRAK 3Q26 results indicate that weak domestic demand continues to weigh on financial performance despite better-than-expected operational profitability and a narrower net loss. The QoQ improvement in margins, positive free cash flow and maintained year-end guidance suggest that there has been no further deterioration in the company's already challenging outlook. However, we believe these developments are not...
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Good morning. The partial easing in oil prices and earnings from technology companies brought buying to U.S. markets yesterday, and European markets followed suit. However, looking at this morning, we see that the momentum could not be maintained and U.S. and European futures remain weak. In Asia, there is a mixed picture; among the major markets in the region, Tokyo and Seoul are positive, while the others are...
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* September Employment figures will be released at 10:00 local time. The seasonally adjusted unemployment rate declined from 8.1% to 7.8% in August, while the youth unemployment rate for the 15–24 age group fell by 1.1pp to 13%. The broad underutilization rate — a more comprehensive gauge of labor market conditions — moved in the opposite direction, rising from 30.6% to 31% despite the improvement in headline...
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Good morning. Global markets are starting the new week looking for a morale boost. U.S. and European futures are in slightly positive territory this morning following Friday's selloff, while Asia is only now pricing in the selling that hit Western markets on Friday. Oil prices are still around USD 110/barrel and U.S. threats against Iran continue. In Brazil, Lula Da Silva, who lost the first round of the...
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