Research

In the first quarter of the year, while TAV Airports recorded revenue growth supported by increased traffic, profitability remained below expectations due to the low season and temporary one-off effects. Despite the net loss coming in below our estimate, we evaluate the 1Q25 results as slightly negative given the relatively stable operational performance and margin pressure that aligned with our forecasts. Based on...
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Good morning. Global risk appetite is off to a balanced start this morning. U.S. futures are trading lower after yesterday’s gains, European markets are in positive territory, while Asia presents a mixed picture. In Borsa Istanbul, the weak outlook and capital outflows persist. The BIST 100 index fell below the 9,250 support level yesterday, and we have begun to observe sell signals in momentum indicators. In this...
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*TURKSTAT will release March foreign trade figures 10:00 local time. Preliminary data released by the Ministry of Trade indicates a modest reduction in the trade deficit for March. According to the preliminary figures, exports rose by 3.2% y/y to USD23.4bn, while imports increased by 2.3%, amounting to USD30.7bn. Consequently, the trade deficit narrowed from USD7.8bn in February to USD7.3bn in March, with the...
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Good morning. Global markets are balanced, with cautious optimism stemming from expectations that U.S. President Trump may soften tariffs on the automotive sector. Domestically, rising interest rates continue to increase financing costs, and combined with weak balance sheets and ongoing risks, this has sustained the consolidation in Borsa Istanbul within the 9250–9500 range for the past month. Momentum indicators,...
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* March Employment figures will be released @ 10:00 local time. The adjusted unemployment rate dropped from 8.4% to 8.2% in February. As per the broad-based unemployment calculations: The rate of composite measure of labor underutilization – including time related underemployment, potential labor force and unemployment— dropped from 28.2% to 24%, which stands for the lowest level since February 2024. The combined...
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Good morning. Global equity markets are starting the new week on a positive note. Despite ongoing tensions, expectations for more conciliatory steps in the U.S.–China dispute, the continued pricing in of a potential Fed rate cut in June, stimulus and spending packages in Europe and Asia, and positive Q1 earnings results are supporting market sentiment. This morning, U.S. and European futures, along with Asian...
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* Credit rating agency S&P affirmed Turkey’s long-term sovereign credit rating at ‘BB-’ with a "stable" outlook, in line with our house estimate and the market consensus. S&P stated that its affirmation reflects the view that, despite recent increases in exchange rate volatility and a decline in foreign exchange reserves, Turkish authorities are expected to maintain policies aimed at reducing...
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Good morning. The recent moderate remarks by U.S. President Trump regarding customs tariffs, statements from certain Fed officials supporting expectations of a rate cut in June, and the positive trend in first-quarter results are supporting U.S. stock markets and global markets overall. This morning, U.S. and European futures, along with Asian markets, are generally trading in positive territory. Yesterday, Borsa...
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