Research

Good morning. The resolution of the Greenland dispute between the US and Europe within the NATO framework is contributing to a renewed improvement in global risk appetite. US futures are notably positive this morning, Asian markets are trading with a positive bias, while European futures are slightly negative. The constructive outlook in Borsa Istanbul remains intact. Although the anticipated consolidation in the...
Read More

*Credit rating agencies Fitch and Moody’s are scheduled to release Türkiye’s sovereign rating review today. It’s important to note that these calendars are only reference points and do not guarantee that the agencies will conduct a review or make a new rating decision. Any potential announcement would be expected after market close. At its latest July 25 review, Moody’s upgraded Türkiye’s sovereign credit rating to...
Read More

Good morning. Despite U.S. President Trump’s continued insistence on the transfer of Greenland to the United States, recent statements in which he (i) ruled out military options, (ii) emphasized a preference for peaceful means, and (iii) stepped back from the additional tariffs announced last week on certain European countries have provided a morale boost to global markets. U.S. equities advanced by more than 1%...
Read More

* We expect the CBT to deliver a 150bp rate cut, lowering the policy rate to 36.5%, at today’s rate-setting meeting. Yet, the current macro backdrop and the balance of risks suggest that a more cautious move also remains on the table. Accordingly, while a 150bp cut constitutes our base case, we do not rule out a 100bp reduction. We see little justification for a cut of 200bp or more at this stage. Our current...
Read More

Good morning. Heightened tensions in U.S.–Europe relations triggered declines of up to 2% in U.S. equity markets yesterday, while futures are seeking stabilization this morning. European futures and Asian equities, on the other hand, continue to trade with a generally negative bias. Global markets are focused on the speech to be delivered by U.S. President Trump at the Davos Summit today at 16:30 (TSI). It remains...
Read More

We are removing Astor Energy from our Model Portfolio, which was included in our coverage on December 26, 2025, with a 12-month target price of TL 158.00 per share. The decision follows the stock’s rapid appreciation and achievement of our target price within a short period. While we maintain our positive view on the company’s medium- to long-term growth outlook, we will reassess Astor Enerji after the announcement...
Read More

* Housing sales increased by 80.6% m/m and 19.8% y/y in December, reaching 254,777 units. As a result, total housing sales in 2025 amounted to 1,688,910 units, representing a 14.3% increase compared to the previous year. Mortgage-backed sales rose by 35.6% m/m and 25.2% y/y in December to 29,149 units. On an annual basis, mortgage-backed housing sales surged by 49.3% y/y in 2025, reaching 236,680 units....
Read More

Good morning. Global markets are focused on the strained U.S.–Europe relations driven by the Greenland issue. This agenda appears to have dominated the Davos Summit, which started yesterday, pushing other geopolitical topics and global economic challenges into the background. U.S. equity markets were closed yesterday; however, futures contracts are currently trading around 1% lower compared to Friday’s close....
Read More