Research

Doğan Holding reported 2Q25 revenue of TL 21.8bn, EBITDA of TL 2.1bn, and net profit of TL 75mn. Net Asset Value (NAV) rose to USD 2.6bn and standalone net cash to USD 662mn. Quarterly indicators point to strong profitability in renewables, mining, and digital financial services, while weak demand and regulatory headwinds weighed on automotive and some industrial lines. The gross margin improved by 3pp y/y, whereas...
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Good morning. The U.S. CPI headline figure coming in below expectations, followed by increased expectations for a Fed rate cut, is driving gains in global equities. After gains exceeding 1% on Wall Street yesterday, U.S. and European futures are trading positive this morning, while Asian markets are also seeing broadly strong buying. These gains are further supported by progress in trade negotiations and...
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* TURKSTAT will release July house sales figures @ 10:00 local time. Housing sales rose to 107,723 units in June, marking a robust 35.8% increase on an annual basis, while contracting by 17.2% compared to the previous month. Mortgage-backed sales recorded a particularly sharp annual gain of 112.6% during the period, reaching 14,484 units, though monthly sales declined by 25.4%. Turning to mortgage interest rate...
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Good morning. In the U.S., the July inflation data, scheduled for release today at 3:30 p.m. local time (TSI), is expected to show an increase in annual CPI in both headline and core figures, which brought selling pressure to U.S. equities yesterday. However, as of this morning, U.S. and European futures, along with Asian markets, are generally trading in positive territory. The BIST 100 index, which yesterday...
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*The CBT will release June Balance of Payment figures today @ 10:00 local time, and we expect the current account balance to register a deficit of USD1.5bn. Based on foreign trade data, we expect the trade deficit to widen from USD4.8bn in June to USD6.9bn. Additionally, we anticipate that the net tourism revenue will rise toward USD4.8bn, pushing the services surplus above USD6bn. Consequently, we forecast the...
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Good morning. Global markets are starting the new week on a positive note. U.S. President Trump and Russian President Putin are expected to meet in Alaska on Friday. Expectations of a decline in geopolitical risks, increased pricing for a Fed rate cut, positive earnings results, and progress in trade negotiations continue to support global markets. Looking at Borsa Istanbul, the upward trend remains intact;...
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* TURKSTAT will release June Industrial Production (IP) figures today @ 10:00 local time. Recall that the sequential (the seasonally and calendar adjusted monthly figure) industrial production (IP) increased by 3.1% m/m in May, while the calendar adjusted IP rose by 4.9% y/y. The 3.1% m/m increase in May was largely driven by the low base of the previous month and the contribution from highly volatile sectors. The...
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Good morning. Global risk appetite remains stable. Despite partial sell-offs in the U.S. and Europe yesterday, futures are trading positive this morning, while Asian markets are mixed. The most notable development this morning is the approval of “Israel’s plan to occupy Gaza,” which could heighten geopolitical risk perception. Although no significant market impact has been observed yet, reactions from neighboring...
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