Research

* The sequential (the seasonally and calendar adjusted monthly figure) industrial production (IP)  rose by 0.4% in August, while calendar-adjusted IP increased by 7.1% y/y. Please recall that IP had contracted by 1.8% m/m, while expanded by 5% y/y back in July. The data continue to point to a widening divergence across sectors, with construction and defense-related industries standing out positively, while...
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Good morning. Although the Fed minutes indicated that rate cuts could continue, the U.S. government shutdown process is still ongoing, and no short-term resolution appears likely. Despite this, buying interest in AI-focused technology companies led to further gains on Wall Street yesterday. U.S. and European futures are trading flat this morning but appear to be in search of direction, while Asian markets are...
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* TURKSTAT will release August Industrial Production (IP) figures today @ 10:00 local time. The sequential (the seasonally and calendar adjusted monthly figure) industrial production (IP) decreased by 1.8% m/m in July, while the calendar adjusted IP increased by 5% y/y. Foreign trade data serve as a key leading indicator for our industrial production forecasts. In August, imports of intermediate goods excluding...
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Aksa Enerji shared up-to-date information on its current operations and its targets through 2028 in line with its 2030 strategy at an analyst meeting held on October 7, 2025 with the participation of senior management. The meeting covered the company’s global growth strategy, ongoing investments, and financial projections in detail. In the presentation, it was announced that EBITDA will triple by 2028, while...
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Good morning. Although concerns about elevated valuations, particularly in U.S. technology stocks, persist across global markets, we have yet to observe a notable wave of selling. Despite yesterday’s losses on Wall Street, U.S. futures are trading in positive territory this morning, European futures are flat, and Asian markets are generally higher. At Borsa Istanbul, following a nearly 500-point decline over tshe...
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* The CBT Governor Karahan spoke before the Parliamentary Planning and Budget Commission yesterday, noting that annual consumer inflation rose in September, driven primarily by food and services prices. Karahan highlighted that the underlying trend in median inflation — which has demonstrated relatively better forecasting performance — currently implies a rate around 26%. Although this stands below the current CPI...
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Good morning. Global risk appetite remains balanced. U.S. futures are slightly negative, while European futures trade mildly positive; the open Asian markets are generally on the buy side. Key themes attracting market attention include the timing of a full resumption of public services in the U.S., the potential scale of temporary layoffs, and whether these developments might influence expectations for Fed rate...
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* The Treasury will hold a direct sale of a 2-year lease certificate indexed to the TLREFK (Turkish Lira Overnight Participation Reference Rate) and a 5-year fixed-coupon bond auction today. The Treasury tapped the domestic markets to the tune of TL42.4bn via yesterday’s 8m zero coupon bond auction, with average cost of borrowing at 40.32%. According to the three-month (October–December 2025) domestic borrowing...
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