Research

According to BDDK data for November 2025, the improvement in net interest margins in the banking sector, which began in August following the interest rate cuts initiated by the Monetary Policy Committee (MPC) in July, continued for the fourth consecutive month. For the past seven months, credit growth has remained below deposit growth on an annual basis. Although it continued at a very limited pace in the eighth...
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* The CBT has published its 2026 Monetary Policy framework, reaffirming price stability as the primary objective. Within the 5% inflation target (±2pp uncertainty band), the Bank underscores that monetary policy in 2026 will continue to be conducted within a framework in which the policy rate remains the main instrument, supported by interim targets and a published forecast path, and reinforced by macroprudential...
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As we enter 2026, we are removing Teknosa from our Model Portfolio following a review and redesign, and adding Sabancı Holding, Astor and MLP Care instead. The following companies remain in our Model Portfolio: Turkish Airlines, Coca-Cola Beverages, Ford Otomotiv, Mavi Giyim, Migros, TAV Airports, Turkcell, Tüpraş, Garanti and Isbank. Please note that we track all companies in our Model Portfolio equally...
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As we enter 2026, we are optimistic that central banks will continue to cut interest rates and that growth forecasts will be revised upwards. Although global investment themes are based on the depreciation of the dollar, concerns about the US's tendency to raise tariff barriers have eased. In Europe, meanwhile, support for regional economies through increased defence spending is growing. In Asia, however, we...
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Good morning. Holiday effects continue to dominate global markets. U.S. equity markets were closed yesterday; today is a federal holiday, although stock exchanges will remain open. Futures are trading flat. In Europe, all major markets—including Germany, France, the UK, Italy, and Spain—will be closed today. In Asia, buying interest is notable in markets that remain open. In Borsa Istanbul, despite a full trading...
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* The CBT will release the December Sectoral Inflation Expectations survey @ 10:00 local time. According to the results of November Sectoral Inflation Expectations survey, 12-month ahead inflation expectations rose by 0.23pp to 23.49% among market participants, while declining by 0.60 points to 35.70% for the real sector and by 2.15 points to 52.24% among households. As of this month, market participants’ 2025...
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Good morning. U.S. equity markets closed yesterday at record highs ahead of today’s Christmas holiday. Global risk appetite is flat this morning, with holiday effects becoming more pronounced. Nevertheless, expectations for the coming year continue to point to a positive trend across both U.S. and European equity markets. In Borsa Istanbul, the BIST 100 Index rose by 0.44% yesterday, moving back above the 11,300...
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*The CBT will release the December Real Sector Confidence Index and Capacity Utilization Rate @ 10:00 local time today. The unadjusted Real Sector Confidence Index (RSCI) remained unchanged at 100.8 in November, while the seasonally adjusted index increased from 102 to 103.2, which stands for the highest level since March. Meanwhile, the Capacity Utilization Rate (CUR) rose from 74.2% to 74.4%, and the seasonally...
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