Research

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...
Read More

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...
Read More

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...
Read More

* 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...
Read More

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...
Read More

*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...
Read More

Good morning. Although markets in the US will remain open as of tomorrow, the year-end lethargy driven by the declaration of an administrative holiday has already started to manifest itself through lower trading volumes, narrower price ranges, and directionless price action. This environment may persist into January. Looking at this morning’s market tone, US and European futures are flat, while Asian markets are...
Read More

Good morning. Global risk appetite remains constrained, and the overall outlook points to a mildly negative opening. In the U.S., markets will be fully closed tomorrow due to the Christmas holiday. In addition, today and Friday have been declared federal holidays. Markets will remain open on these two days; however, trading activity is expected to be subdued. Domestically, the loss of momentum persists. While key...
Read More