Research

Good morning. Although global risk appetite started the week on a weak note, it recovered during yesterday’s session and remains positive this morning. U.S. and European futures, as well as Asian equity markets, are trading higher today. In Borsa Istanbul, the record-breaking momentum continues. The BIST 100 Index closed yesterday up 1.42% at a new all-time high in TRY terms (13,177). In USD terms, the index also...
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* The Treasury raised TL143.6bn through yesterday’s direct sales of a 1-year gold-denominated bond and a 1-year gold-denominated lease certificate. As a result, it has completed its January domestic borrowing program, raising TL479.6bn in total — slightly below the initial target of TL487.7bn. The Treasury’s next three-month domestic borrowing strategy (Feb – Apr 2026) will be announced on January 30 at 17:30 pm...
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* The Treasury will hold the direct sales of a 1y gold-denominated bond and a 1y gold-denominated lease certificate today and finalize its domestic borrowing program for January.  According to the Treasury’s Jan – Mar 2026 domestic borrowing strategy, total redemptions of TL613.3bn scheduled for January are set to be met through three direct sales and seven auctions, with planned domestic borrowing amounting to...
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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...
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*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...
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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%...
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* 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...
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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...
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