Research

Good morning. We are currently navigating a market environment in which domestic political developments have moved to the forefront. The “absolute nullity” ruling concerning the Republican People's Party created significant pressure on TRY-denominated assets yesterday, and we do not believe this pressure will reverse in the short term. The decisions expected from the Financial Stability Committee meeting...
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* The CBT will release the May Sectoral Inflation Expectations (SIE) Survey @ 10:00 local time. The results of the lastest April Sectoral Inflation Expectations (SIE) survey pointed to a continued rise in inflation expectations across economic units in April. Accordingly, 12-month-ahead annual inflation expectations increased by 1.22 points to 23.39% for market participants, by 0.80 points to 33.7% for the real...
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Good morning. Ongoing diplomatic developments between the U.S. and Iran, along with the continued — albeit limited — flow of vessels through the Strait of Hormuz, are weighing on oil prices while supporting equity markets. We should also note that Nvidia’s financial results continue to provide additional support to sentiment. U.S. and European futures are slightly positive this morning, while Asian markets present...
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* The Residential Property Price Index (RPPI) increased by 1.8% m/m and 26.6% y/y in April, reaching 223.4, while declining by 4.3% y/y in real terms. Recall that the real annual change in the RPPI had turned positive at 0.2% in November for the first time since January 2024, before reverting back into negative territory as of December. In this respect, the April reading suggests that residential property prices...
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Following Astor Enerji’s 1Q26 results, we view the strong order inflow, details regarding capacity expansion investments, acceleration in exports, and particularly the company’s expectations for the US market shared during the analyst meeting positively. In line with the updated guidance shared by management during the analyst meeting, the contribution from new factory investments, the strong backlog outlook, and...
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Good morning. As tensions between the U.S. and Iran continue, oil prices are maintaining their elevated levels. Global risk appetite remains weak, while downward revisions in global growth expectations continue within the macro framework. Unfortunately, this environment remains far from supportive for equity markets, and Borsa Istanbul is also undergoing a pricing period shaped by these pressures. On the domestic...
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* The CBT will release the Residential Property Price Index (RPPI) for April @ 10:00 local time. The Residential Property Price Index (RPPI) rose by 2% m/m and 26.4% y/y in March, reaching 219.7, while declining by 3.4% y/y in real terms. Recall that the real annual change in the RPPI had turned positive at 0.2% in November for the first time since January 2024, before reverting back into negative territory as of...
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Good morning. Renewed threats and warnings from the United States toward Iran are pushing oil prices higher while weighing on global equity markets. On Friday, U.S. and European indices recorded losses ranging between 1% and 2%, while futures contracts are starting the new week with additional declines close to 1%. The overall sentiment across Asian markets also remains negative. Borsa Istanbul is similarly coming...
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