Research

Good morning. While global markets continue to price in Fed rate-cut expectations, overall optimism remains intact. US and European futures are trading higher this morning, and Asian equities are broadly positive as well, with the exception of Japan, where rate-hike expectations continue to weigh on sentiment. Borsa Istanbul closed yesterday with a 1.07% decline. The top five contributors to the index were TRALT,...
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Good morning. Global risk appetite is slightly positive this morning. While U.S. equities moved back toward record-high levels yesterday, futures are flat this morning. In Europe, after yesterday’s sideways session, futures are notably bid today. In Asia, the Nikkei is strong, while the others are balanced. At Borsa Istanbul, yesterday’s inflation print of 0.87%—below expectations of the 1.2–1.4% range—and...
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Good morning. In U.S. and European markets, we are seeing consolidation near peak levels and some rebound buying ahead of the Fed. In Europe, positive comments on 2026 growth expectations are also supporting risk appetite. In Borsa Istanbul, ahead of the November inflation data to be released today, there is a movement above 11,000 followed by continued consolidation at this level. At 10:00 AM, along with the...
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Good morning. Despite expectations for a Fed rate cut on December 10 remaining intact, profit-taking from peak levels continues in U.S. and European markets. In Asia, the picture is more mixed, though the overall tone remains weak. In Borsa Istanbul, however, the index broke above the 11,000–11,050 resistance zone with yesterday’s 2% advance. The index closed the session at 11,116, supported primarily by the...
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Tüpraş announced its November product margins. Accordingly, within middle distillate products, diesel margins improved by 38% month-on-month, while jet fuel margins increased by 26%. Among light distillates, the gasoline margin rose by 29% compared to the previous month, while the fuel oil margin was recorded at minus USD 9.3 per barrel. For Tüpraş, which is included in our model portfolio, we have a target price...
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Good morning. Global risk appetite is starting the week on a soft footing. There is no single dominant driver behind the move; weaker data out of Asia or protracted Russia-Ukraine peace negotiations can be cited as headline factors. After pricing in rate-cut expectations from the Fed throughout last week, equities are entering the new week with profit-taking. U.S. and European futures are trading in negative...
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Good morning. Despite U.S. markets being closed due to Thanksgiving, expectations of a rate cut from the Fed on December 10 continue to underpin global risk appetite. Borsa Istanbul is attempting to align with this constructive tone, though upward momentum remains constrained. The BIST 100 Index advanced 0.28% yesterday, with ISCTR, ENKAI, TAVHL, TUPRS and YKBNK delivering the strongest positive contributions,...
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* October Employment figures will be released @ 10:00 local time. The adjusted unemployment remained unchanged at 8.6% in September, while the rate of composite measure of labor underutilization – consisting of time-related underemployment, potential labor force and unemployment– decreased from 29.8% to 28.6%. Moreover, within the components, the combined rate of time-related underemployment and unemployment edged...
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