Research

Good morning. A cautious optimism continues to prevail in global equity markets. While the United States maintains a moderate tone regarding customs tariffs, the legislative process concerning the much-anticipated "tax cuts" since the presidential elections is reportedly making progress. According to statements from President Trump, the U.S. is working on what is set to be the largest tax cut package in...
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Good morning. Although progress in tariff negotiations between the United States and China, along with a 90-day extension, has supported global equity markets, U.S. President Trump’s remarks that the deal does not cover the automotive, steel, aluminum, and chemical sectors, and his warning that tariffs could be reinstated if China fails to meet its commitments, are capping global risk appetite. Following strong...
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Good morning, Progress in U.S.–China trade negotiations and the ceasefire agreement between Pakistan and India are providing support to global equity markets this morning. In particular, expectations are rising that a potential U.S.–China deal could bring the prolonged trade war tensions—an issue that has weighed on global markets since the beginning of the year—closer to a resolution. However, it is important to...
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We are initiating coverage of Doğan Holding with a 12-month target price of TL22.60, implying 55% upside potential, and assign a “BUY” recommendation. Key catalysts include: i) A strong solo net cash position of USD 646 million and low leverage, ii) High growth potential in the attractive sectors where the company operates, iii) Potential asset sales, new acquisitions, and...
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Good morning. Despite the ongoing tensions between Pakistan and India, global risk appetite is positive this morning. Speculation that the United States may reach a trade agreement with the United Kingdom is fueling buying interest in U.S. and European futures, while purchases continue across Asian markets as well. In contrast, Borsa Istanbul remains under pressure due to the persistence of a high interest rate...
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* TURKSTAT will release March Industrial Production (IP) figures today @ 10:00 local time. The sequential IP (the seasonally and calendar adjusted monthly figure) contracted by 1.6% m/m in January 2025, while the calendar adjusted IP decreased by 1.9% y/y. The Istanbul Chamber of Industry (ICI) manufacturing PMI, which averaged 47.73 in 4Q24, showed little change in 1Q25, averaging 47.87. Accordingly, we expect IP...
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Good morning. Despite the ongoing tensions between Pakistan and India, global risk appetite is positive this morning. Speculation that the United States may reach a trade agreement with the United Kingdom is fueling buying interest in U.S. and European futures, while purchases continue across Asian markets as well. In contrast, Borsa Istanbul remains under pressure due to the persistence of a high interest rate...
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* The CBT will release weekly foreign portfolio flows, money & banking statistics, and international reserves for the period of April 25 – May 2 @ 14:30 local time. Based on our calculations upon the CBT’s analytical balance sheet, we estimate that during the week of April 25 – May 2, the net international reserves dropped further by USD2.1bn to USD33bn and the gross FX reserves slumped by USD2.5bn to...
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