Research

Good morning. Global risk appetite remains under pressure as expectations for Fed rate cuts have been pushed out to March 2026 and selling has intensified in major technology stocks. Following yesterday’s declines of up to 1% in U.S. and European equity markets, futures and Asian indices are also broadly weaker this morning. In Borsa Istanbul, however, modest inflows and rising trading volumes supported a 1.3%...
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* The Treasury will hold a direct sale of a two-year TLREFK-indexed lease certificate today. After today’s sales, the Treasury will hold the direct sales of a 2y USD-denominated bond and a 2y USD-denominated lease certificate on November 20, finalizing its domestic borrowing program for November. According to the Treasury’s three-month domestic borrowing program covering the period of November 2025 – January 2026,...
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Good morning. Global risk sentiment is starting the new week on a mixed footing. U.S. futures are trading in positive territory this morning, European futures are weaker, and Asian markets exhibit a generally soft tone with selective buying interest. Although the Borsa Istanbul dipped below the 100-day exponential moving average on Friday, the late-session rebound was notable. By the close, the BIST 100 Index had...
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* The Treasury and Finance Ministry will release October central government budget figures @ 11:00 local time. The Treasury’s cash balance posted a deficit of TL195.9bn in October, while the primary balance registered a deficit of TL36bn. Over the first ten months of the year, the cumulative cash deficit reached TL1.8tn, with the primary deficit amounting to TL137.2bn. The October cash balance figures serve as a...
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Good morning. Despite the U.S. government reopening, cautious remarks from several Fed officials suggesting that a rate cut may not materialize in December and the selling pressure on technology stocks triggered pullbacks of up to 2% in U.S. equities yesterday. European markets mirrored the weakness yesterday, while Asian markets followed the U.S. sell-off this morning. Futures are trading flat at the open. In...
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* The CBT will release the results of the November Market Participants’ Expectations Survey today @ 10:00 local time. According to the results of the CBT’s Market Participants Survey for October 2025, participants’ inflation expectations for the coming periods deteriorated markedly following the higher-than-expected September inflation print. Accordingly, the 2025 year-end CPI expectation rose to 31.77% in October...
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Good morning. The reopening of the U.S. government after 42 days of closure is driving gains across global equity markets. The resumption of macroeconomic data releases is expected to strengthen expectations for a potential rate cut from the Federal Reserve. As a result, optimism appears to be persisting. Looking at this morning’s session, U.S. and European futures, along with Asian markets, are generally trading...
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* TURKSTAT will release October house sales figures @ 10:00 local time. Housing sales rose to 150,657 units in September, marking an annual increase of 6.9% and a 5.1% rise m/m. Moreover, mortgage-backed sales increased by 7.9% m/m and 34.4% y/y, reaching 21,266 units during the same month. Housing loan rates, which had hovered above 43% since June, declined to below 39%, with the average mortgage rate standing at...
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