Research

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...
Read More

* 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...
Read More

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...
Read More

* 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...
Read More

Good morning. Global risk appetite remains broadly intact midweek; in the U.S., following the Senate’s 60-to-40 approval of the temporary budget bill aimed at reopening the government, attention now turns to the House vote expected today or tomorrow and the subsequent signing process. The upward momentum seen in U.S. and European indices toward record highs yesterday is being maintained in futures markets this...
Read More

DESA reported TL 817mn in revenue, TL 167mn in EBITDA and TL 114mn in net income in 3Q25. While gross profitability was broadly preserved both year-on-year and quarter-on-quarter, the slight annual contraction in operating margins was mainly driven by the decline in international sales and the increase in operating expenses; conversely, the easing of financial expenses versus last year supported the bottom line....
Read More

Good morning. Global markets started the new week on a positive note. While the rally in U.S. and European indices continued yesterday with attempts to reach new record highs, futures are also maintaining a positive tone this morning. In Asia, however, a mild selling pressure is being observed. Risk appetite is supported by the U.S. Senate’s approval of a temporary budget bill to reopen the federal government, with...
Read More

* The Treasury will hold 2y and 5y fixed-coupon bond auctions today. The Treasury tapped the domestic markets at an amount of TL34.1bn (including non-competitive sales) via yesterday’s 7m G-bond auction. The bid-to-cover ratio stood high at 2.94x, while the average cost of borrowing was 41.13%. According to the Treasury’s three-month domestic borrowing program covering the period of November 2025 – January 2026, it...
Read More