Research

Good morning. Global equity markets remain in wait-and-see mode ahead of the Fed’s interest rate decision, which will be announced at 21:00 local time. In Borsa Istanbul, easing political risk pricing continues to drive the index toward the historic 11,500–11,600 resistance zone. However, as we mentioned yesterday, given the rapid two-day rally, we may observe a loss of momentum here. At the same time, we saw...
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* The Treasury tapped the domestic markets to the tune of TL26.8bn (including non-competitive sales) via yesterday’s 5y CPI-linker and 10y fixed coupon bond auctions. The new 10-year bond maturing September 5, 2035 will become the benchmark issue following yesterday’s auction, replacing the current 27.09.2034 maturity in the secondary market. The bid – to – cover ratio was high at 4.89x for CPI-linker, indicating...
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Good morning. Following the Ankara 42nd Civil Court of First Instance’s decision to postpone the case publicly known as the “CHP Congress Case” to October 24, without announcing an additional injunction, the “political risk” pricing has been temporarily suspended, and the BIST 100 Index rebounded to 11,000 with a 6% increase. We also observe that trading volume ranks among the highest in Borsa Istanbul’s history...
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*The Treasury will hold 5y CPI-linker and 10y fixed coupon bond auctions today and finalize its domestic borrowing program for the month. The new 10-year bond maturing September 5, 2035 will become the benchmark issue following today’s auction, replacing the current 27.09.2034 maturity in the secondary market. According to its three-month (Sept – Nov 2025) domestic borrowing program, the Treasury faces a domestic...
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Good morning. Global markets are starting the week on an upbeat note as investors await the Fed’s rate decision. U.S. and European futures, as well as Asian equity markets, are broadly higher this morning. Domestically, markets will be focused on the outcome of the case at Ankara’s 42nd Civil Court of First Instance regarding the CHP’s 38th Ordinary Congress held in November 2023 and the 21st Extraordinary Congress...
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* The third hearing of the lawsuit seeking the annulment of the main opposition CHP’s 38th Ordinary Congress, convened on 4–5 November 2023, will take place today @10:00 at the Ankara 42nd Civil Court of First Instance. Today’s hearing begins @10:00 local time. * The Treasury and Finance Ministry will release August central government budget figures @ 11:00 local time. The central government budget posted a...
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We attended the analyst meeting held for Astor Energy (ASTOR), where updated information on the company’s current operations was provided, along with an assessment of its future...
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Good morning. In the U.S., CPI came in line with expectations, but weakness in employment data persists, and expectations for Fed rate cuts continue to support global risk appetite. U.S. equities are hitting new highs, while European and Asian markets are also broadly bid. In Borsa Istanbul, despite the CBRT’s 250 basis point rate cut broadly in line with expectations, its emphasis on “rising risks to growth” and...
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