Research

Good morning. Global risk appetite remains stable. Despite partial sell-offs in the U.S. and Europe yesterday, futures are trading positive this morning, while Asian markets are mixed. The most notable development this morning is the approval of “Israel’s plan to occupy Gaza,” which could heighten geopolitical risk perception. Although no significant market impact has been observed yet, reactions from neighboring...
Read More

* During the week of July 25–August 1, foreigners recorded a limited net inflow of USD135.5mn into the equity market and USD8.8mn into the bond market (excluding repo transactions). Meanwhile, the foreigners’ share in total bond stock dropped from 6.4% to 6.3% within the mentioned week. Over the same period, residents’ FX deposits slumped by USD1.9bn (excluding gold accounts and adjusted for the EUR/USD parity...
Read More

Good morning. Global risk appetite is positive this morning, with U.S. and European futures, as well as Asian equity markets, generally trading higher. The key drivers include: expectations for earlier rate cuts from the Fed, Apple’s $100 billion investment plan, and progress in U.S. trade negotiations. Heightened commercial pressures on Russia and India, along with geopolitical risks, remain in the background for...
Read More

Teknosa delivered TL 17.7 bn in revenue for 2Q25 (q/q +1%, y/y flat) and TL 896 mn EBITDA (q/q +118%, y/y +93%), surpassing our expectations, yet reported a TL 542 mn net loss. The loss stemmed mainly from lower monetary gains, a decline in deferred tax income and several one-off expenses. Operationally, margins improved markedly on both annual and sequential bases. In the near term, a richer product mix should...
Read More

* The CBT will release weekly foreign portfolio flows, money & banking statistics, and international reserves for the period of July 25 – August 1 @ 14:30 local time. Based on our calculations derived from the CBT’s analytical balance sheet, we estimate that during the week of July 25 – August 1, the gross FX reserves slid by USD2.9bn to USD169.1bn, while net international reserves dropped by USD1.3bn to...
Read More

We view ASELSAN’s 2Q25 financial results as positive. Despite strong operational performance, recent share price movements suggest that much of the quarter’s expectations have already been priced in. Nevertheless, we continue to favor the company’s business model and maintain it under close watch. Following the results, we have made a slight upward revision to our forecasts and raised our 12-month target price from...
Read More

Good morning. Global markets are starting the new day on a positive note. Following the release of weak ISM services data in the U.S., Wall Street experienced a sell-off yesterday. However, ongoing expectations of Fed rate cuts and company-specific news flow are driving a rebound in buying sentiment this morning. U.S. and European equity futures, along with Asian stock markets, are trading in positive territory....
Read More

*The Real Effective Exchange Rate (REER) decreased further from the revised level of 70.02 to 69.36 in July. Accordingly, the Turkish lira registered a real depreciation of 0.9% in July. Having been on a weakening trend in real terms since February, the Turkish lira has posted a cumulative real depreciation of 8% over the past six...
Read More