Research

*The Treasury tapped the domestic markets at an amount of TL34.3bn (including non-competitive sales) via yesterday’s 3y CPI-linked and 6y FRN bond auctions. Together with yesterday’s double auctions, the Treasury total domestic borrowing so far this month has reached TL248.3bn. After yesterday’s auctions, the Treasury will hold the direct sales of 1y gold-denominated bond & 1y gold-denominated lease certificate...
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Good morning, The second Trump term has officially begun in the U.S. The messages delivered during Trump’s inauguration ceremony were not significantly different from his previous rhetoric; however, his insistence on raising customs tariffs persists. That said, comments suggesting that these increases could be gradual are easing market stress. This morning, U.S. and European futures are in positive territory, while...
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*The Treasury will hold 3y CPI-indexed and 6y FRN auctions bond auctions today. The Treasury borrowed a total of TL78bn from domestic markets yesterday, including non-competitive sales, via its 6m G-bond auction. The average cost of borrowing was 43.97%, with the bid-to-cover ratio standing high at 2.8x. With yesterday’s 6m G-bond auction, the total domestic borrowing of the Treasury in January has reached TL214bn....
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Good morning. Global markets are starting the new week on a positive note. U.S. markets will remain closed today, while European futures are in positive territory, and Asian markets are generally trading higher. On Friday, Borsa Istanbul saw movement toward the psychological resistance level of 10,000. We anticipate that the positive momentum will continue today and throughout the week, with a potential push toward...
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*The Treasury will hold 6m G-bond auction today. The Treasury tapped the domestic markets to the tune of TL136bn so far this month. After today’s single auctions, the Treasury will hold 3y CPI-indexed and 6y FRN auctions tomorrow and the direct sales of 1y gold-denominated bond & 1y gold-denominated lease certificate on January 24th and finalize its domestic borrowing program for January. According to...
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Good morning. Global markets are starting the day on a positive note. Fed official Waller's dovish messages brought noticeable buying activity to Borsa Istanbul near yesterday's close; however, the same optimism wasn't observed on the U.S. side. Still, U.S. futures are in positive territory this morning, and European markets remain on the positive side after strong closings. In Asia,...
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* The CBRT will release the results of the January Market Participants’ Expectations Survey today @ 10:00 local time. According to the December survey results, the 12-month ahead (2025YE) annual CPI expectation was revised down merely to 27.1%, from 27.2%, while the 24-month ahead annual CPI expectation rose slightly to 18.5%, up from 18.2%. Today’s survey results will be closely monitored for any significant...
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Good morning. Following the inflation data and wage growth slowing down in the U.S., along with generally positive bank earnings, strong gains were observed. We see that European and Asian markets have also followed this trend. However, at Borsa Istanbul, the weakening expectations for a rapid rate-cutting cycle by the Monetary Policy Committee (PPK) have prevented BIST companies from keeping up with global...
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