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Good morning. Global risk sentiment is starting the day on a softer footing ahead of the Fed’s interest rate decision, scheduled for 22:00 local time. U.S. and European futures, along with Asian equities, are trading in negative territory. Despite a 0.44% gain yesterday, Borsa Istanbul exhibited a relatively flat performance with fading momentum compared to the previous session. The top five contributors to the...
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* TURKSTAT will release October Industrial Production (IP) figures today @ 10:00 local time. Foreign trade figures serve as a key leading indicator for our IP forecasts. In October, the monthly increase in imports of intermediate goods (excluding gold and energy) moderated to 4.0%, while the annual rise stood at 4.1%. Another important leading indicator, the Istanbul Chamber of Industry (ICI) Turkey Manufacturing...
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Good morning. Global markets are starting the day on a cautious yet mildly positive footing. In this critical week shaped by the upcoming Fed and CBRT decisions, the recovery attempt in U.S. futures is providing some support to risk appetite, while European and Asian markets display a mixed tone. The baseline scenario continues to be a 25 bps rate cut at Wednesday evening’s Fed meeting; however, we expect the...
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* The Treasury will hold 2y and 5 y fixed coupon bond auctions today. The Treasury tapped the domestic markets to the tune of TL33.9bn via yesterday’s 6m zero-coupon bond auction. The bid – to – cover ratio was high at 2.75x, while average cost of borrowing stood at 39.72%. After today’s double auctions, the Treasury will hold a 5y CPI-indexed bond auction as well as the direct sale of 2y TLREFK-indexed lease...
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Good morning. We are entering a pivotal week marked by the Fed meeting on the global front and the MPC rate decision domestically. U.S. equity futures are starting the week with a bid, while European futures are softer; in Asia, despite weak growth data out of Japan, the picture remains mixed. On Borsa Istanbul, following a three-day loss of momentum, the market staged a rebound on Friday and closed the week just...
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* The Treasury will hold 6m zero-coupon bond auction today. According to the Treasury and Finance Ministry’s three-month domestic borrowing strategy for the December 2025 – February 2026 period, domestic redemptions amounting to TL109.4bn in December will be met with planned borrowing of TL124.2bn, implying a rollover ratio of 114%. Following today’s single auction, the Treasury will hold 2y and 5 y fixed coupon...
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Good morning. While global markets continue to price in Fed rate-cut expectations, overall optimism remains intact. US and European futures are trading higher this morning, and Asian equities are broadly positive as well, with the exception of Japan, where rate-hike expectations continue to weigh on sentiment. Borsa Istanbul closed yesterday with a 1.07% decline. The top five contributors to the index were TRALT,...
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Good morning. Global risk appetite is slightly positive this morning. While U.S. equities moved back toward record-high levels yesterday, futures are flat this morning. In Europe, after yesterday’s sideways session, futures are notably bid today. In Asia, the Nikkei is strong, while the others are balanced. At Borsa Istanbul, yesterday’s inflation print of 0.87%—below expectations of the 1.2–1.4% range—and...
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