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Good morning. Global markets are displaying a cautious and sideways trend ahead of this evening’s Fed rate decision and tomorrow’s BoJ meeting. Meanwhile, last-minute developments on the trade front are capping optimism. U.S. Treasury Secretary Bessent, during talks held in Stockholm, stated that a preliminary agreement had been reached with China to delay tariffs, but emphasized that the final decision rests with...
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Tüpraş reported revenues of TL 183.2 bn, EBITDA of TL13.9 bn and net profit of TL 8.9 bn in 2Q25. Net profit exceeded the consensus estimate by 32 %, largely thanks to a reduction in one‑off expenses. While margins recovered sharply on a quarterly basis, revenue and EBITDA declined 29% and 20% year‑on‑year, respectively. The company’s net cash position rose to TL 49 bn and free cash flow remained strong. Management...
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* June Employment figures will be released @ 10:00 local time. The adjusted unemployment rate eased a tad from 8.6% to 8.4% in May. As per the broad-based unemployment calculations: The rate of composite measure of labor underutilization – including time related underemployment, potential labor force and unemployment – decreased slightly from 32.1% to 31% and remained elevated. Moreover, the combined rate of...
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Good morning. Global risk appetite is cautious as of this morning. The week began with former President Trump’s announcement of a potential 15% tariff on the European Union. Although this initially triggered short-lived volatility in the markets, the overall price action remained limited. U.S. equity futures are trading slightly higher this morning. In Europe, following increased selling pressure toward...
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* According to the results of the July Sectoral Inflation Expectations Survey, 12‑month ahead inflation expectations fell by 1.2pp to 23.4% for market participants and by 0.8pp to 39% for the real sector, while rising by 1.5pp to 54.5% for households. We estimate that the escalation of tensions and the outbreak of war between Israel and Iran have filtered through to July survey results, exerting upward pressure on...
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Good morning. Global markets are starting the week with optimism stemming from former President Trump's announcement of a tariff agreement between the U.S. and the EU, which sets duties at 15%. U.S. and European futures are trading slightly higher, supported by the fact that the deal averts higher tariffs that were scheduled to take effect on August 1, thereby reinforcing global risk appetite. In contrast,...
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* The CBT will release the July Sectoral Inflation Expectations survey @ 10:00 local time. According to the results of the June Sectoral Inflation Expectations Survey, 12-month ahead inflation expectations declined across all surveyed groups compared to the previous month: falling by 0.5pp to 24.6% for market participants, by 1.2pp to 39.8% for the real sector and by 6.9pp to 53% for households. It should be noted,...
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Good morning. Global markets continue to draw support from the agreement between the United States and Japan. The U.S. also appears to be moving toward a separate negotiation process with the European Union, which is contributing to positive sentiment in European equities. This morning, U.S. and European futures, as well as Asian stock markets, are generally trading higher. On Borsa Istanbul, the index has remained...
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