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Good morning. Optimism regarding a “preliminary agreement” in the U.S.–China negotiations continues to support global markets. It is expected that the leaders’ meeting will take place on Thursday during the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea. Similar to Friday morning, both U.S. and European futures as well as all major Asian equity indices are trading higher. At Borsa Istanbul, despite...
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*The CBT will release the October Real Sector Confidence Index and Capacity Utilization Rate @ 10:00 local time today. The unadjusted Real Sector Confidence Index (RSCI) decreased from 100.6 level to in September, while the seasonally adjusted index increased from 100.6 to 100.8. Accordingly, the unadjusted RSCI, which averaged 101.6 in the second quarter of the year, retreated to 100.3 in the third quarter. It is...
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TAV Airports delivered a strong operational performance in the third quarter of the year. Revenue growth was driven by increased passenger traffic and the high season, while effective cost management supported a significant recovery in profitability. With third-quarter net income exceeding our expectations and margins showing improvement, we view the 3Q25 results as positive. Following the strong summer season, we...
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Good morning. The announcement that the U.S.–China meeting will take place on October 30, along with some better-than-expected corporate earnings, is driving global equities higher. This morning, U.S. and European futures, as well as all major Asian indices, are trading in positive territory. In Borsa Istanbul, we observed a move above the 10,600 level yesterday. The Monetary Policy Committee (MPC) delivered a 100...
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* The Monetary Policy Committee (MPC) lowered the policy rate by 100bps, from 40.5% to 39.5%. Our baseline scenario had assumed a 150bps cut, though we had not ruled out a smaller adjustment. A closer look at the details reveals that the October MPC statement adopted a visibly more cautious tone compared to September, suggesting rising upside risks to our year-end policy rate forecast of 37.5%. Against this...
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Good morning. Global risk appetite is weak this morning. Reports that the U.S. is planning new restrictions on software exports to China, the potential cancellation of a summit with Russia, and negative news flow centered around Tesla and IBM are weighing on equity markets. However, we note that the current selling pressure should be viewed as a volatility phase near the top, rather than a structural trend...
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*TURKSTAT will release October Consumer Confidence Index @ 10:00 local time. The consumer confidence index slid merely from 84.3 to 83.9 level in September. Examining quarterly averages, the index averaged 89.3 in 3Q25 following an average level of 84.6 in 2Q25. It is important to underscore that the consumer confidence index — which ranges from 0 to 200 — signals pessimism when it falls below 100, and optimism...
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Good morning. Despite mixed signals regarding the U.S.–China negotiations, global risk appetite remains positive. It is worth noting that yesterday’s sharp declines in precious metals were largely driven by expectations surrounding these talks; however, there is still no deterioration in the main trend for gold. In the short term, the $4,000/oz level serves as key support, while in the medium to long term, $3,600...
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