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Good morning. Although markets in the US will remain open as of tomorrow, the year-end lethargy driven by the declaration of an administrative holiday has already started to manifest itself through lower trading volumes, narrower price ranges, and directionless price action. This environment may persist into January. Looking at this morning’s market tone, US and European futures are flat, while Asian markets are...
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* The minimum wage for 2026 has been announced at TL28,075, reflecting a 27% increase. Following the third meeting of the Minimum Wage Determination Commission held yesterday, the gross minimum wage was set at TL33,030, while the net minimum wage was announced at TL28,075. The total cost to employers amounts to TL39,553. Minister of Labor and Social Security Vedat Işıkhan also stated that the minimum wage support...
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* Based on our calculations using the CBT’s analytical balance sheet, we estimate that during the week of December 12 – 19, the CBT’s gross FX reserves increased by USD1.4bn to USD192.3bn, while net international reserves rose by USD0.8bn to USD80.3bn. The CBT is scheduled to release its official reserve data later this week, on Thursday, 25 December, at 14:30. We expect the official figures to confirm an increase...
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Good morning. Global equity markets are starting the new week on a constructive note. In the US, buying interest in technology stocks stood out on Friday, while US futures and Asian equities are trading in positive territory this morning; European futures, however, are slightly negative. Borsa Istanbul closed Friday broadly flat with a 0.1% gain, yet it is worth noting that the BIST 100 Index posted its...
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* The consumer confidence index edged down from 85 level to 83.5 level in December, which stands for the lowest level since July. As a result, the index, which averaged 83.9 in 3Q25, remained broadly unchanged in the final quarter of the year, posting an average of 84. It is important to underscore that the consumer confidence index — which ranges from 0 to 200 — signals pessimism when it falls below 100, and...
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In our analyst meeting with Gen İlaç management, we discussed recent developments in the company’s ongoing operations, regulatory actions taken to date, R&D projects expected to support medium to long term growth, and the company’s overall growth strategy. The key takeaway from the meeting was that Gen İlaç continues to preserve its strong cash generating business model in the short term, while steadily...
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*TURKSTAT will release December Consumer Confidence Index @ 10:00 local time. The consumer confidence index edged up from 83.6 to 85 level in November. 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 when it exceeds that threshold. A breakdown of the November consumer confidence index reveals the following: The...
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We attended Doğan Holding’s institutional investor meeting, which also included the senior management of its subsidiaries Hepiyi Insurance and Gümüştaş Mining. The key messages from the meeting were that momentum in the non-automotive portfolio remains intact despite volatility in the automotive segment, 2025 is being managed with a focus on margin protection and cost discipline, and the portfolio simplification...
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