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Good morning. Oil prices are moving below the $100 level, while U.S. Treasury yields have also eased back below 5%. Against this backdrop, U.S. and European equities saw strong buying yesterday, while gains are continuing this morning in Asian markets and equity index futures. Despite the Fed moving to its first rate hike in three years and expectations for further rate hikes in the coming months, expectations that...
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Mavi’s 2Q26 results were positive from an operational perspective, supported by the improvement in gross margin and strong cash generation. Management revised its revenue guidance down due to a higher inflation assumption, while keeping its other targets unchanged. For 2026, we forecast TL62.4bn in revenue, TL11.5bn in EBITDA and TL3.1bn in net income. As the impact of our estimate revisions on our valuation is...
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* Foreign investors returned to the equity market with net purchases of USD277.7mn in the September 4–11 week, while adding a further USD151.2mn to their bond holdings, excluding repo transactions. Moreover, foreigners’ share in the total bond stock remained unchanged at 7.2% over the same period. On a trailing 12-month basis, cumulative foreign inflows amounted to USD2.8bn in equities and USD5.2bn in bonds...
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*TURKSTAT will release August housing sales figures @ 10:00 local time. Total house sales declined by 17% y/y to 123,603 units in July. First-hand house sales fell by 8.6% y/y to 42,529 units, while second-hand house sales decreased by 20.8% y/y to 81,074 units. Mortgage-backed sales, by contrast, rose by 23.7% y/y to 23,888 units, although their share in total house sales edged down to 19.3% in July from 20.0% in...
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Good morning. Following the continued sell-off in global markets yesterday, we are seeing a rebound in risk appetite this morning, supported by stronger-than-expected inventory data in the US, a decline in oil prices, and US 10-year Treasury yields falling below 5%. US and European futures, as well as Asian equities, are broadly trading higher. The Fed’s interest rate decision, expectations, the statement, and...
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* The CBT will release the Residential Property Price Index (RPPI) for August @ 10:00 local time. The Residential Property Price Index (RPPI) increased by 1.5% m/m and 25% y/y to 234.8 in July, while declining by 5.1% y/y in real terms. Besides, the New Tenant Rent Index (NTRI) rose by 1.9% m/m and 28.4% y/y to 328.5, while recording a 2.6% annual decline in real terms. The July data indicate that nominal...
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Good morning. While oil prices remain elevated, U.S. 10-year Treasury yields are also trading above 5% for the first time since 2023. However, during that period, yields remained above 5% for only one day (October 23, 2023), after which the 10-year yield declined from around 5% to 3.8% over two months, despite the Fed policy rate remaining at around 5.5% for an extended period. During the same period, the S&P...
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* The Treasury will hold auctions of 5y and 8y fixed-coupon bonds as well as a direct sale of a 2y lease certificate today and finalize its domestic borrowing program for September. The Treasury tapped the domestic markets to the tune of TL144bn, including TL60.7bn through non-competitive sales, in yesterday’s auctions of a 2y fixed-coupon bond (new benchmark bond) and a 4y TLREF-indexed bond. Demand at the 2y...
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