All Newsletters

Good morning. Global risk appetite is subdued this morning. The main driver behind current market pricing is the news flow in the U.S. media suggesting that Israel may be preparing for a potential strike against Iran. Moody’s recent downgrade and the growing emphasis by Federal Reserve officials on increasing uncertainty regarding the economic outlook continue to weigh on U.S. indices. On the other hand, European...
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* The Residential Property Price Index (RPPI) rose by 1.4% m/m and 32.9% y/y in April, reaching a level of 176.4. Yet, in real terms, the index posted an annual decline of 3.6%. Although the annual real depreciation in housing prices has persisted since February 2024, the pace of this depreciation has been moderating since October. Notably, the 3.6% year-on-year decline recorded in April marks the smallest real...
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Good morning. While global risk appetite continues to exhibit a volatile trend, markets are showing signs of recovery as of this morning. Following the 90-day agreement between the United States and China, developments regarding tariffs have temporarily taken a back seat. International credit rating agency Moody’s downgraded the United States’ credit rating by one notch to “Aa1” for the first time in 108 years,...
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* The Treasury will hold direct sales of 1-year gold-denominated bonds and lease certificates today, finalizing its domestic borrowing program for May. According to three-month (May – July 2025) domestic borrowing program, the Treasury has a domestic redemption of TL160.7bn in May, while in return it plans to borrow TL187.5bn in total throughout the month via four auctions and two direct sales. Having already...
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* TURKSTAT will release April house sales figures @ 10:00 local time. House sales totaled 110,795 units in March, indicating a 1.8% decline m/m, while registering a 5.1% increase on an annual basis. It’s worth noting that the 5.1% annual rise in March represents the weakest year-on-year expansion in housing sales since June 2024. Moreover, mortgage-backed home sales rose by 8.6% m/m to 18,225 units, while posting a...
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Good morning. Global equity markets are starting the new day with a slightly negative tone. Peace negotiations between Russia and Ukraine are expected to commence in Istanbul at 10:00 AM today. However, the absence of high-level representation from the Russian side may hinder any substantial progress. From Turkey's perspective, the notable development this morning is the U.S. Department of Defense’s approval...
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Good morning. A cautious optimism continues to prevail in global equity markets. While the United States maintains a moderate tone regarding customs tariffs, the legislative process concerning the much-anticipated "tax cuts" since the presidential elections is reportedly making progress. According to statements from President Trump, the U.S. is working on what is set to be the largest tax cut package in...
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Good morning. Although progress in tariff negotiations between the United States and China, along with a 90-day extension, has supported global equity markets, U.S. President Trump’s remarks that the deal does not cover the automotive, steel, aluminum, and chemical sectors, and his warning that tariffs could be reinstated if China fails to meet its commitments, are capping global risk appetite. Following strong...
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