Daily Bulletin

Good morning. Following the Christmas holidays, the market sentiment abroad appears positive, while domestically, momentum has regained after the minimum wage increase, which is viewed as supportive in the fight against inflation. Due to limited foreign participation, yesterday saw one of the lowest trading volumes of the year; however, the BIST 100 index's close above the 9,910 interim resistance level is a...
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Good morning. The minimum wage increase was announced at a level in line with market expectations, non-inflationary, and unlikely to create obstacles for the interest rate cut cycle by the Monetary Policy Committee (MPC). With the resolution of a significant uncertainty that has been pressuring Borsa Istanbul for the past two weeks and strengthened expectations regarding the interest rate cut cycle, we expect a...
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Good morning. While the U.S. markets closed in positive territory yesterday, futures are flat this morning. In Europe, markets will remain closed today due to the Christmas holiday. In Asia, the sentiment is mixed but predominantly positive on average. The weak outlook in Borsa Istanbul persists. After approaching 10,300 on December 9 with expectations of Syria's reconstruction, the BIST 100 index has since...
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Good morning. Following the Core Personal Consumption Expenditures (PCE), which remained flat at 2.8% contrary to expectations of an increase, the stock markets (which have been weak over the past two weeks) found a much-needed reason to rally. Wall Street saw gains close to 1% on Friday, and this morning, U.S. and European futures, along with Asian markets, are generally trending upward. In summary, global risk...
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Good morning. Global stock markets remain under pressure from hawkish messages from the Fed and rising political risks. We observe that Borsa Istanbul is also affected by this atmosphere, with a continued pullback below the 10,000 level. As we have highlighted for some time, while valuation-based potential has increased, the short-term technical outlook remains weak. Additionally, discussions of wage increases...
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Good morning. As expected, the Fed reduced the policy rate range by “25 basis points,” lowering it from 4.50% – 4.75% to 4.25% – 4.50%. Additionally, the Fed delivered hawkish messages with a focus on inflation, again as anticipated, revising inflation expectations upward for the upcoming period and sharing a path that includes fewer rate cuts. Consequently, market pricing now reflects an expectation of only one...
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Good morning. Global risk appetite presents a mixed outlook. U.S. futures contracts are slightly negative this morning, but buying activity, especially in technology stocks, continued yesterday. Following Trump’s election as the 47th President, domestic political instability in influential international countries persists. After France, Germany, and South Korea, Canada—referred to by Trump as the 51st state and...
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Good morning. Global risk appetite presents a mixed outlook. U.S. futures contracts are slightly negative this morning, but buying activity, especially in technology stocks, continued yesterday. Following Trump’s election as the 47th President, domestic political instability in influential international countries persists. After France, Germany, and South Korea, Canada—referred to by Trump as the 51st state and...
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