What Results Will Santa Claus Rally Bring to the Markets?

What Results Will the Santa Claus Rally Bring to the Markets?

As we enter the last trading week of the year, low trading volume and a flat outlook dominate the markets. Among the key agenda items for this week are the BIST 100 index's preparation to close the year above the 11,000 level and the U.S. indices approaching their peak.

Key Developments from Last Week

• The U.S. economy grew by 4.3% in the third quarter, surpassing expectations of 3.3%.
• The Core Personal Consumption Expenditures data increased by 2.8%, falling short of the 2.9% expectation.
• The Central Bank of Turkey (TCMB) decided to postpone inflation accounting under the Tax Procedure Law for 3 years.
• Spot silver reached $79, testing its peak, while spot gold broke its record by surpassing $4,500.
• In the cryptocurrency market, Bitcoin declined by 1%, while the total cryptocurrency asset value decreased by 1%.

The period leading up to 2025 saw the AI rally and growth expectations largely priced in. However, it is forecasted that starting in 2026, investors will behave more selectively, focusing on long-term structural stories. In this new environment, not only companies that grow their revenue but also those that maintain profitability and can generate cash flow will stand out.

Business Landscape and Investment Trends

The evolution of market conditions will attract investors' attention to companies with high operational efficiency and solid financial quality. Companies that can blend growth with financial quality will eliminate the need for external funding and become self-financing. For 2026, the expected growth in earnings per share is projected to be above 25%, and the EBITDA margin is also above the industry average.

Featured Companies and Developments

• Nvidia (**NVDA**) signed an agreement with Groq to enhance access to high-performance extraction technologies.
• The U.S. Food and Drug Administration approved Novo Nordisk’s (**NVO**) weight loss pill.
• A private equity consortium will acquire Clearwater Analytics (**CWAN**) for approximately $8.4 billion.
• Bim (**BIMAS**) decided to establish a traditional participation bank.
• Koç Holding (**KCHOL**) purchased a 7.1% stake in Arçelik (**ARCLK**) for 5.19 billion TL.

Fear and Greed Index

The Fear and Greed Index, which evaluates the emotional state of investors, provides important insights about the fluctuations experienced. In the past week, Novo Nordisk shares gained 9.69% following FDA approval, while Oklo shares lost 8.05% due to concerns.