What will happen on January 23 before the market opens?

Things You Need to Know Before the Market Opens

Recent price behaviors in global markets are finding direction under the influence of geopolitical developments. Particularly following the statements in Davos, the risk perception has softened somewhat. President Trump’s retreat from tariff threats aimed at Europe via Greenland and his move towards reconciliation appear to have provided a temporary calm in US-EU relations.

These developments have led to profit-taking in safe-haven assets such as gold and silver, while a limited recovery has been observed in US futures indices and the dollar. Signs are emerging that global financial markets are adapting to Trump's unconventional communication style. Markets are now focusing more on outcomes.

US Economy and Data

Macroeconomic data indicates that the US economy is following a healthy trajectory. The confirmed growth data for the third quarter of 2025 was set at 4.4%, and core PCE inflation is progressing in line with expectations. Additionally, low levels of unemployment claims show that there is no disruption in the labor market.

However, uncertainties centered around Trump are limiting dollar demand. The fluctuations of the Dollar Index in the 98-99 range support this situation. The PMI data and Michigan consumer confidence survey to be released today will provide investors with up-to-date signals regarding growth momentum.

Situation in Asian and European Markets

In Asia, the Bank of Japan has maintained its policy rate at 0.75%. The decline of core inflation to 2.4% indicates that price pressures are easing. The overall outlook in global stock markets is showing limited positivity. Minor buying movements have been observed in US futures indices and Asian stock exchanges.

Meanwhile, in Europe, increasing defense and infrastructure spending continues to exert pressure on public debt and bond yields. We are going through a period where global geopolitical risks have not been eliminated, but short-term data-driven pricing has increased.

Turkish Economy and Market Reactions

Domestically, the Central Bank of the Republic of Turkey (CBRT) lowered the policy rate by 100 basis points to 37% during the Monetary Policy Committee meeting. This decision was interpreted as a cautious message of easing in monetary policy. Following the rate cut, the BIST 100 index closed the day with a 0.97% increase. Sustaining above the 12,700 level is critically important for short-term upward momentum.

Additionally, the evaluations to be made by credit rating agencies regarding Turkey are eagerly awaited by investors. The ratings and outlook decisions from Fitch and Moody’s will closely impact the country’s risk perception and capital flows.