Developments Awaiting Investors Before the Market Opens

Market Overview

Due to the Christmas holiday, most European and US markets are closed, leading to a significant decrease in global trading volume. This situation has limited price movements and directed investors towards the historically favorable "Santa Claus rally" expectations.

Developments in the US Economy

In the US, jobless claims have remained below expectations, indicating a decrease in layoffs. However, the slowdown in hiring suggests that the unemployment rate is likely to remain high in the short term. This situation does not conclusively demonstrate that the US economy is gaining momentum or experiencing a sharp slowdown.

Situation in Asian Markets

Japan's intention to reduce long-term bond issuances has partially alleviated concerns about bond supply, while the government appears to be taking a more cautious stance. This situation is viewed as a potential step to enhance stability in the markets.

Commodities and Precious Metals

Precious metals are facing profit-taking after strong rallies. In particular, gold prices have pulled back after surpassing the $4,500 per ounce level, while silver and platinum have also retreated from record levels. However, it is noted that precious metals have shown strong performance throughout the year due to safe-haven demand.

Developments in Borsa Istanbul

In Borsa Istanbul, limited buying increases were observed on the third trading day of December. The BIST 100 index rose by 0.44% to see the level of 11,340, with a trading volume of 142.9 billion TL. While the banking index declined due to profit sales, purchases in financial leasing and factoring stocks stood out.

Domestic Agenda

The regulation on inflation accounting approved by the Grand National Assembly of Turkey is considered a positive development, especially for industrial companies whose profitability has been pressured due to inflation accounting. Additionally, the extension of the credit restructuring period within the banking law also brings supportive elements, especially for companies.

Conclusion and Expectations

In the bond market, the central bank's interest rate cuts have led to a decline in benchmark rates. The attempt of the dollar/TL exchange rate to hold above 42.80 attracts investors' attention. In the short term, a volatile outlook continues; however, regulations regarding inflation accounting may create a positive atmosphere.