Today in the Markets: Inflation Data and Central Bank Decisions

Markets Today: December 19, 2025

Global market pricing continues to be shaped around central bank decisions and inflation data. In particular, the inflation data for November announced from the U.S. has created a ground for a broader analysis of the economy.

U.S. Inflation Data and Its Effects

The headline CPI for November was announced at 2.7% year-on-year, and the core CPI was at 2.6%. The data indicates a cooling in inflation despite the data collection disruptions during the government's closure. This situation has led to a retreat in yields within the global bond markets and a recovery in risk appetite.

Japan's Interest Rate Decision

The Bank of Japan raised its policy rate by 25 basis points to 0.75% in its final meeting of the year. This decision has now reached the highest level in nearly 30 years. However, the market's focus is now concentrated on the pace of future rate hikes and the final level.

European Central Bank's Growth Predictions

The European Central Bank made limited upward revisions to its growth and inflation forecasts while keeping interest rates steady. The ECB emphasized that economic growth will stem from domestic demand but warned of uncertainties surrounding global trade.

Bank of England and Expectations

The Bank of England cut its policy rate by 25 basis points to 3.75%. BoE Governor Bailey expressed satisfaction with the progress in inflation and indicated that gradual rate cuts will continue.

Situation in Commodity Markets

In the commodities sector, short-term profit-taking was observed in precious metals following the inflation data. Gold prices remained near historical highs, while silver continued its strong performance. Oil prices showed a limited downward trend due to peace expectations regarding the Russia-Ukraine war.

Current Status of BIST 100

Domestically, the BIST 100 index finished the fourth trading day of the week with a limited bullish outlook. The index closed at 11,335 points, up 0.43%. Purchases coming from the 11,250 level during the day supported the index. Investors expect to start the new day with a volatile trend, alongside the positive atmosphere in global markets.

Macroeconomic Developments

To ensure fiscal stability, the leading indicators mentioned in the monetary policy committee summary published by the Central Bank indicate a moderate picture for December inflation. While the pace of increase in rental prices is slowing down, the deterioration of market expectations is being closely monitored.

Highlighted Stocks

• Turkish Gold Enterprises (TRALT)
• TR Anadolu Metal Mining (TRMET)

The information provided here does not constitute investment advice.