Today in the Markets: Inflation Data and Central Bank Decisions

Markets Today: December 19, 2025

Global market pricing continues to be shaped around the decisions of central banks and inflation data. In particular, the inflation data for November released in the US has paved the way for a broader analysis of the economy.

US Inflation Data and Effects

The headline CPI for November was announced at 2.7% year-over-year, while the core CPI was reported at 2.6%. Despite data collection disruptions during the government shutdown, the figures indicate a cooling in inflation. This situation has led to a pullback in yields in the global bond markets and a recovery in risk appetite.

Japan's Interest Rate Decision

The Bank of Japan, in its final meeting of the year, raised the policy interest rate by 25 basis points to 0.75%. This decision marks the highest level reached in almost 30 years. However, the market is now focused on the pace of future rate hikes and the final level.

European Central Bank's Growth Forecasts

The European Central Bank kept interest rates steady while making limited upward revisions to its growth and inflation forecasts. The ECB emphasized that economic growth would stem from domestic demand while issuing warnings about global trade uncertainties.

Bank of England and Expectations

The Bank of England lowered its policy interest rate by 25 basis points to 3.75%. BoE Governor Bailey expressed satisfaction with progress in inflation and stated that gradual rate cuts would continue.

Commodity Market Situation

In the commodity market, 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 exhibited a limited downtrend due to peace expectations related to the Russia-Ukraine war.

Current Status of BIST 100

Domestically, the BIST 100 index closed the fourth trading day of the week with a limited bullish appearance. The index closed at 11,335 points, up 0.43%. Purchases from the 11,250 level during the day supported the index. Investors anticipate starting 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 Central Bank's Monetary Policy Committee summary suggest a moderate outlook for December inflation. The pace of increase in rental prices is slowing, while 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.