Markets Today: Inflation Data and Central Bank Decisions

Markets Today: December 19, 2025

Global market pricing continues to shape around the decisions of central banks and inflation data. In particular, the inflation data for November reported in the U.S. has laid the groundwork 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, while the core CPI was reported at 2.6%. Despite data collection disruptions during the government shutdown, the data indicates a cooling in inflation. This situation has led to a pullback in yields in global bond markets and a recovery in risk appetite.

Japan's Interest Rate Decision

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

European Central Bank's Growth Forecasts

The European Central Bank left interest rates unchanged while making limited upward revisions to its growth and inflation forecasts. The ECB emphasized that economic growth would stem from domestic demand while warning about uncertainties in global trade.

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 the progress in inflation and indicated that gradual interest rate cuts would continue in the process.

Commodity Market Status

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

Current Status of BIST 100

Domestically, the BIST 100 index completed the fourth trading day of the week with a limited buyer's outlook. The index closed at 11,335 points, up 0.43%. Purchases from the 11,250 level during the day supported the index. Investors expect to start the new day with a volatile trajectory, along with the positive atmosphere in global markets.

Macroeconomic Developments

In order to ensure financial stability, the leading indicators mentioned in the Central Bank's Monetary Policy Committee summary suggest a moderate outlook for December inflation. Although the pace of increase in rent prices has slowed, the deterioration in market expectations is being monitored closely.

Highlighted Stocks

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

The information provided here does not constitute investment advice.