Market Developments: No Likelihood of S&P Rating Change

Global Markets Continue to Face Uncertainties

Global markets are affected by the tensions between the US and China and political developments, influencing investors' risk appetite. While investors continue to evaluate the statements of Fed Chairman Powell regarding the potential end of balance sheet reduction, the volatility in Borsa Istanbul is attributed to domestic political uncertainties and the upcoming CBRT decision.

Highlights from the Past Week

• S&P Made No Changes: S&P did not make any changes to Turkey's credit rating and outlook.
• IMF Raises Growth Forecasts: The IMF raised Turkey's growth forecast for 2025 to 3.5% and for 2026 to 3.7%.
• CBRT Survey: The year-end CPI expectation has risen to 31.77%.
• Increase in Gold Prices: Gold prices surpassed $4,300, reaching a new peak, while quarter gold prices reached 10,000 TL.
• Decline in Crypto Markets: The US-China tensions put pressure on Bitcoin and other cryptocurrencies, leading to a 4.8% decline.

Exporter Companies and Opportunities

Although the BIST 100 index showed a decline in the third quarter due to domestic political uncertainties and expectations of interest rate cuts, companies showing operational growth present significant opportunities for investors. The dollar exchange rate remaining below inflation may negatively impact the profits of exporting companies, while the strengthening of the euro may yield positive results for some companies.

Impact of Macro Winds

The trade war between the US and China creates anxiety in the markets. The "Fear and Greed Index" for cryptocurrency investors has dropped to extreme fear levels. Experts note that potential interest rate cuts by the Fed and ETF approvals could have positive effects on investors.

Top Gainers and Losers of the Week

Bunge shares gained 19.85% following the Trump administration's threat to halt cooking oil purchases from China. On the other hand, F5 Networks lost 12.21% after announcing unauthorized access to its systems. Mavi Giyim recorded a weekly increase of 3.05% due to strong buybacks.

Analyst Recommendations

HSBC upgraded Nvidia's rating from "HOLD" to "BUY," while Goldman Sachs raised its rating for Thomson Reuters. These developments are considered positive signals that attract investors' attention.