Weekly Bulletin - August 21, 2026
Nurgül Türkmen
nurgul.turkmen@isbank.com.tr| Market Indicators | 14-Aug | 20-Aug | Weekly Change |
|---|---|---|---|
| BIST-100 Index | 14,172 | 14,397 | 1.6% up |
| TRY 2 Year Benchmark Rate | 41.31% | 40.87% | 44 bp down |
| Türkiye 5-Year CDS Premium | 219 | 220 | 2 bp up |
| MSCI EM Equity Index | 1,701 | 1,700 | 0.1% down |
| US 10-Year Bond Rate | 4.70% | 4.70% | 0 bp up |
| EUR/USD | 1.1569 | 1.1678 | 0.9% up |
| USD/TRY | 47.8791 | 47.6708 | 0.4% down |
| EUR/TRY | 55.3994 | 56.0524 | 1.2% up |
| Gold (USD/ounce) | 4,376 | 4,518 | 3.2% up |
| Brent Oil (USD/barrel) | 88.5 | 93.8 | 5.9% up |
Rising geopolitical tensions following the expiration of the 60-day temporary agreement between the U.S. and Iran drove oil prices higher, pushing Brent crude above 93 USD/bbl. The U.S. Treasury's move to expand liquidity support in long-term bond buybacks capped the rise in bond yields, supporting gold prices. The FOMC minutes highlighted upside inflation risks stemming from energy prices as well as elevated valuations in the technology sector. Meanwhile, despite weak housing data weighed down by mortgage rates, the Philadelphia Fed Manufacturing Index recorded a strong rebound. In China, the PBoC kept benchmark interest rates unchanged despite slowing economic activity, while the Japanese economy grew below expectations in the second quarter. Domestically, the central government budget posted a deficit of 378.1 billion TRY in July, as housing prices continued to decline in real terms. Next week, global markets will focus on the Jackson Hole Economic Symposium and the U.S. July Core PCE inflation release.
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