Weekly Bulletin - January 23, 2026

This week, with a busy data agenda, the Davos summit and geopolitical developments dominated global markets, the CBRT's interest rate decision was the main focus. In Türkiye, throughout the week, US President Trump's statements on Greenland and related trade policies, potential retaliatory measures discussed in the EU, geopolitical risks stemming from Iran, and diplomatic steps toward ending the Russia-Ukraine war were closely monitored. Within this context, while there were fluctuations in global risk appetite, demand for safe-haven assets remained strong. The IMF, which revised its growth forecasts for the global and Turkish economies upward, drew attention to the downside risks that could arise from trade tensions and AI-driven market corrections. Data released in the US showed no significant change in expectations regarding the Fed's interest rate path. In China, despite strong growth performance, retail sales data pointed to continued weakness in domestic demand. In Türkiye, the CBRT cut its policy rate to 37%, below general market expectations, while CBRT reserves exceeded 200 billion USD for the first time in the week of January 16. Fitch and Moody's are expected to publish their assessments of Türkiye’s credit rating after markets close today. Next week, while employment data and sectoral confidence indices will be announced in Türkiye, Fed's interest rate decision will be the focus of the markets.