Weekly Bulletin - September 25, 2026
Alp Ege Küpelioğlu
alp.kupelioglu@isbank.com.tr| Market Indicators | 18-Sep | 24-Sep | Weekly Change |
|---|---|---|---|
| BIST-100 Index | 13,284 | 12,888 | 3.0% down |
| TRY 2 Year Benchmark Rate | 40.75% | 39.98% | 77 bp down |
| Türkiye 5-Year CDS Premium | 233 | 247 | 14 bp up |
| MSCI EM Equity Index | 1,711 | 1,732 | 1.2% up |
| US 10-Year Bond Rate | 5.00% | 5.16% | 17 bp up |
| EUR/USD | 1.1483 | 1.1379 | 0.9% down |
| USD/TRY | 48.7600 | 48.7200 | 0.1% down |
| EUR/TRY | 56.0090 | 55.6240 | 0.7% down |
| Gold (USD/ounce) | 4,377 | 4,278 | 2.3% down |
| Brent Oil (USD/barrel) | 103.9 | 106.6 | 2.6% up |
The increasing number of attacks in the Middle East and the subsequent hopes for a diplomatic solution have heightened volatility in energy prices. Leading PMI data from major economies indicated that economic activity remained resilient. The OECD lowered its growth forecasts for the Turkish economy to 2.7% and 3.6% for 2026 and 2027, respectively, while revising its inflation forecasts upward. Domestically, the September consumer confidence index rose to its highest level since July 2018, while the business confidence index showed a moderate increase. While there was a modest increase in households’ inflation expectations for the next 12 months, the net foreign exchange position deficit of firms outside the financial sector reached a historic high in July. Next week, the global data calendar will feature the Eurozone’s preliminary CPI inflation figures, along with U.S. nonfarm payrolls and the core Personal Consumption Expenditures (PCE) price index data. Domestically, the Istanbul Chamber of Industry (ISO) Manufacturing PMI data for September will be released.
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