MORNING OUTLOOK - Financial Services Confidence Index and Richmond Fed Manufacturing Index in Focus in the U.S.

Foreks - In the new day, there are no notable data points domestically other than the financial services confidence index. Abroad, there are no significant data points except for the Richmond Fed manufacturing index in the United States.

• Highlights - President Recep Tayyip Erdoğan stated, "The disinflation process that started in May will hopefully continue to gain momentum in 2025." Minister of Labor and Social Security Vedat Işıkhan announced that the Minimum Wage Determination Commission will meet on Thursday or Friday to determine the minimum wage. Administrative fines under the Environmental Law framework will be increased by 43.93% starting from January 1, 2025. Under the inward processing regime (DİR), the import of unprocessed gold can be carried out through "goods against payment." Israeli Prime Minister Benjamin Netanyahu mentioned in his speech at the parliament that there are "some advancements" in the ongoing talks for a ceasefire in the Gaza Strip. Major indices on Wall Street rose due to strong demand for the technology companies dubbed the "Magnificent Seven." According to the meeting minutes released this morning, Bank of Japan policymakers agreed to continue raising interest rates if the economy performs as expected in October, although some emphasized the need for caution due to uncertainties regarding U.S. economic policy. The IRS strengthened its position that crypto staking is taxable, stating that tax liabilities arise as soon as staking rewards are received. The Fed indicated it is considering significant changes to the annual bank "stress tests," allowing comments on models used by lenders, which is seen as a major victory for Wall Street banks in light of recent legal developments. The increase in freight rates at the end of the year kept ocean container prices high on trans-Pacific routes to the United States. Following Washington's announcement of a new chip investigation, China called on the U.S. to stop its wrongdoings and pledged to defend its interests. The Central Bank of Uruguay (BCU) surprised markets by raising the policy interest rate by 25 basis points, citing the increase in headline inflation and long-term inflation expectations.
• Company News - Altınay Defense (IS:ALTNY) signed a $950,000 agreement for imaging systems. Borlease Automotive (IS:BORLS) signed long-term vehicle leasing service contracts with four different clients. Borusan Pipe has decided to invest a total of $68 million in the U.S. in 2025 and 2026. Coca-Cola İçecek will make changes to its organizational structure as of January 1, 2025. The Competition Authority's final review process regarding the acquisition of a 50% stake in the paid-in capital of Eczacıbaşı Monrol Nuclear Products Industry and Trade Inc. by EİS Eczacıbaşı Pharmaceuticals (IS:ECILC) has been extended by six months. Gelecek Asset Management won the tender for a SME/commercial portfolio valued at 430.5 million TL from Fibabanka by offering the highest bid. Halkbank (IS:HALKB) applied to the BDDK for the establishment of a digital participation bank. İş Bankası (IS:ISCTR) made a purchase transaction valued at 2 million TL nominal on Şişecam (IS:SISE) shares, bringing İş Bankası's total purchases of Şişecam shares to 25.3 million TL nominal over four days. İş Bankası executed a purchase transaction valued at 500,000 TL nominal on İş GYO (IS:ISGYO) shares. Koç Holding's (IS:KCHOL) subsidiary Tek-Art Kalamış and Fenerbahçe (IS:FENER) Marmara Tourism Facilities Inc. have been invited to sign a contract for the Fenerbahçe-Kalamış Marina. Starbucks (NASDAQ:SBUX) baristas' five-day strike led to the closure of 59 stores as of Monday afternoon, according to the union organizing the workers. Suwen decided to initiate discussions for the acquisition of a majority stake in an overseas company with a wide store network and high brand value in the European lingerie retail sector. The 300 million TL mortgage established on the Tukaş factory was lifted after repaying the utilized loans.
• Domestic Agenda - Minister of Trade Ömer Bolat will attend the "2024 Smuggling Data Evaluation Meeting" (10:00). The Central Bank of the Republic of Turkey (TCMB) will release financial services confidence index data reflecting trends in the financial services sector by monitoring the evaluations and expectations of managers of financial institutions in Turkey regarding their business situations (10:00). TÜİK will publish statistics regarding small and medium-sized enterprises for the year 2023 (10:00). Vice President Cevdet Yılmaz, Minister of Trade Ömer Bolat, and Minister of Transport and Infrastructure Abdulkadir Uraloğlu will participate in the "Transportation Corridors and Transit Transport Meeting in the Century of Turkey."
• Foreign Agenda - The Bank of Japan (BoJ) will publish core inflation estimates based on the consumer price data released by the government for November (08:00). The Netherlands will release its final GDP figures for the third quarter (11:30). The Richmond Fed manufacturing index from the U.S. will be monitored (18:00). The Federal Reserve (Fed) will publish M1 and M2 money supply data for November (21:00). The U.S. Treasury will announce the results of the 2-year FRN and 5-year bond auction (21:00).