Morning Briefing: Monitoring Foreign Trade Figures and Manufacturing Sector PMI Data

Forex - On the first business day of December, manufacturing sector purchasing managers' indices (PMI) will be monitored both domestically and internationally. Turkey's preliminary trade figures for November, along with the Eurozone unemployment rate and U.S. construction spending, will also stand out.

-Highlights- Vice President Cevdet Yılmaz stated, "We are closely following the developments in Syria as Turkey. We are making every diplomatic effort." Foreign Minister Hakan Fidan engaged in discussions with U.S. Secretary of State Antony Blinken and Saudi Foreign Minister Faisal Bin Farhan Al Saud. The obligation for consumers to make payments for goods or services through banks and financial institutions has been raised from 7,000 TL to 30,000 TL. In Romania's general elections, according to exit polls released after voting concluded, the ruling Social Democratic Party is expected to win 26% of the votes. The Iran-backed Houthis in Yemen announced attacks on one U.S. warship and three supply ships operating in the Gulf of Aden and the Sea of Oman. Poland detected a leak in the Druzhba Oil Pipeline that transports Russian crude oil to refineries in Germany. Authorities reported that the operator has suspended shipments due to the leak. In the U.S., President Joe Biden stepped back from his earlier statements regarding not using executive powers to pardon his son Hunter. In Australia, the value of homes has increased for the 22nd consecutive month in November; however, this time the pace of growth was very limited. China's 10-year bond yield fell to a record low as investors increased bets that officials would further loosen monetary policy to support the weak economy. Morningstar DBRS upgraded Spain's credit rating. Moody's confirmed Hungary's credit rating but revised its outlook to negative. A special indicator for China’s manufacturing activities suggested that growth in the sector persisted in November, aided by Beijing's efforts to revive the economy. The dollar strengthened during the morning session against most G-10 and Asian currencies, influenced by President-elect Donald Trump’s threat of 100% tariffs on BRICS countries. JPMorgan Chase (NYSE:JPM) revised its expectation for the ECB to lower interest rates by 50 basis points in January to December.

-Company News- Akfen Renewable Energy (IS:AKFYE) completed its YEKDEM application to the Energy Market Regulatory Authority (EPDK) for the 2025 calendar year. Aydem Renewable Energy's electricity production decreased by 5% in October compared to the same month last year. Aydem applied to the EPDK for YEKDEM for all its plants for the 2025 calendar year. Garanti Bank (IS:GARAN) accepted a bid for the repurchase of bonds amounting to $134.2 million. Gelecek Asset Management won the tender for an individual portfolio of 324.4 million TL in overdue receivables from Garanti BBVA (BME:BBVA). Hedef Girişim extended the deadline for the share sale of its investment in Sistem Global Danışmanlık. A Memorandum of Understanding (MoU) was signed between İhlas Holding (IS:IHLAS) and its subsidiary Orta Asya Investment Holding, along with POWERCHINA International Group Limited and SemArco LLP for the construction, operation, and financing of a combined cycle natural gas plant with a capacity of at least 250 MW in Bishkek, the capital of Kyrgyzstan. The capital of İller Bankası AŞ has been increased to 120 billion TL. Koç Holding (IS:KCHOL) denied reports regarding negotiations with the QNB Group for the sale of its shares in Yapı ve Kredi Bankası AŞ. Stellantis announced that its CEO Carlos Tavares unexpectedly resigned due to increasing "divergent views" between management and the board. Şişecam (IS:SISE) decided to initiate negotiations for the acquisition of a total of $285 million, including the business development fee, for the complete indirect stake of 20.4% in Şişecam Wyoming LLC from the Ciner Group and the 40% partnership share in Pacific Soda LLC.

-Domestic Agenda- The final consumer confidence index figures for October prepared by Bloomberg HT will be released (09:55). The manufacturing sector PMI figures prepared by the Istanbul Chamber of Commerce (İSO) and S&P Global will be announced (10:00). The Turkish Statistical Institute (TÜİK) will announce the "Cultural Economy and Cultural Employment Statistics" report for the year 2023 (10:00). Minister of Trade Ömer Bolat will announce November's foreign trade figures at a press conference held at the Ministry (11:00). Foreign Minister Hakan Fidan will meet with Iranian Foreign Minister Abbas Araghchi.

-International Agenda- Domestic automobile sales figures for November from Japan will be released (08:00). The Reserve Bank of Australia (RBA) will announce product prices for November (08:30). Manufacturing sector PMI data will be released starting with Russia and sequentially for 17 countries/regions. Italy's unemployment rate for October and final GDP figures for the third quarter will be announced (12:00, 13:00). President Joe Biden will meet with Cape Verde President Jose Maria Neves (12:45). Eurozone unemployment rate data for October will be announced (13:00). Bank of England (BoE) regulators Nathanael Benjamin and Lee Foulger will brief businesses on the Financial Stability Report (15:00). The day's final manufacturing sector PMI figures will come from Brazil, Canada, the U.S., Mexico, and Colombia (16:00, 17:30, 17:45, 18:00). U.S. construction spending and ISM manufacturing sector PMI data for October will be released (18:00). Swedish Central Bank (Riksbank) Deputy Governor Anna Breman will speak (18:00). Bank of England's (BoE) Financial Stability Strategy and Risk Director Lee Foulger will speak at Bloomberg UK's Policy Series (20:00). Federal Reserve board member Christopher Waller will speak at the American Economic Research Institute's conference "Building a Better Fed Framework" (23:15). The European Union (EU) Employment, Social Policy, Health, and Consumer Affairs Council and Development External Relations Council will hold a meeting. French President Emmanuel Macron will visit Saudi Arabia. German President Frank Walter Steinmeier will receive Estonian Prime Minister Kristen Michal in Berlin.