USA
In global markets, attention on Thursday turned again to US-China trade developments, expectations of a Fed interest rate cut, and
The ongoing US government shutdown has been linked to the economic impact. US Treasury Secretary Scott Bessent said that China's rare earth
Washington's tariffs on Chinese goods if it rescinds new restrictions on exports of the elements
He stated that he could extend the exemptions beyond three-month periods. This statement allows for some diplomatic flexibility between the parties.
Although perceived as a signal of concern, tensions between the two countries remain high. Washington's recent focus on technology exports
introducing new restrictions and proposing additional taxes on Chinese ships, Beijing responded by imposing restrictions on rare earth exports
His response has strained trade relations again. Bessent also said the Trump administration is increasing the state's share in strategic sectors.
He emphasized that he planned to increase this step and that it was a counter-move to China's industrial policies.
With these developments, the US 10-year bond yield remained flat at %4.02, reaching its lowest levels since April.
Rising geopolitical risks, the three-week government shutdown and the postponement of economic data have dampened investor confidence.
Fed Chairman Jerome Powell's recent speech indicated that the employment market was cooling down,
has led markets to almost certainly price in the possibility of a 25 basis point rate cut at this month's meeting. The second
The expectation for a further reduction is three throughout 2026.
In this environment, gold prices broke through the $4,230 level, reaching a new all-time high, as safe haven demand strengthened. Powell
As the dollar weakened following the statements, the DXY index fell below 98.5, losing approximately %1.2 in the last three days.
Investors are concerned that global liquidity conditions will loosen due to the combination of both the US-China trade war and domestic political uncertainties.
takes a position in the direction of.

Eurozone
European markets are set for a weak opening on the fourth trading day of the week. Volatility continues in global markets.
Investors continue to search for direction amid trade wars and political uncertainty. US President Donald Trump said,
While confirming that Washington is in a permanent trade war with China, Treasury Secretary Scott Bessent said the current trade truce
partially eased tensions by stating that the period could be extended. On the European front, French Prime Minister Sébastien
Political risks are weighing on investor confidence as Lecornu's newly formed government faces no-confidence votes.
On the other hand, following the strong rise led by luxury consumer stocks in Wednesday's trading, investors are today looking at ABB,
EQT and Nordea Bank will focus on their balance sheets. Additionally, the UK's monthly GDP data will be a key indicator of the economic outlook.
will be closely watched. In futures, the Euro Stoxx 50 and Stoxx 600 indices are trading down about %0.3, which suggests that European
strengthens the expectation of a cautious start to the day in the stock markets.

Türkiye
The Ministry of Treasury and Finance released its September budget statistics. The central budget had a deficit of 310 billion Turkish Lira in September.
While the 12-month cumulative deficit increased from 2.04 trillion TL to 2.25 trillion TL. In the January-September period, the primary balance
There appears to be a significant improvement. Significant increases in interest expenditures prevent a meaningful improvement in the budget deficit.
We are evaluating. The domestic agenda is calm today. Tomorrow, after the markets close, S&P will release Türkiye's credit rating and
The release of the assessment report is expected. US data releases will be monitored today. Speeches by Fed members
It can also be monitored. USD/TL is trading around 41.84 as of 08:00 this morning.

EUR/USD
The euro rose above $1.16, recovering from a two-month low, as signs of political stability in France strengthened and expectations of a US interest rate cut rose.
French Prime Minister Lecornu has proposed suspending pension reforms until the 2027 elections to secure Socialist support and pass confidence votes.
In the US, Fed Chairman Powell highlighted the weakening of the labor market, strengthening the expectation of a new interest rate cut this month, while Trump suggested some trade agreements with China.
Tensions between the two countries have escalated again after the company said it might end ties. Intraday technical levels:
Supports: 1.1615 – 1.1585 – 1.1569
Resistances: 1.1661 – 1.1677 – 1.1707

GBP/USD
Sterling fell below $1.33 as weak wage growth data bolstered expectations that the Bank of England could continue its gradual rate cuts.
It fell to its lowest level since August 1. Regular wage growth in the June–August 2025 period fell to %4.7, the slowest in the last three years.
The pace of growth was recorded, while the unemployment rate rose to %4.8. Markets are pricing in an additional interest rate cut of approximately 9 basis points by the end of the year, and this rate is expected to be lower than the labor force data.
It was at the level of 5 basis points before. Intraday technical levels are as follows;
Supports: 1.3341 – 1.3282 – 1.3249
Resistances: 1.3434 – 1.3467 – 1.3527

XAU/USD
Gold prices rose above $4,230 an ounce on Thursday, hitting a new all-time high; the rise was fueled by safe-haven demand and the Fed's dovish monetary policy.
Fed Chairman Jerome Powell's emphasis on the weakening job market made a 25 basis point rate cut this month almost certain.
This outlook has weakened the dollar, while the US-China rare earth and energy
Trade tensions and the ongoing government shutdown have increased the perception of economic risk. Intraday technical levels:
Supports: 4159 – 4111 – 4081
Resistors: 4237 – 4266 – 4315

XAG/USD
Silver prices hovered around $53 an ounce on Thursday, near record highs seen earlier in the week, as a global supply squeeze fueled a historic rally.
destekledi. Londra piyasasında yaşanan kısa pozisyon sıkışmasıyla kiralama faizleri geçen hafta %30’un üzerine çıktı ve kısa pozisyon maliyetlerini
made it unsustainable. As strong demand from India further tightened supply, some funds suspended inflows into silver ETF funds; Fed Chair Powell
Dovish statements and the ongoing US government shutdown have increased safe-haven demand for precious metals. Intraday technical levels:
Supports: 51.82 – 50.68 – 50.02
Resistances: 53.63 – 54.29 – 55.43

Brent Crude Oil
Brent crude recovered from a five-month low to rise above $62 a barrel on Thursday, a rise fueled by Indian Prime Minister Modi's remarks
This was supported by the statements of US President Trump, who announced that he had promised to stop purchasing Russian oil. Trump said that India could not take this step immediately.
but said they would put similar pressure on China, highlighting Moscow's efforts to limit its energy revenues. Meanwhile, crude oil in the US
With oil inventories rising by 7.4 million barrels last week and US-China trade tensions clouding the demand outlook, concerns about oversupply remain alive, albeit limited.
held. Intraday technical levels;
Supports: 61.78 – 61.15 – 60.54
Resistances: 63.03 – 63.64 – 64.27

Crude Oil
WTI crude oil recovered from a five-month low on Thursday, nearing $59 a barrel; the recovery was fueled by Indian Prime Minister
Modi's statement was supported by US President Trump's promise to stop purchasing Russian oil. Trump said India should take this step immediately.
While stating that it would not be able to implement the agreement, he said that they would also pressure China to reduce its imports of Russian oil, which would mean that Washington would be able to control Moscow's energy revenues.
strengthened its efforts to contain the pandemic. However, US crude oil inventories rose by 7.4 million barrels last week and US-China trade tensions have impacted the demand outlook.
The weakening prevented concerns about a potential oversupply from completely dissipating. Intraday technical levels:
Supports: 58.13 – 57.54 – 56.91
Resistances: 59.35 – 59.98 – 60.57

Nasdaq Near Term
Following a volatile session on Wall Street, futures were flat on Thursday, with the Nasdaq index led by buying in tech-heavy stocks.
In Wednesday trading, the Nasdaq % rose 0.66, outperforming other indexes; the strong ASML balance sheet suggests continued demand for AI,
Results from Morgan Stanley and Bank of America supported the financial sector. However, US-China trade tensions and a government shutdown that lasted more than three weeks have deterred investors.
curbed its appetite, while markets focused on the upcoming earnings reports from companies such as Salesforce, United Airlines and JB Hunt. Intraday technical levels:
Supports: 24529 – 24282 – 24079
Resistors: 24979 – 25182 – 25429

Dow Jones Near Term
The Dow Jones Industrial Average (DPI) performed weakly, falling slightly to 0.04%. Limited selling in financial and industrial stocks weighed on the index, while technology
The weighted Nasdaq % rose 0.66, diverging positively. Investors, despite the strong balance sheets of Morgan Stanley and Bank of America, are concerned about US-China trade tensions and
remains cautious due to the uncertainty created by the ongoing government shutdown. Intraday technical levels:
Supports: 45954 – 45638 – 45275
Resistors: 46633 – 46997 – 47313

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