Last week in the markets was quite dynamic, influenced by uncertainties in the global economic outlook and regional developments. As we enter the last quarter of 2026, investors continue to closely monitor both macroeconomic data and geopolitical risks. This week, the latest situation in the fight against inflation, clues regarding central banks’ future monetary policy steps, and innovations in the technology sector were among the main topics on the market agenda. As Piyax.com, we have compiled the significant developments that occurred last week in the markets in detail for our valued readers.
In this period of structural transformations in the global economy, the dynamics of financial markets are becoming more complex than ever. The increase in digitalization and sustainability-focused investments, in particular, adds new dimensions to traditional market analyses. Last week in the markets was full of various signals demonstrating the effects of this transformation. Investors tried to identify long-term trends and potential growth areas beyond short-term fluctuations.
How Did Global Markets Perform Last Week?
Global markets, last week in the markets, sought a balance between expectations of central banks maintaining their tight monetary policy stance and signs of recovery in the Chinese economy. Inflation data in the United States came in higher than expected, reigniting speculation about the timing of the Fed’s interest rate cuts. This led to a slight rise in the dollar index, while putting pressure particularly on technology stocks. The European Central Bank (ECB), on the other hand, signaled its determination to continue fighting inflation, which pushed bond yields up in the Eurozone.
In Asian markets, economic indicators from China created a positive sentiment with a revival in the manufacturing industry and an increase in consumer spending. However, some risks in the real estate sector and geopolitical tensions limited overall market optimism. The Bank of Japan (BoJ) maintained its stance towards continuing its ultra-loose monetary policy, which continued to put pressure on the Yen. Emerging market economies continued to exhibit a more fragile structure against potential changes in global interest rates.
Although disruptions in global supply chains had largely been resolved by 2026, volatility in energy prices and fluctuations in raw material costs continued to create uncertainty over corporate profitability. Last week in the markets, the effects of these macroeconomic factors on stock markets were closely monitored. The balance sheets and future expectations of major technology companies played a decisive role in the trajectory of the indices.
Investors continue to wait for clearer signals regarding the global growth outlook in the second half of 2026. The persistence of inflation, the trajectory of interest rates, and geopolitical developments will continue to be the main determinants of the markets in the coming period. In this context, the macroeconomic data and company news announced last week in the markets played a critical role in shaping market expectations.
Highlights from Domestic Markets Last Week
Turkish markets, last week in the markets, followed a highly volatile course influenced by domestic macroeconomic data and monetary policy steps. The Central Bank of the Republic of Turkey (CBRT) maintained its determined stance in the fight against inflation, keeping the policy rate constant in line with expectations. However, the high course of inflation and the stickiness in inflation expectations continued to put pressure on the Turkish Lira. The USD/TRY exchange rate moved within a certain band, affected by global dollar demand and domestic uncertainties.
Borsa Istanbul (BIST), on the other hand, maintained its upward trend, supported by strong corporate balance sheets, particularly in the banking and industrial sectors. However, changes in global risk appetite and domestic inflationary pressures occasionally created selling pressure on the index. Foreign investors’ interest gradually increased with the continuation of orthodox policies. This situation triggered selective rises in the stock market.
The Medium-Term Program (MTP) announced by the Ministry of Treasury and Finance outlined economic targets and structural reforms for 2026 and beyond. The market reflections of this program were closely monitored, especially in long-term bond yields and the assessments of credit rating agencies. Last week in the markets, the details and implementation schedule of this program became one of the main factors shaping investors’ future expectations.
Turkey’s foreign trade data was also one of the important agenda items last week in the markets. Strong performance in exports contributed to the narrowing of the current account deficit, while the costs of energy imports continued to put pressure on the foreign trade balance. In this context, steps taken in line with sustainable growth and price stability targets continue to determine the overall outlook of domestic markets.
Last Week in Commodity Markets: Gold, Oil, and Others
Commodity markets, last week in the markets, exhibited a mixed outlook influenced by global growth concerns, energy policies, and geopolitical risks. Gold prices, while remaining under pressure due to persistent expectations of Fed interest rate hikes, found support from safe-haven demand as geopolitical tensions increased. Developments in the Middle East and global trade disputes, in particular, continued to attract the attention of gold investors. Ounce gold traded within a specific range, finding direction based on investors’ risk perception.
Crude oil prices, on the other hand, fluctuated with OPEC+’s production policies, the global demand outlook, and news regarding the US strategic petroleum reserves. The possibility of slowing global growth increased concerns about oil demand, while supply-side constraints supported prices. Last week in the markets, this volatility in energy markets also affected inflation expectations and directly impacted industrial production costs.
On the industrial metals front, signs of recovery in China’s manufacturing industry supported upward prices for metals like copper and aluminum. However, the fact that global recession risks have not been entirely eliminated prevented these metals from registering a stronger rise. In agricultural commodities, climate conditions and global food security concerns led to fluctuations, especially in wheat and corn prices. Last week in the markets, the long-term effects of climate change on agricultural products began to be considered more by investors.
Overall, commodity markets continue to be one of the most sensitive indicators of the global economic cycle and geopolitical developments as of 2026. Particularly in line with energy transition and green economy goals, demand for some metals is expected to increase, while the future of demand for fossil fuels continues to be debated. These dynamics, last week in the markets
