Daily Bulletin

Good morning. U.S. markets are closed today for Thanksgiving, European futures are in positive territory, while Asian markets are trading mixed. The partial easing of geopolitical risk sentiment, the increasing clarity of the Trump administration in the U.S., and the impact of macroeconomic data have led to a retreat from peak levels in U.S. Treasury yields. This has caused a slight depreciation in the dollar after two months of strong performance, while global risk appetite appears to be preparing positively for year-end trades.

In Borsa Istanbul, after a sharp climb from around 9,000 to 9,700 following last week's MPC meeting, the market is taking a breather in the 9,600–9,700 range. In a technical perspective, we maintain our view that as long as the BIST 100 index remains above the 9,400–9,500 support area in the short term, the 9,700–10,000 resistance zone will be targeted. The 12-month average target for the BIST 100 index continues to point towards the 13,000 level. Additionally, in the event of improvement in growth expectations for 4Q24 and 1Q25 and a continued decline in long-term TRY interest rates, we could see upward revisions in BIST 100 index targets to around 14,000–15,000.

Today's agenda includes Turkey's foreign trade balance, weekly foreign transactions to be announced by the CBRT, and confidence indices in Europe. Turkey's 5-year CDS premiums start the day at 257 basis points.