Daily Bulletin
Tacirler Investment
Good morning. In South Korea, the declaration of martial law yesterday and its subsequent annulment by parliament brought a few hours of turmoil to an end. While this development had limited impact on global markets, U.S. and European futures are trading in positive territory this morning, while Asian markets display a mixed outlook. Domestically, despite November CPI data being slightly above expectations yesterday, expectations for a rate cut from the Monetary Policy Committee (MPC) on December 26 persist. As a result, the BIST 100 index moved above the 9,750 resistance level and closed at 9,827. From a technical perspective, the flag formation we previously shared remains valid and points to a target around 10,500. The 9,900–10,000 range and the 10,200 level can be monitored as intermediate resistance levels, while 9,750 and 9,660 serve as support levels. On today’s agenda, domestically, the Turkish Statistical Institute (TurkStat) will release seasonally adjusted CPI and core inflation indicators (4:00 PM), which could play a more decisive role in clarifying expectations for a rate cut by the MPC. Externally, Eurozone Services PMI data, PPI, and U.S. private sector employment, ISM Services Index, factory orders, durable goods orders, the Fed’s Beige Book report, and Federal Reserve Chair Powell’s statements will be closely watched. Turkey's 5-year CDS premium starts the day at 256 basis points.