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Daily Bulletin

Tacirler Investment

Good morning. Global stock markets remain under pressure from hawkish messages from the Fed and rising political risks. We observe that Borsa Istanbul is also affected by this atmosphere, with a continued pullback below the 10,000 level. As we have highlighted for some time, while valuation-based potential has increased, the short-term technical outlook remains weak. Additionally, discussions of wage increases close to three times the expected inflation in this period of curiosity about the minimum wage hike, reduced expectations of a rate cut from the December 26 MPC meeting, and the negative global sentiment are also weighing on Borsa Istanbul. From a technical perspective, the 9,700/9,750 support zone can be monitored; however, the breaking of the upward trend support line since early November and the continued weakness in momentum increase the likelihood of further declines below this zone, potentially down to around 9,500. On rebounds, the 9,850 and 10,000 resistance levels can be watched. On today’s agenda, domestically, the CBRT Market Participants Survey and December consumer confidence data will be monitored, while in the U.S., core personal consumption expenditures and Michigan sentiment indices will be in focus. The critical inflation indicator tracked by the Fed, with its annual 2% target, is expected to rise from 2.8% to 2.9% annually. Any increase here could negatively impact market sentiment once again. Turkey's 5-year CDS premium starts the day at 254 basis points.

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