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Daily Bulletin

Tacirler Investment

Good morning. Global markets are off to a weak start on the last trading day of the year. In Borsa Istanbul, there was an effort to hold around the 10,000 level yesterday. However, news that a trustee was appointed to AB inBEV Efes, a subsidiary of Anadolu Efes in Russia, triggered sharp sell-offs an hour before the close. While this development was initially evaluated in the context of Turkey-Russia relations, further details indicated that it was a company-specific situation and not due to any negative development in Turkey-Russia relations. This perception gained support after the BIST close. Therefore, we do not anticipate any pressure on other Turkish companies operating in Russia. As a result, some of yesterday’s losses may be recovered from the opening today. That said, it is also important to note that today marks the last trading day for December futures contracts in VIOP. Closing of arbitrage-driven positions may exert some pressure on Borsa Istanbul. On today’s agenda, the foreign trade balance will be monitored domestically. In the U.S., housing price indices and growth-focused data will come to the forefront, though their market impact is expected to remain limited. Turkey’s 5-year CDS premiums are starting the day at 259 basis points.

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