Daily Bulletin

Good morning. Following the release of strong employment data in the U.S. on Friday, expectations for a Fed rate cut have been postponed until December of this year, with only one rate cut priced in over the next two years. As we have previously mentioned, if growth and employment-focused data in the U.S. continue to show strong performance, expectations for rate cuts by the Fed may diminish further. In fact, considering inflationary pressures anticipated during the Trump era, a rate hike by the Fed could even come into question. We are seeing global stock markets under pressure following the U.S. data. The massive wildfire disaster in California has also played a role in these sell-offs. Additionally, heightened geopolitical tensions expected during Trump's presidency, which begins next week, are likely contributing to the pressure on prices. This morning, U.S. and European futures, along with all Asian markets, are in negative territory. Borsa Istanbul also seems unable to decouple from the weakness abroad. In the near term, we believe that Borsa Istanbul will remain relatively resilient compared to external markets and will navigate this period with a sideways trend. For the BIST 100 index, a broad range of 9,500 - 10,300 and a narrower range of 9,800 - 10,100 can be monitored.