Daily Bulletin

Good morning, The second Trump term has officially begun in the U.S. The messages delivered during Trump’s inauguration ceremony were not significantly different from his previous rhetoric; however, his insistence on raising customs tariffs persists. That said, comments suggesting that these increases could be gradual are easing market stress. This morning, U.S. and European futures are in positive territory, while Asia also exhibits a generally optimistic outlook. At Borsa Istanbul, we saw another session yesterday with capital inflows and high trading volumes, closing above the critical psychological threshold of 10,000. We expect the positive sentiment to continue this morning, with the market likely to target the 10,150–10,300 resistance zone. Technical indicators continue to improve. On today’s agenda, key events to watch domestically include the Cabinet meeting, Treasury auctions, and housing sales data. Externally, Trump’s initial actions are under close scrutiny, while data releases focus on European sentiment surveys and U.S. growth-oriented metrics. Later this week, Turkey’s Central Bank (PPK) interest rate decision and Moody’s update on Turkey’s credit rating will be closely followed. We anticipate a 250-basis-point rate cut from the PPK and a credit rating upgrade from Moody’s. Turkey’s 5-year CDS premiums start the day at 272 basis points.