Daily Bulletin

Good morning. In the U.S., the Chinese AI assistant "DeepSeek" caused a sharp sell-off in technology companies yesterday, while industrial companies showed a bullish trend. Estimates suggest that the market value of technology companies could shrink by up to $1 trillion. We do not expect a long-term or persistently suppressive effect on global markets. This morning, European futures and Asian markets are generally bullish. On Borsa Istanbul, efforts to hold near the 10,000 level were evident yesterday, with an intraday dip to 9,960; however, it closed at 9,998. Today, attempts to regain the 10,000 level will be monitored, with the first resistance level at 10,070. The day's agenda includes a calm data flow both domestically and in Europe, while in the U.S., data on consumption, growth, and the housing sector will be tracked. We do not expect today's data to have a significant market impact. Tomorrow evening, the Fed decision will take the spotlight, followed by the ECB and growth data on Thursday, and core personal spending data in the U.S. on Friday. Domestically, Fitch’s evaluation of Turkey on Friday evening will be closely watched. While no credit rating upgrade is expected, there are expectations for an outlook revision from “stable” to “positive.” We anticipate that global risk appetite will remain volatile during this period, with fluctuations around the 10,000 level domestically. Turkey's 5-year CDS premiums start the day at 263 basis points.