Daily Bulletin

Good morning. We are generally seeing a buying trend in international markets. On the other hand, Borsa Istanbul closed flat yesterday, but today we expect a rebound towards the 10,100 - 10,200 range. Today is the last trading day for January-term equity contracts traded on VIOP, so closing transactions in arbitrage positions may create some selling pressure. According to the data released by the Central Bank yesterday, foreign investors purchased nearly $350 million worth of equities during the week of January 24. This figure marks the strongest equity inflow in the past nine months. Additionally, we have been following the financial results of three banks over the past two days: Garanti Bank, Akbank, and Yapı Kredi. Akbank and Garanti Bank reported results in line with expectations, while Yapı Kredi’s net profit exceeded expectations by approximately 3%. We believe investor interest in banks will continue. Today's agenda includes the trade balance data domestically, while in the U.S., core personal consumption expenditures will be monitored. After markets close in the evening, Fitch is expected to release its credit rating review for Turkey. Currently, Turkey's credit rating stands at "BB-, stable," which is three notches below investment grade, and we do not expect any changes in the rating or outlook. However, there are opinions suggesting that the outlook could be revised from stable to positive, which, if realized, could provide a morale boost. Turkey's 5-year CDS premiums are starting the day at 257 basis points.