Daily Bulletin

Good morning. The United States' increase in tariffs on Mexico, Canada, and China is putting pressure on global markets. Leading up to and following the elections, the U.S. has consistently signaled updates to tariff policies. However, the actual implementation of these measures is now triggering negative pricing in the markets. Mexico, Canada, and China have responded with varying tones, but we can say that a global trade war based on tariffs has already begun. We expect these developments to have a limited impact domestically, yet markets will likely show some sensitivity in their initial reactions. On Friday, Borsa Istanbul closed near the 10,000 threshold, and today, we may see dips below this level. There was no rating or outlook change from Fitch, but this was already in line with general expectations. In the BIST 100 index, support levels to watch are 9,960 and 9,850, while potential rebounds may face resistance at 10,040 and 10,120. Today's agenda highlights inflation data both domestically and in Europe. In Turkey, we anticipate a monthly increase in the range of 4% – 4.5%, leading to a decline in annual CPI from 44% to around 41%. Later in the week, U.S. employment data will take center stage. Meanwhile, Turkey’s five-year CDS premiums start the week at 253 basis points.