Daily Bulletin

Good morning. Negotiations aimed at ending the Ukraine-Russia war are providing support to global markets. Although the process is expected to take time, risk assets are reacting positively to recent developments. In European markets, expectations of ECB rate cuts and an increase in defense spending of up to 500 billion EUR have driven new record highs. Meanwhile, in the U.S., a less aggressive approach to tariffs than initially suggested has pushed Wall Street indices back to peak levels. Borsa Istanbul gained 0.82% yesterday, moving above 9,900. Capital inflows from active institutions continue. Today, with the support of the positive global outlook, we expect the index to continue targeting the 9,950, 9,980, and 10,000 resistance levels. Given the recent tight consolidation in the index, all key moving averages and technical support/resistance levels have converged. With continued capital inflows and positive momentum, this region could be breached, and if optimism regarding the resolution of the Ukraine-Russia war persists, the index may target the main resistance zone at 10,200 – 10,300. The 9,810, 9,750, and 9,620 levels should be monitored as support. Today's agenda is relatively quiet. We do not expect significant market-moving messages from the Fed minutes to be released this evening. Turkey's 5-year CDS starts the day at 244 basis points, marking a prolonged period of pricing below 250 basis points.