Daily Bulletin

Good morning. Global markets are negatively affected by the release of the Fed minutes last night, which signaled a possible pause in rate cuts, as well as developments related to the Ukraine-Russia issue. In Europe, ECB Executive Board member Isabel Schnabel’s statement that they may have to "pause or halt" rate cuts contributed to sell-offs of up to 2%. Domestically, in addition to global developments, political events and issues referred to the judiciary are also weighing on the markets. The BIST 100 index started the day by testing the 9,950 resistance level but ended the session at 9,764, down 1.6%, due to news-driven sell-offs towards the end of the day. In terms of active institutions, we observed a capital outflow of approximately 2.5 billion TL, primarily driven by foreign investors. This morning, we may see partial recovery buying; however, we believe the weakness in momentum will persist. The economic calendar for the day is relatively quiet. Domestically, consumer confidence, the CBRT’s weekly foreign securities transactions, and reserves will be monitored. Internationally, U.S. weekly jobless claims will be in focus. Meanwhile, Turkey's 5-year CDS continues to trade below 250 basis points.