Daily Bulletin

Good morning. The U.S. and European stock markets are trading weakly, mainly driven by company-specific news. In particular, Walmart's earnings report and its weak forward guidance have been discouraging for U.S. markets. In Asia, however, Alibaba's strong results are contributing to a positive market sentiment. Yesterday, Borsa Istanbul saw a partial recovery of the previous day's losses, with approximately half of the outflows returning as inflows. We expect this rebound to continue today. According to CBRT data, foreign investors were net buyers in the previous week, with $108 million in equities and $1.85 billion in bonds. Comments from institutions that facilitate foreign transactions indicate a growing interest in Turkish assets. As a result, we believe that 12-month index targets pointing above 14,000 for the BIST 100 remain valid. On today's agenda, PMI data from Europe and the U.S. will be closely monitored. Meanwhile, Turkey's 5-year CDS remains below 250 basis points, trading around 247 basis points.