Daily Bulletin

Good morning. After the lower-than-expected U.S. CPI data, markets saw buying activity; however, futures are in negative territory this morning. A similar outlook is observed in Europe, while in Asia, markets are mostly under selling pressure except for Tokyo. Consequently, global risk appetite remains weak this morning. Meanwhile, in Borsa Istanbul, foreign inflows, capital entries, and increasing trading volume continue, pushing the BIST 100 index to 10,580 yesterday—returning to pre-August 5 levels, which we have long regarded as a milestone. However, when viewed in dollar terms, inflation-adjusted terms, or based solely on the industrial companies index, the picture is not as strong as the BIST 100 itself. That being said, we are also witnessing a recovery and an improvement in these alternative measures. Upward revisions in growth expectations, the continued decline in inflation, ongoing foreign investments, global political developments centered around Turkey—particularly in EU relations—continue to provide support for Turkish assets. In terms of the technical outlook for BIST 100, formation and trend analyses indicate that levels between the historical peak of 11,250 and 11,500 are coming into focus. Meanwhile, the 10,200–10,300 range can be monitored as the key support and stop-loss zone for this short-term outlook. Today's agenda includes domestic housing sales data, foreign transactions, and reserve figures to be released by the CBRT, while abroad, European industrial production and U.S. PPI data will be closely watched. Turkey’s 5-year CDS starts the day at 264 basis points.