Daily Bulletin

Good morning. Agreements on the federal budget law in the U.S., defense and infrastructure spending in Germany, and the stimulus measures announced in China are providing support to global markets. While U.S. futures are weak this morning, other indicators remain positive. The rally in Borsa Istanbul continued last week, with strong capital inflows and robust foreign purchases. The 11,000–11,250 peak range in the BIST 100 index is now on the radar, while short-term formation targets indicate that new highs around 11,500 could be tested. The 10,600–10,700 range can be monitored as the first support and stop-loss zone following the recent sharp rise. Despite the peak levels in the BIST 100 index, valuations remain significantly below their all-time highs in dollar or inflation-adjusted terms. This suggests that if the current momentum persists, the BIST 100 could test even higher levels. The 12-month average target for the BIST 100 index stands at approximately 14,250. On today's agenda, Turkey's central government budget balance and Treasury auctions will be in focus, while in the U.S., the Empire State Manufacturing Index and retail sales data will be monitored. Later in the week, the Fed meeting will take center stage. Turkey's 5-year CDS starts the day at 261 basis points.