Daily Bulletin

Good morning. U.S. President Trump’s announcement of certain exemptions regarding the tariffs set to take effect on April 2 led to gains of up to 2% in U.S. stock markets yesterday. While U.S. and European futures are slightly in the negative territory this morning, Asian markets exhibit a mixed outlook. Borsa Istanbul saw a rebound of nearly 3% yesterday. There is capital inflow; however, we estimate that these purchases are primarily government-driven, meaning we cannot yet speak of a broad-based market inflow. Nevertheless, the stabilization in exchange rates and interest rates could support a rebound in Borsa Istanbul following recent sharp losses. We expect high volatility to persist, but short-term positions may be considered with close attention to support and stop levels. From a medium- to long-term perspective, the BIST 100 index targets remain above 14,000. On today’s economic calendar, domestic data releases include real sector confidence and capacity utilization, while in the U.S., housing sector data and confidence indices take the spotlight. Additionally, Treasury and Finance Minister Mehmet Şimşek is expected to hold a teleconference with international investors at 16:00 local time. Turkey’s 5-year CDS premiums start the day at 316 basis points, slightly lower than yesterday.