Daily Bulletin

Good morning. The softening signals in the U.S. tariff policies continue to support global markets. This morning, U.S. and European futures, along with Asian markets, are generally on the buying side. In Borsa Istanbul, the clear communication strategy of the economic administration and the swift implementation of measures have led to a rebound after a four-day decline from the 10,872 peak to 8,872, a drop of 18%. Yesterday, with capital inflows including foreign participation, the BIST 100 index surged by 4.5% to 9,715, reclaiming the 200-day exponential moving average after two days below it. We expect the recovery to continue today. The 9,900 – 10,000 range can be monitored as the first resistance zone, while 9,550 and 9,400 levels serve as support. The macroeconomic data calendar for the day is relatively quiet. Turkey's 5-year CDS premiums start the day at 295 basis points. Having recently surged from around 260 to 330 basis points in a short period, we anticipate a further decline in CDS levels. In addition to the BRSA’s decision to enhance banks' share buyback flexibility, the decline in TL interest rates and CDS levels is also expected to be supportive for the XBANK Banking Index.