Daily Bulletin

Good morning. U.S. President Trump has announced the long-awaited country-specific tariff rates. We see that a 10% rate has been adopted as the lowest tariff, and for many countries, additional customs duties have been imposed at half the final rates applied to the U.S., including VAT, SCT, and other taxes. Although the announced rates suggest that half of the total tax-inclusive rates are being applied, in reality, customs duties have been increased for most countries. As a result, the initial reactions to the newly announced tariffs indicate concerns about potential negative effects on inflation and economic growth, both in the U.S. and globally. Consequently, global stock markets are experiencing significant selling pressure this morning. Borsa Istanbul has already been going through a period of weak appetite, and the external developments could add extra pressure today. In the BIST 100 index, the 9,300 / 9,400 support zone may be tested, while resistance levels can be observed at 9,650 and 9,800. On today's agenda, domestic March inflation data will be monitored, along with growth-focused indicators such as PMI and ISM in Europe and the U.S. Meanwhile, Turkey’s 5-year CDS premiums are starting the day at 309 basis points.