Daily Bulletin

Good morning. The influence of the United States continues to dominate global equity markets. The rising protectionist stance, particularly through the imposition of higher tariffs, is amplifying risks related to inflation and growth—especially in the U.S. At the beginning of the year, several institutions had projected target levels of 6,500 to 7,000 for the S&P 500 index; however, in light of recent developments, these projections have been revised down to around 5,500. The possibility of a renewed discussion on corporate tax cuts in the U.S. could potentially lead to upward revisions in targets. Until such a scenario materializes, the negative effects stemming from increased tariffs are likely to persist. On Borsa Istanbul, we observed a positive opening yesterday; however, accelerating sell-offs in global markets subsequently led to a domestic decline, with the BIST closing 0.4% lower. We expect the weak momentum in the BIST to continue. From a technical perspective, the 9,420 and 9,300 levels are key supports, while 9,620 and 9,800 serve as resistance levels. On today’s agenda, U.S. employment data stands out. Expectations appear generally subdued. Turkey’s 5-year CDS premiums are starting the day at 325 basis points. It is worth noting that, in addition to domestic risks, the rising global fragility driven by U.S. dynamics is also contributing to the increase in CDS levels.