Daily Bulletin

Good morning. The statement by U.S. President Trump that he will not back down on customs tariffs and will maintain what he described as a "bitter pill" policy is triggering sharp sell-offs in global equity markets. U.S. futures are down by 3%, European futures by 4%, and Asian markets are posting losses exceeding 5%. In addition to tariff concerns, the U.S. administration’s remark that it could "overlook markets for a while" is also contributing to the sell-off. Due to significant depreciation experienced on Borsa Istanbul since March 19, the local market is showing a more limited reaction to the global downturn; however, weakness persists. We expect the new week to start on a negative note. In this period, we believe that short-term position risks should be kept low, and despite attractive valuations, investors should refrain from rushing into medium- to long-term positions. For the BIST 100 index, the 9,000 – 9,200 zone can be monitored as support, while the 9,500 – 9,600 range stands as resistance. On today’s agenda, Treasury auctions and the Central Bank of Turkey’s release on foreign securities transactions will be in focus, along with confidence indices in Europe. Later in the week, U.S. inflation data will be closely monitored. Turkey’s 5-year CDS premiums start the day at 348 basis points. It should be noted that, in addition to domestic risks, the upward movement in CDS is also driven by increased global weakness stemming from U.S.-related developments.