Daily Bulletin

Good morning. The United States' imposition of tariffs on all countries continues to create volatility in global markets. The news flow on the issue is also marked by confusion and, at times, disinformation. Misleading reports sometimes suggest signs of easing, while at other times they imply that the announced tariffs may be implemented at higher rates. We observe that Borsa Istanbul is also affected by this volatility. The BIST 100 index started the week with a pullback to the 9050 level yesterday, followed by a recovery throughout the day, testing the 9500 level and eventually closing at 9407. The 9500 / 9600 zone is being monitored as resistance, while the 9000 / 9200 range is considered support. This morning, we are seeing a search for a rebound in international markets, which increases the likelihood of the resistance zone being tested on the BIST as well. However, given the ongoing high volatility, we would like to reiterate that short-term position risks should be kept low, and investors should focus on medium- to long-term valuation-based targets. The 12-month target for the BIST 100 index still points above 14,000. While downward revisions to these targets may occur in the upcoming period, the high return potential is expected to remain. On today’s agenda, domestic focus will be on Treasury auctions and the cash budget balance, while internationally, attention will be on U.S. wholesale trade data and the FOMC minutes. Turkey’s 5-year CDS premiums start the day at 362 basis points, having briefly reached 380 basis points yesterday.