Daily Bulletin

Good morning. U.S. President Trump’s statement yesterday during the day, indicating it is a “buying opportunity,” followed by the announcement in the evening to suspend planned tariffs on countries outside China for “90 days,” has triggered a buying wave across global equity markets. In the U.S., indices recorded one of the strongest single-day gains in recent years, rising between 8% and 12%, while futures are trading 0.5% to 1.2% lower this morning. In Europe, as Trump’s remarks were not fully priced in during the previous session, futures are seeing gains of nearly 8% this morning, recovering from yesterday’s losses of around 3%. Asian markets are also broadly positive. Borsa Istanbul declined by 2.1% yesterday; however, supported by the improved global sentiment this morning, we expect the losses to be recouped, with the BIST 100 index likely to test the 9500 resistance level. Surpassing 9500 would imply a breakout from the descending channel resistance that has been in place since March 19, making it critical to observe whether the index can sustain above this level. Key support levels to monitor for the BIST 100 are at 9250 and the 8900–9000 range. On today’s economic agenda, Turkey’s February industrial production data will be in focus domestically, while the U.S. CPI data will be the highlight abroad. The U.S. CPI, scheduled to be released at 15:30 Turkish time, is expected to decline from 2.8% to 2.5% year-over-year. A reading above expectations could be priced negatively, while a lower-than-expected figure may be interpreted positively by the markets. Turkey’s 5-year CDS premiums start the day at 373 basis points.