Daily Bulletin

Good morning. High volatility in global markets persists, driven by uncertainties surrounding U.S. tariff policies. While Wall Street saw gains of up to 10% the day before, yesterday was marked by a decline exceeding 3%. U.S. futures are trading flat this morning, European markets show a positive tone, and Asia is exhibiting a mixed performance. Borsa Istanbul, however, appears to be lagging behind the positive sentiment observed in global markets. The BIST 100 index, which opened over 3% higher yesterday, weakened throughout the day and ended with a modest gain of only 0.7% compared to the previous session. Daily capital flows remain balanced, yet weekly data continues to indicate notable foreign outflows from both equities and bonds, along with ongoing use of reserves. Although risk pricing in Turkish lira assets has found some degree of balance, overall momentum remains weak. Therefore, we maintain our view that short-term position risks should be kept low. For the BIST 100 index, the 9,270 and 9,000 / 9,100 range can be monitored as support levels, while 9,500 stands out as a key resistance. On today’s agenda, the CBRT Market Participants Survey will be followed domestically, while the Producer Price Index (PPI) will be in focus in the U.S. We may observe an upward shift in local inflation expectations, and following yesterday’s softer-than-expected CPI data in the U.S., a similar trend could emerge in today's PPI figures. Turkey’s 5-year CDS premium starts the day at 362 basis points.