Daily Bulletin

Good morning. News indicating that the U.S. may introduce tariff exemptions on certain electronic products is triggering a wave of buying interest across global equity markets. U.S. and European futures are starting the week with gains of up to 2%, while all Asian markets are trading in positive territory this morning. We do not expect a significant shift in the U.S.'s persistent stance on customs tariffs in the near term. Therefore, elevated volatility is likely to persist, driven by statements from President Trump and the U.S. economic administration. However, given that high tariffs have already been announced across all countries and products, we may now start seeing more frequent moderate messages, such as exemptions or waivers. Such developments could increasingly support global risk appetite. We expect Borsa Istanbul to start the week on a positive note. While foreign flows appear to have stabilized on a daily basis, we are also observing gradual capital inflows. The BIST 100 index may continue to seek a balance and base formation within the 9000–9500 range; however, with the support of the global outlook, we believe a move towards testing levels above 9500 could be imminent. Medium- to long-term valuations continue to point to index targets around the 14,000 level. Today’s domestic agenda includes the current account balance and Treasury auctions. Later in the week, attention will turn to the CBRT and ECB meetings, inflation data from Europe, and consumption and growth-focused data from the U.S. Turkey's 5-year CDS premiums start the week at 372 basis points.