Daily Bulletin

Good morning. Statements by U.S. President Trump regarding the possibility of a temporary exemption from tariffs on the automotive sector are driving buying interest in global equity markets. During this exemption period, it is aimed to explore opportunities for sector companies to establish production facilities within the U.S. Similarly, the implementation of tariffs in the pharmaceutical and semiconductor sectors will also be reviewed. These developments suggest that the recent trend of intensifying trade tensions through tariff increases is entering a phase of moderation, marked by exemptions, selective relaxations, and certain concessions. Accordingly, we can say that the prolonged stress driven by protectionist trade policies has somewhat eased. However, how this process evolves will be a key determinant for market trends. This morning, U.S. equity futures are slightly negative, European futures are mixed, and Asian markets are trading with a positive bias, excluding China. On Borsa Istanbul, we have observed a sideways movement in the 9,250–9,500 range in closing prices since early April. A positive opening is expected this morning. Should the index sustain levels above 9,500, it would signal a breakout from the downward trend channel that has been in place since March 19, marking a technically critical development. The 9,250 level remains the first major support. Today’s agenda is relatively light. Turkey’s 5-year CDS premiums start the day at 355 basis points.