Daily Bulletin

Good morning. As we begin the new week, the news flow remains subdued, partially due to holidays abroad. However, China's warning to countries cooperating with the United States stands out this morning, indicating that trade tensions continue unabated. Looking at global markets, risk appetite appears weak. U.S. futures are trading lower, and Tokyo is under pressure in Asia, while some of the other open Asian markets are seeing modest gains. On Friday, Borsa Istanbul witnessed notable capital outflows, largely driven by foreign investor sales, resulting in a pullback of nearly 1%. In the BIST 100 index, short-term support levels can be monitored at 9,250 and in the 9,000–9,100 range, while resistance levels stand at 9,500 and 9,580. The daily agenda is relatively light, whereas the remainder of the week will be shaped by growth-related data, primarily from Europe and the United States. Additionally, the IMF–World Bank Spring Meetings commence today. The U.S.'s tariff hikes, which have exacerbated global economic stress, are expected to dominate the agenda. However, we do not anticipate the meetings to yield any collective actions that would ease market concerns. Turkey’s 5-year CDS premiums start the day at 328 basis points. While some softening is expected, a sustainable move below the 300 basis point threshold is unlikely unless global stress levels subside.