Daily Bulletin

Good morning. Global risk appetite is off to a balanced start this morning. U.S. futures are trading lower after yesterday’s gains, European markets are in positive territory, while Asia presents a mixed picture. In Borsa Istanbul, the weak outlook and capital outflows persist. The BIST 100 index fell below the 9,250 support level yesterday, and we have begun to observe sell signals in momentum indicators. In this context, the 9,000 / 9,100 zone may serve as the next support area, while the 9,250 / 9,300 band now stands as resistance. Today marks the final trading day of April, and arbitrage-driven closing of positions in VIOP stock futures and the equity market could exert additional pressure on Borsa Istanbul. The CBRT’s Weighted Average Cost of Funding (WACF) remains close to 49%. Among the recently announced Q1 2025 earnings, companies like ASELS and TABGD reported strong results, though the overall season remains weak. On today’s agenda, KCHOL earnings and Turkey’s foreign trade balance will be in focus locally, while in the international arena, growth data from Europe, and employment, housing, and consumption-related figures from the U.S. will be closely monitored. Finally, Turkey’s 5-year CDS premiums start the day at 362 basis points. Unlike the general trend in emerging markets, Turkey’s CDS has been rising over the past week. This indicates a TL-specific weakness in risk perception, reinforcing the pressure on BIST and ongoing foreign investor outflows.