Daily Bulletin

Good morning. Global risk appetite is trending positively this morning. Following the U.S. International Trade Court’s ruling that former President Trump's tariffs exceeded his legal authority and therefore cannot be enforced, U.S. equity markets, which had closed lower yesterday, are showing gains of nearly 2% in futures trading this morning. Buying interest is also evident in both Asian and European futures. On another front, Nvidia's eagerly anticipated Q1 earnings, released in the wake of the tariff developments, showed a net income of $0.81 per share, slightly below expectations. However, revenues came in at $44.1 billion, surpassing forecasts. While the stock was under pressure during the regular session, it rallied by nearly 5% in after-hours trading. Turning to domestic markets, downward pressure continued midweek due to significantly lower trading volumes and waning momentum. The BIST 100 index tested the 9,200-point support level for the first time since May 9. Nevertheless, we have not observed any meaningful capital outflows from the broader BIST index since the beginning of the week. Despite minor outflows in the morning, the market ended the day with a net inflow of approximately TRY 1 billion. As the BIST 100 index approaches the key support zone in the 9,000–9,100 range, we continue to monitor this level closely. Should additional negative headlines emerge, there is a risk of further pressure toward the lower band, i.e., below the 9,000-point mark. Conversely, if the index aligns with the global risk-on sentiment, we will be watching the 9,300–9,370 range as key intraday resistance levels. On today’s agenda, Turkey will release its April foreign trade statistics along with weekly CBRT data. In the U.S., a heavy data flow is expected, including the second revision of Q1 GDP and consumer spending figures, weekly jobless claims, and pending home sales for April. Turkey's 5-year CDS premiums, which have been on an upward trend in recent days, are starting the day at 311 basis points.