Daily Bulletin

Good morning. In global markets, the adage “no news is good news” appears to be driving sentiment. Following the ceasefire between Iran and Israel, there were a few initial violations; however, the absence of any significant reciprocal attacks since then has allowed positive momentum to persist across markets. Investors have primarily been focused on whether the Strait of Hormuz would be closed, whether there would be disruptions in global oil supply, and whether a nuclear risk might emerge in the region. As the probability of these high-impact risks materializing has diminished, markets are choosing to price in the optimistic scenario. This morning, U.S. and European futures, along with Asian equity markets, are trading in positive territory. On the domestic front, Borsa Istanbul posted a gain of over 3% yesterday, marking the highest closing level since June 13. We expect this momentum to continue. On the BIST 100 Index, interim resistance levels are seen at 9,550 and 9,700, while the main resistance zone stands at 9,800 to 10,000. Support levels are monitored at the 9,250–9,300 band and the 9,000–9,100 band. Today’s agenda includes the domestic sectoral inflation expectations survey, while in the U.S., housing sector data will be in focus. Following his testimony before the U.S. House of Representatives yesterday, Fed Chair Powell is scheduled to deliver a second round of remarks before the U.S. Senate today. While he is not expected to deliver any strong directional signals on monetary policy, the Q&A session will be closely monitored. Turkey’s 5-year CDS premiums are starting the day at 294 basis points.