Daily Bulletin

Good morning. As the Iran-Israel tensions recede from the global agenda, investors are refocusing on core market themes. Yesterday, it was announced that the United States had signed a trade agreement with China, while negotiations with other countries were also reported to be ongoing. These developments have supported risk appetite, and as of this morning, U.S. and European futures are trading in positive territory. In Asia, however, market sentiment remains mixed. Domestically, a weak performance was observed yesterday. The upcoming CHP Congress lawsuit scheduled for June 30 and the month-end calendar effects have led to the unwinding of arbitrage positions, which may limit Borsa Istanbul’s participation in the positive global momentum. On today’s economic agenda, confidence indices will be monitored in both Turkey and the Eurozone. In the U.S., the focus will be on the Core Personal Consumption Expenditures (PCE) data. The annual core PCE is expected to rise from 2.5% to 2.6%. Should the data come in line with or above expectations, it may weaken the market’s expectations for a Federal Reserve rate cut. Turkey’s 5-year CDS premium starts the day at 305 basis points.