Daily Bulletin

Good morning. The minutes from the Federal Reserve (FOMC) meeting revealed more clearly the divergence of views among committee members regarding interest rate cuts and inflation. Meanwhile, U.S. President Trump intensified his calls for rate cuts, raising his demand to 300 basis points. The trade tariff agenda appears to be heating up again. In addition to the letters sent to 14 countries earlier this week, it was reported that the U.S. sent similar letters yesterday to seven more countries: the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka. Global equity markets remain balanced under this backdrop, with U.S. futures trading negative, while European futures and Asian markets are starting the day in positive territory. On Borsa Istanbul, expectations that a higher withholding tax on deposits could redirect some capital towards equities, the potential finalization of the PKK disarmament timeline, a partial easing of cabinet reshuffle expectations following Fahrettin Altun’s reassignment, and hopes of progress on CAATSA sanctions and rejoining the F-35 program have all supported market sentiment positively over the past 24 hours. We maintain our view that the positive trend in BIST may continue, initially targeting the 10,300 / 10,400 resistance zone, followed by the 10,800 and 11,500 / 12,000 levels, while the 9,800 / 10,000 range remains a key support area during this process. On today’s agenda, domestic data will include industrial production and weekly foreign portfolio flows. In the U.S., weekly jobless claims will be released. Turkey’s 5-year CDS starts the day at 283 basis points.