Daily Bulletin

Good morning. The tension escalated after Israel struck the Presidential Palace and the General Staff Headquarters in Damascus, the capital of Syria, but it is now easing with reports that a ceasefire has been reached in the city of Suwayda and that units affiliated with the Syrian army have withdrawn. However, this development, which serves as a reminder of geopolitical risks, is likely to keep markets cautious for some time. In the U.S., tensions between President Trump and Fed Chair Powell continue. Most recently, Trump stated that he is not currently considering removing Powell from his position. Looking at global markets, U.S. futures are trading in negative territory this morning, European futures are positive, and Asian markets are mixed. On Borsa Istanbul, after a positive opening yesterday, news of Israel’s strike on Damascus triggered a nearly 3% intraday pullback, followed by a rebound of nearly 2%. The BIST 100 index ultimately closed the day down by 1.02% at 10,121 points. A continuation of the rebound may be seen today, with resistance levels at 10,300 and 10,450, and the 9,800 / 10,000 range acting as a key support zone. On today’s agenda, domestic focus will be on the housing price index, housing sales data, and statements following the Presidential Cabinet meeting. In Europe, inflation (CPI) data will be followed, while in the U.S., attention will be on retail sales, import–export price indexes, weekly jobless claims, and the Philadelphia Fed Business Outlook Index. Turkey’s 5-year CDS premiums start the day at 293 basis points.