Daily Bulletin

Good morning. The weaker-than-expected U.S. employment data for July, combined with sharp downward revisions to the June figures and an increase in the unemployment rate from 4.1% to 4.2%, triggered significant sell-offs in global equity markets on Friday. However, looking at this morning’s session, renewed expectations for Fed rate cuts and progress in trade negotiations are supporting buying interest in U.S. and European futures, as well as in Asian markets excluding Japan. In summary, global risk appetite is off to a positive start this week. Borsa Istanbul ended last Friday on a flat note, but we expect a positive opening to the new week. From a technical standpoint, the 10,800 – 11,000 zone continues to serve as a near-term resistance target, while 10,640 and 10,500 are key support levels to monitor. On today’s economic agenda, the focus domestically will be on the July inflation data. We estimate that the monthly CPI will rise by 2.4%, leading to a decline in the annual inflation rate from 35.1% to 34%. Following the data, expectations for a rate cut from the Central Bank’s Monetary Policy Committee (MPC) are likely to persist. Abroad, investor sentiment in the Eurozone (Sentix Index), as well as U.S. factory orders and durable goods orders, will be closely followed. Additionally, today marks the start of the subscription period for the real estate-backed securities offering of the Damla Kent Project in Başakşehir, Istanbul — a joint initiative by TOKİ and Emlak Konut GYO. The offering will be open for subscription throughout the week (August 4–8). For details regarding the public offering, you may visit the information page provided by Tacirler Yatırım , and further details about real estate certificates can be accessed at gayrimenkulsertifika.com Turkey’s 5-year CDS spread starts the day at 285 basis points.