Daily Bulletin

Good morning. Growing expectations for a rate cut from the Fed, progress in trade negotiations, and company-specific positive developments are supporting global markets. This morning, U.S. and European futures, along with Asian equities, are broadly trading on a positive note. At Borsa Istanbul, a positive tone continues as expectations for a rate cut by the Monetary Policy Committee (MPC) persist following inflation data that came in below expectations. The BIST 100 index has reached the 10,800 / 11,000 resistance zone, which we had previously highlighted as a near-term resistance area. With the current momentum and ongoing expectations, we believe this range could be surpassed. A move above 11,000 may pave the way for a test of the historical high at 11,250. On the downside, 10,700 and 10,500 are key support levels and should be monitored as potential stop-loss zones at the index level. From a fundamental perspective, upward revisions to BIST 100 index targets continue. Based on the target prices shared by both local and international institutions for individual stocks, the 12-month forward consensus points to a level around 14,200 for the index, implying an upside potential of approximately 30%. As long as expectations for rate cuts from the MPC persist, we anticipate further upward revisions to continue. Therefore, despite the nearly 20% rally over the past one and a half months, we believe existing positions can be maintained. On today’s agenda, the Real Effective Exchange Rate Index is in focus domestically, while PMI figures will be followed abroad. In addition, the subscription period for the real estate certificate public offering of the Damla Kent Project in Istanbul Başakşehir—launched in cooperation with TOKİ and Emlak Konut GYO—is ongoing (August 4–8). Turkey’s 5-year CDS premiums open the day at 280 basis points.