Daily Bulletin

Good morning. Global markets are starting the new day on a positive note. Following the release of weak ISM services data in the U.S., Wall Street experienced a sell-off yesterday. However, ongoing expectations of Fed rate cuts and company-specific news flow are driving a rebound in buying sentiment this morning. U.S. and European equity futures, along with Asian stock markets, are trading in positive territory. Borsa Istanbul ended yesterday flat, yet the positive momentum and the short-term upward trend channel remain intact. In the near term, the 10,650–10,750 range and the 10,500 level can be monitored as support zones, while resistance levels are located at 11,000 and 11,250. Domestically, we are in the midst of the Q2 2025 earnings season. So far, only 13% of BIST-listed companies have reported their financial results. However, the disclosed earnings generally point to a more favorable profitability outlook than expected. This suggests that the higher interest rate environment in Türkiye post-March 19 has not adversely impacted companies as much as initially feared. Notably, banks have broadly outperformed expectations, which is drawing attention. This stronger-than-expected performance is likely to trigger upward revisions in both company target prices and, consequently, the BIST 100 index target. Today's agenda is relatively light. The subscription period continues (August 4–8) for the real estate certificate public offering related to the Damla Kent Project in Istanbul Başakşehir, which is being carried out in cooperation with TOKİ and Emlak Konut REIT. You can access the offering information page by Tacirler Investment, and details about the real estate certificate via gayrimenkulsertifika.com. Türkiye's 5-year CDS started the day at 280 basis points.