Daily Bulletin

Good morning. Global risk appetite is positive this morning, with U.S. and European futures, as well as Asian equity markets, generally trading higher. The key drivers include: expectations for earlier rate cuts from the Fed, Apple’s $100 billion investment plan, and progress in U.S. trade negotiations. Heightened commercial pressures on Russia and India, along with geopolitical risks, remain in the background for now. The positive sentiment continues on Borsa Istanbul as well. The BIST 100 index has reached the 10,800–11,000 range, which we previously highlighted as a critical resistance zone. The index's climb toward this level has been supported by strong capital inflows and elevated trading volumes. Additionally, expectations for a potential rate cut from the CBRT and better-than-expected Q2 2025 earnings are further reinforcing the positive trend in the market. So far, only 16% of BIST-listed companies have released their Q2 2025 financial results. The data suggests that the post-March 19 high-interest-rate environment has not created the level of pressure that was initially feared. Notably, banks are generally posting above-expectation results. In the short term, the BIST 100 index may face resistance at the 11,000 and 11,250 levels, while 10,750 and 10,500 are key support zones to watch. Today’s agenda includes the Central Bank of Turkey’s weekly data on foreign transactions, while in the U.S., weekly jobless claims will be in focus. Meanwhile, the demand collection process for the real estate certificate IPO of the Damla Kent Project in Başakşehir, launched through the collaboration of TOKİ and Emlak Konut GYO, is ongoing (August 4–8). More information is available on the Tacirler Yatırım info page, and on the real estate certificate page at gayrimenkulsertifika.com. Turkey’s 5-year CDS risk premium starts the day at 280 basis points.