Daily Bulletin

Good morning. Global risk appetite remains stable. Despite partial sell-offs in the U.S. and Europe yesterday, futures are trading positive this morning, while Asian markets are mixed. The most notable development this morning is the approval of “Israel’s plan to occupy Gaza,” which could heighten geopolitical risk perception. Although no significant market impact has been observed yet, reactions from neighboring countries and other parties could influence markets in the coming period. Domestically, positive momentum persists. Yesterday, the BIST 100 index tested above 11,000 for the first time in a year and closed the day up 0.50% at 10,956 points. We expect the index to remain within its upward trend channel and believe that 11,050 and 11,250 should be monitored as short-term resistance levels, while 10,750 and 10,500 can be followed as support levels. The release of 2Q25 financial results continues. Banks are generally standing out with earnings surpassing expectations, while non-bank companies are also showing a more positive outlook compared to previous quarters. So far, only 19% of BIST-listed companies have announced their 2Q25 results, but the figures published to date indicate that the higher interest rate environment since March 19 has not exerted as much pressure as feared. In addition to corporate earnings, ongoing expectations for a rate cut from the Monetary Policy Committee (MPC) remain supportive for the BIST. Today’s agenda is relatively quiet. The final day for subscription orders in the public offering of the Damla Kent Project’s real estate certificate (DMLKT) in Başakşehir, Istanbul, is today. More information on the public offering is available on Tacirler Yatırım’s information page, while details about the real estate certificate can be found at gayrimenkulsertifika.com. Turkey’s 5-year CDS premiums start the day at 277 basis points.