Daily Bulletin

Good morning. In the U.S., the July inflation data, scheduled for release today at 3:30 p.m. local time (TSI), is expected to show an increase in annual CPI in both headline and core figures, which brought selling pressure to U.S. equities yesterday. However, as of this morning, U.S. and European futures, along with Asian markets, are generally trading in positive territory. The BIST 100 index, which yesterday closed above the 11,000 level for the first time since July 2024, is maintaining its positive momentum. Given the ongoing cumulative capital inflows, we expect the upward trend in BIST to continue. The historical high of 11,250 (in TL terms) remains the short-term target. Moreover, expectations for interest rate cuts from the CBRT, the relatively favorable trend in Q2 2025 earnings, and the supportive performance of global equities point to a potential move towards the 11,500–12,000 range. In this process, the 10,800 and 10,500 levels can be monitored as support zones. For 12-month targets on the BIST 100 index, upward revisions continue, with the latest averages approaching 14,500. On today’s agenda, domestic markets will follow the June current account balance data and Treasury auctions, while abroad, the focus will be on U.S. inflation data. Turkey’s 5-year CDS premium starts the day at 277 basis points.