Daily Bulletin

Good morning. The U.S. CPI headline figure coming in below expectations, followed by increased expectations for a Fed rate cut, is driving gains in global equities. After gains exceeding 1% on Wall Street yesterday, U.S. and European futures are trading positive this morning, while Asian markets are also seeing broadly strong buying. These gains are further supported by progress in trade negotiations and expectations surrounding the Trump–Putin summit scheduled to take place in Alaska on Friday. The BIST 100 index failed to hold above the 11,000 level yesterday and, pressured by non-economic developments, declined by 0.76% to close at 10,954. This morning, in line with the strong global sentiment, we expect an attempt to reclaim the 11,000 level. In the short term, the 11,050–11,100 range and the 11,250 level can be monitored as resistance, while supports are at 10,800 and 10,500. Approximately half of the companies listed on Borsa Istanbul have announced their 2Q25 results. According to the reported figures, 82% of companies included in surveys with net profit expectations posted results above estimates. This indicates that the post–19 March high-interest-rate environment in Turkey has not pressured corporate financials as much as feared. As a result, we are generally seeing upward revisions to target prices, which is bringing the BIST 100 index target back toward 14,500. On today’s agenda, domestic housing sales will be monitored. The global calendar is quiet, but attention will be on messages from an online summit expected to be held today between U.S. President Trump, Ukrainian President Zelensky, and European leaders. Turkey’s 5-year CDS premiums start the day at 275 basis points.