Daily Bulletin

Good morning. Despite the U.S. PPI data released yesterday coming in well above expectations, markets continue to price in a Fed rate cut on September 17. In addition, expectations surrounding the Trump–Putin Summit, scheduled to take place tonight at 10:30 p.m. Turkish time in Alaska, are also supporting global equities. U.S. and European futures, as well as Asian markets, are broadly trading higher this morning. In Borsa Istanbul, however, political developments at home and the failure to hold above the 11,000 level have led to a pullback toward the 10,800 support. The 10,500–10,800 range represents a critical support area and can be monitored as a stop-loss zone on an index basis, while the 11,000–11,100 range serves as the first resistance zone. On today’s macroeconomic agenda, the CBRT’s Sectoral Inflation Expectations Survey and budget balance will be followed domestically. In the U.S., a crowded calendar includes retail sales, import and export price indices, industrial production, capacity utilization, and confidence indices. Turkey’s 5-year CDS premiums start the day at 270 basis points.