Daily Bulletin

Good morning. Global markets are starting the week on an upbeat note as investors await the Fed’s rate decision. U.S. and European futures, as well as Asian equity markets, are broadly higher this morning. Domestically, markets will be focused on the outcome of the case at Ankara’s 42nd Civil Court of First Instance regarding the CHP’s 38th Ordinary Congress held in November 2023 and the 21st Extraordinary Congress held in April 2025. On Friday, the Borsa İstanbul slipped only 0.10% and stayed just below 10,400, indicating a wait-and-see mode that could persist today until the court decision is announced. Possible rulings such as the appointment of a trustee or a “null and void” decision have been partially priced in after the September 2 ruling on the CHP Istanbul Provincial Organization, but such an outcome would still bring additional selling pressure to the BIST; conversely, rejection or postponement of the case could be priced positively. In terms of technical levels for the BIST 100 index, 10,250 and the 10,000 / 10,050 band are the initial supports, while 10,500 and 10,750 stand as the first resistance levels. Last week, companies attracting steady inflows included YKBNK, TCELL, TOASO, MPARK, EKGYO and ISCTR. In the event of a rebound, these stocks could show more pronounced positive pricing. Beyond these, you can track other companies with ongoing inflows through our “Audio Bulletin” shared every morning with Tacirler Yatırım clients. On today’s agenda, in addition to the CHP Congress Case, domestic budget balance data and Treasury auctions will be monitored, alongside foreign trade data from Europe. Turkey’s 5-year CDS spreads are starting the day at 265 basis points. For TL-denominated assets to see meaningful positive pricing, the spread would need to fall below 250 basis points.