Daily Bulletin

Good morning. Global risk appetite remains balanced. Expectations of a Fed rate cut continue to dominate the agenda; however, with six weeks until the next meeting, data-driven volatility is likely to persist. Domestically, while the political atmosphere still weighs on the market, tensions have partially eased, leading the BIST 100 Index to rise by 2.23% on Friday and close near the 11,300 resistance level. We are also seeing capital inflows and foreign purchases. With the continuation of positive momentum in BIST, the historical peak zone of 11,500 / 11,600 can be monitored as the initial target area. Maintaining this momentum could allow the index to surpass this zone and move toward the 12,000 level. Short-term support levels are at 11,130 and the 11,000 / 11,050 range. Based on our consensus calculation, the 12-month BIST 100 Index target has approached around 15,000 again, offering a potential 32% return at the index level. With continued rate cuts from the Central Bank and a further decline in CDS spreads, we could see upward revisions in these targets. Turkey’s 5-year CDS premium starts the day at 239 basis points. Today’s agenda is calm; later in the week, growth-focused data from Europe and the U.S., as well as U.S. inflation data, will take center stage. Beyond the data, President Erdoğan’s meetings in the U.S. and the expected September 25 meeting with U.S. President Trump will also be closely followed.