Daily Bulletin

Good morning. Global risk appetite is balanced this morning, though it is worth noting that U.S. and European equities closed higher yesterday. In Borsa Istanbul, however, after a negative opening and a brief recovery attempt, the index ended the day down 0.92% at 11,048 points. On the institutional side, outflows remain limited, while modest foreign inflows were observed. From a technical perspective, following a close below the 11,070 support, the psychological 11,000 level and the 50-day exponential moving average at 10,850 will be key supports to watch. On the upside, resistances are located at 11,120 and the 11,250 / 11,300 zone. We expect a recovery attempt in BIST this morning, though momentum remains weak, and the double-top formation formed around 11,500 / 11,600 in August–September still signals potential for a decline toward 10,300. On today’s agenda, the unemployment rate and trade balance will be monitored domestically. In Europe, there are no major data releases, while in the U.S. the housing price index and consumer confidence figures will be in focus. Additionally, efforts to avert a potential “government shutdown” that could disrupt public operations in the U.S., and the related Senate vote, will be closely followed. Turkey’s 5-year CDS premiums start the day at 257 basis points, showing a slight decline once again.