Daily Bulletin

Good morning. Global risk appetite remains broadly positive. In the U.S., expectations that the government shutdown will not be prolonged and buying interest in technology stocks continue to support Wall Street. U.S. and European futures, along with Asian equities, are trading higher this morning. At Borsa Istanbul, following nearly 3.5% gains from the day’s lows the previous session, profit-taking yesterday led to a 1.2% decline, with the index closing at 11,082. The top five contributors to the index were TCELL, GRTHO, PGSUS, MPARK, and AKSA, while the main negative contributors were DSTKF, AKBNK, ISCTR, YKBNK, and GARAN. From a capital inflow perspective, PGSUS, EKGYO, TCELL, EREGL, and BIMAS stood out. Overall, momentum loss in Borsa Istanbul persists; however, this reflects more of a sideways range-bound movement rather than a sharp correction. The index can be tracked within a narrow band of 10,800–11,300 and a wider range of 10,300–11,600. Unless there is a meaningful shift in risk appetite—either positive or negative—this consolidation within the bands is likely to continue. On today’s agenda, September inflation data in Turkey takes center stage. Monthly CPI is expected around 2.5%, which would bring annual CPI down from 33% to approximately 32.5%. In the U.S., due to the government shutdown, weekly jobless claims and factory orders were not released yesterday, and today’s nonfarm payrolls report is also not expected to be published. The longer this process continues, the lower the expectations for a Fed rate cut at the October 29 meeting, which would be negative for markets. Meanwhile, Turkey’s 5-year CDS spreads opened this morning at 256 basis points.