Daily Bulletin

Good morning. Although concerns about elevated valuations, particularly in U.S. technology stocks, persist across global markets, we have yet to observe a notable wave of selling. Despite yesterday’s losses on Wall Street, U.S. futures are trading in positive territory this morning, European futures are flat, and Asian markets are generally higher. At Borsa Istanbul, following a nearly 500-point decline over tshe past three sessions, the index posted a limited rebound of 0.74% yesterday. We expect the recovery to continue today; however, we do not anticipate a meaningful increase in risk appetite unless the 11,250 / 11,300 resistance zone is decisively breached. The 10,900 / 11,000 area can be monitored as an intermediate resistance zone, while 10,600 and 10,300 remain key support levels. The European Union’s plan to impose restrictions on steel imports may exert temporary pressure on Turkish steel producers due to the headline impact; however, since there is no concrete proposal yet, we do not expect this effect to be lasting. Today’s economic calendar is relatively quiet. The U.S. Federal Reserve’s meeting minutes will be released. Given that the government remains shut down, the minutes’ potential to provide guidance for the next meeting is limited, but they will nonetheless be closely followed. Turkey’s 5-year CDS spread starts the day at 259 basis points.