Daily Bulletin

Good morning. Although the Fed minutes indicated that rate cuts could continue, the U.S. government shutdown process is still ongoing, and no short-term resolution appears likely. Despite this, buying interest in AI-focused technology companies led to further gains on Wall Street yesterday. U.S. and European futures are trading flat this morning but appear to be in search of direction, while Asian markets are generally positive. At Borsa Istanbul, after an initial rebound attempt toward 10,900, the BIST 100 index came under pressure throughout the day and retreated toward the 10,700 levels. The 10,600 / 10,700 range can be monitored as the first support zone, while 10,900 / 11,000 serves as the first resistance area. On a broader scale, 10,200 / 10,300 remains the key near-term support region, and 11,250 / 11,300 is the main resistance range. The 12-month target level for the BIST 100 index continues to hover around 15,000. Today’s domestic agenda includes industrial production data, CBRT reserves, and weekly foreign transactions. In the U.S., Fed Chair Powell’s speech at 15:30 (GMT+3) will be closely followed. Additionally, market participants will monitor news flow following reports of a ceasefire agreement between Hamas and Israel. Turkey’s 5-year CDS premiums start the day at 259 basis points, maintaining a relatively flat outlook in recent sessions. As a reminder, next Friday evening after the market close, S&P is expected to release its credit rating assessment for Turkey. In the event of a rating upgrade or a shift to a positive outlook, CDS spreads may experience renewed easing.