Daily Bulletin

Good morning. The recent signs of easing in U.S. tariffs on China triggered a rebound of up to 2% on Wall Street yesterday; however, U.S. futures have turned negative again this morning. Selling pressure is also more dominant across European futures and Asian equity markets. At Borsa Istanbul, despite the positive tone in U.S. and European markets yesterday, the BIST 100 Index declined by 1.53%, breaking below the 10,600–10,700 support zone and closing the day at 10,556 — around the 100-day exponential moving average. This area can now be monitored as a resistance zone, while the next key support lies between 10,200 and 10,300. Given the weakening momentum in the BIST and the negative outlook in global markets this morning, we expect the pullback to continue. Nevertheless, based on the target prices of individual companies, our 12-month BIST 100 Index projection remains around the 15,000 level. That said, the absence of a clear catalyst to drive the index toward this target — amid trimmed expectations for a rate cut by the CBRT, ongoing political developments, and other uncertainties — makes it challenging for the market to sustain upward momentum. In this context, Friday’s forthcoming decision by Standard & Poor’s regarding Turkey’s credit rating and outlook, as well as next week’s key events — the October 23 CBRT meeting and the October 24 CHP Congress Court case — will be of particular importance. The daily agenda is relatively quiet. Turkey’s 5-year CDS premium opens the day at 266 basis points.