Daily Bulletin

Good morning. In addition to the numerous topics being monitored in the U.S., sentiment in the markets weakened yesterday after negative news regarding regional banks’ loan portfolios and indications in some earnings reports that portions of their loan books had been written off. At present, there are no expectations of a systemic credit risk spreading to major U.S. banks or other nationwide financial institutions; however, renewed concerns over credit quality—an issue deeply associated with the 2008 financial crisis—have dampened market morale. Following yesterday’s declines, U.S. equity futures remain in negative territory this morning. Similarly, we are observing selling pressure across European futures and Asian markets. In Borsa Istanbul, the index fell by nearly 1% yesterday, once again approaching the critical 10,200–10,300 support range. We believe holding above this zone is crucial, as the neckline of the double-top formation formed around 10,500 coincides with this level. A sustained move below 10,300 could technically open room for a decline toward the 9,000 level. Therefore, maintaining a cautious stance and closely monitoring support levels is advisable. Today’s agenda includes the CBRT Market Participants Survey domestically, inflation data from Europe, and housing sector indicators from the United States. Turkey’s 5-year CDS spreads start the day at 267 basis points.