Daily Bulletin

Good morning. Global risk appetite is starting the new week on a positive note. In the U.S., concerns that emerged on Friday regarding troubled loans appear to be contained, with no signs of a broader credit issue. Additionally, optimism over progress in U.S.–China relations is supporting buying sentiment across U.S. and European futures as well as Asian equity markets this morning. At Borsa Istanbul, after a pullback to the 10,000 level on Friday, the index closed near the lower boundary of the 10,200–10,300 resistance zone at 10,208. Despite intraday rebound attempts and limited capital inflows, the technical outlook remains weak on both daily and weekly time frames. Today, we expect rebound attempts to continue, with 10,200–10,300 and 10,500–10,600 as resistance zones, and 9,950–10,000 and 9,500–9,600 as support areas. From a long-term perspective, valuation-based models imply a 12-month BIST 100 index target of around 15,200, suggesting approximately 49% upside potential. However, in the near term, we are in a market phase where identifying catalysts that could drive the index toward this target remains challenging. This week’s agenda includes the CBRT interest rate decision and the CHP Congress court case, among other legal developments to be closely monitored. On the global front, U.S.–China relations, the Russia–Ukraine war, and the Gaza conflict will remain in focus for investors. Turkey’s 5-year CDS spreads start the day at 274 basis points.