Daily Bulletin

Good morning. Despite mixed signals regarding the U.S.–China negotiations, global risk appetite remains positive. It is worth noting that yesterday’s sharp declines in precious metals were largely driven by expectations surrounding these talks; however, there is still no deterioration in the main trend for gold. In the short term, the $4,000/oz level serves as key support, while in the medium to long term, $3,600 remains the primary support area. We expect other precious metals such as silver, platinum, and palladium to remain sensitive to movements in gold, though they may continue to show relatively stronger performance for a while. Turning to Borsa Istanbul, the BIST 100 Index continues to hold above the 10,200–10,300 support band, with 10,600–10,700 serving as the near-term resistance zone. Yesterday, the BIST 100 Index declined by 0.16%, with ISCTR, ASELS, TURSG, YKBNK, and KCHOL being the top five contributors to the index’s performance. While there is no broad-based inflow into the index, individual stocks such as EKGYO, TCELL, CCOLA, TUPRS, and VAKBN continue to attract capital. The macroeconomic calendar for the day is relatively quiet, though domestic non-economic developments remain active. Lastly, Turkey’s 5-year CDS premiums have eased by 7 basis points this morning, currently quoted around 263 basis points. Continued improvement in CDS levels would be supportive for the XBANK Banking Index.