Daily Bulletin

Good morning. Optimism regarding a “preliminary agreement” in the U.S.–China negotiations continues to support global markets. It is expected that the leaders’ meeting will take place on Thursday during the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea. Similar to Friday morning, both U.S. and European futures as well as all major Asian equity indices are trading higher. At Borsa Istanbul, despite a sharp intraday rally to 11,158 following the court’s decision to dismiss the CHP congress case on the grounds of “lack of active hostility and loss of subject matter,” the session closed at 10,941. The BIST 100 Index ended the day up by 3.14%, with the top five contributors being BIMAS, ISCTR, THYAO, YKBNK, and KCHOL. Throughout last week, companies that stood out with strong capital inflows included ISCTR, YKBNK, TUPRS, TCELL, KRDMD, TAVHL, and KCHOL. Looking at this morning, despite the ongoing strength across global equity markets, we expect the decision to detain Istanbul Mayor Ekrem İmamoğlu and several others as part of an espionage investigation to weigh on Borsa Istanbul’s performance. For the BIST 100 Index, 10,700 serves as the initial support level, while 11,150 stands as the first resistance. On today’s domestic agenda, real sector confidence, capacity utilization, and unemployment data will be monitored. Abroad, investors will be watching the 1- and 3-year inflation expectations in Europe, as well as U.S. durable goods orders (which may not be released due to the government shutdown) and the Dallas Fed manufacturing index. Turkey’s 5-year CDS spreads, which declined sharply to 250–252 basis points on Friday, are starting the day at 252 basis points.