Daily Bulletin

Good morning. Despite positive signals from the U.S.–China negotiations, global risk appetite is starting the new day on a mixed note. The Fed’s message of a 25-basis-point rate cut and the announcement that balance sheet reduction will end in December were received positively, while the comment that “a rate cut at the December 10 meeting is not certain” has limited optimism. U.S. and European futures are flat this morning, while Asian markets are generally trading higher. On Borsa Istanbul, after testing the 11,150 level, the index pulled back below 10,900. In the short term, we expect the consolidation to continue between the 10,700 support and the 11,150 resistance levels. Global influences remain limited at this stage, while the domestic agenda is relatively calm. Listed companies on Borsa Istanbul are releasing their 3Q25 results; so far, only about 10% have reported. It is still early to draw a definitive picture, but banks generally continue to post earnings above expectations, while around 20% of non-bank companies have achieved real year-on-year growth, similar to 2Q25. In today’s macro agenda, growth data from Europe and the U.S. will be in focus. Tomorrow, inflation figures from both regions will be closely watched. The U.S. government shutdown continues into its 30th day, which may cause delays in the release of key data. Turkey’s 5-year CDS premiums remain below 250 basis points, starting the day at 246 bps. A further decline in CDS levels would be supportive for the XBANK Banking Index.