Daily Bulletin

Good morning. Despite mixed closings in U.S. equities yesterday, shares of high-multiple technology companies, notably Palantir, came under pressure in after-hours trading as the company’s 2026 forecasts failed to satisfy investors. U.S. and European futures are trading lower this morning, while Asian markets present a mixed picture. In summary, global risk appetite appears weak today. Borsa Istanbul closed above the 11,000 level yesterday for the first time in a month. Supported by increased trading volume and capital inflows, we expect the index to maintain its effort to hold above 11,000 despite external weakness, with 11,150 identified as the first resistance level. Among the names that contributed positively to the index yesterday were EREGL, TURSG, ISCTR, and THYAO, while EREGL, TUPRS, SISE, and VAKBN have stood out for consistent inflows over the past week. Approximately one-third of 3Q25 financial results have been released so far. Overall, based on profitability and growth ratios, 18% of companies have shown year-on-year growth, indicating that the 3Q25 earnings season has been weaker than 2Q25. Nevertheless, upward revisions to target prices continue following financial disclosures. Consequently, the 12-month BIST 100 index target has risen to 15,350, implying a 39% upside potential at the index level. On today’s domestic agenda, the real effective exchange rate index, adjusted inflation data, and the price developments report will be monitored. Abroad, U.S. factory orders and durable goods orders are in focus, although their release may be delayed due to the ongoing government shutdown. Turkey’s 5-year CDS spread starts the day at 245 basis points.