Daily Bulletin

Good morning. Led by technology stocks, U.S. equities experienced sharp declines yesterday, with major indices falling by up to 2%. This morning, selling pressure continues across U.S. and European futures as well as Asian markets, indicating that global risk appetite remains notably weak. Borsa Istanbul declined by 1.3% yesterday, partially reflecting the external pressure in local markets, bringing the BIST 100 index back below the 11,000 level. We expect the weakness in global sentiment to weigh on the market again today; however, we anticipate the index will maintain support above the 10,700–10,800 zone, with 11,150 remaining the key resistance level. On today’s agenda, PMI data from Europe and the U.S., along with U.S. private sector employment figures, will be closely watched. Turkey’s 5-year CDS spread starts the day at 247 basis points. We believe the recent increase in CDS levels primarily mirrors global pricing trends rather than Turkey-specific risk repricing.