Daily Bulletin

Good morning. Global risk appetite appears balanced this morning. Following yesterday’s buying in U.S. technology stocks, U.S. and European futures are trading flat, while Asian markets continue to see gains. In the U.S., the government shutdown has entered its 37th day, marking the longest closure in history, with the estimated economic cost so far ranging between 75 and 150 billion dollars. Additionally, a noticeable downside pressure on Q4 2025 growth is expected. Meanwhile, the tariffs imposed by the Trump administration are being reviewed by the U.S. Supreme Court to determine whether they exceed the president’s emergency powers. During a 2.5-hour session yesterday, the Court heard arguments from both sides. Turning to Borsa Istanbul, the BIST 100 Index rose 0.52% yesterday, with the top five positive contributors being TUPRS, DSTKF, TTKOM, YKBNK, and MAGEN. Companies that have attracted consistent capital inflows over the past week include TUPRS, MGROS, AKBNK, and CCOLA. Today’s domestic agenda includes monitoring the CBRT’s reserves and weekly foreign transactions, while in Europe, retail sales will be released. In the U.S., wholesale inventories and comments from Fed officials will be followed. Turkey’s 5-year CDS spread starts the day at 244 basis points.