Daily Bulletin

Good morning. Global markets are starting the new week with strong risk appetite. Optimism is being supported by reports that Democrats and Republicans in the U.S. have reached an agreement on a temporary budget, signaling that the 40-day government shutdown may soon come to an end. U.S. and European futures are trading sharply higher this morning, while Asian markets are also posting solid gains. In South Korea, tax cuts on dividend income and new stimulus measures are driving advances of up to 3%. In Borsa Istanbul, the index declined by 1.3% on Friday, falling back below the 11,000 level. The main reason was the Central Bank of Turkey’s fourth Inflation Report of the year, where the 2025 inflation forecast range was revised upward from 25–29% to 31–33%, accompanied by a message that tight monetary policy will remain in place. The decline was mainly driven by selling pressure on bank stocks. On Friday, the top five contributors to the index were MGROS, IEYHO, BIMAS, TURSG, and KOZAL, while the companies that stood out with consistent capital inflows throughout last week were MGROS, TUPRS, KCHOL, SKBNK, and DOHOL. Today, we expect to see renewed attempts by the BIST to move back above the 11,000 level. The 10,800–10,850 range will serve as the first support zone, while 11,100–11,150 will be monitored as the initial resistance area. On today’s agenda, domestic markets will focus on September industrial production data, which will provide insights into third-quarter growth performance. Abroad, Sentix investor confidence in Europe and U.S. wholesale inventories will be followed. Turkey’s 5-year CDS premium starts the day at 249 basis points.