Daily Bulletin

Good morning. Global risk appetite remains broadly intact midweek; in the U.S., following the Senate’s 60-to-40 approval of the temporary budget bill aimed at reopening the government, attention now turns to the House vote expected today or tomorrow and the subsequent signing process. The upward momentum seen in U.S. and European indices toward record highs yesterday is being maintained in futures markets this morning. In Asia, although the picture remains mixed, there are signs of recovery efforts. On the domestic front, the weak trend in Borsa Istanbul persisted yesterday. The BIST 100 index closed the day down 1.97% at 10,576 points, after dropping as low as 10,373 during the session, with selling pressure seen across a broad base. The banking index fell 2.4%, while the holding index declined 1.3%. Political news flow in the afternoon came to the forefront, as renewed political risks weighed on sentiment. Despite short-term fluctuations, long-term expectations for Borsa Istanbul remain intact. Technically, the 10,500–10,450 range stands as the first intraday support zone, while 10,800 and 10,900 serve as initial resistance levels. The main resistance area is located between 11,000 and 11,100. The 12-month BIST 100 index target has been raised to 15,500, implying an upside potential of over 45% on an index basis. Today’s domestic agenda includes the release of September’s current account balance. Abroad, machinery orders from Japan, CPI data from Germany, and weekly mortgage applications from the U.S. will be monitored. Turkey’s 5-year CDS spread starts the day at 241 basis points.