Daily Bulletin

Good morning. Despite the U.S. government reopening, cautious remarks from several Fed officials suggesting that a rate cut may not materialize in December and the selling pressure on technology stocks triggered pullbacks of up to 2% in U.S. equities yesterday. European markets mirrored the weakness yesterday, while Asian markets followed the U.S. sell-off this morning. Futures are trading flat at the open. In terms of Fed-related pricing, expectations for the first rate cut have now been pushed out to March 2026. We will likely see a steady stream of headlines and official commentary in the coming period, driving ongoing shifts in market sentiment. Accordingly, Fed-driven volatility is expected to persist at least until the December 10 FOMC meeting. While the impact on TL-denominated assets may remain contained, global equities and precious metals could be more sensitive to this volatility. In Borsa Istanbul, the BIST 100 dipped 0.11% yesterday. TUPRS, THYAO, KOZAL, ENERY, and CANTE contributed positively to the index, while ASELS, BIMAS, SASA, KUYAS, and PASEU weighed on performance. Companies that have attracted steady inflows over the past week include VAKBN, CIMSA, OYAKC, TTKOM, TOASO, and SISE. Today, in line with the external selling pressure, the support level at 10,580—tested over the past three sessions—may come under pressure once again. On any rebound, the 10,700 / 10,800 resistance band will be the key zone to monitor. On the data front, the agenda includes the CBRT Market Participants Survey domestically, growth data in Europe, and U.S. retail sales. Turkey’s five-year CDS starts the day at 245 basis points.