Daily Bulletin

Good morning. Global risk appetite remains under pressure as expectations for Fed rate cuts have been pushed out to March 2026 and selling has intensified in major technology stocks. Following yesterday’s declines of up to 1% in U.S. and European equity markets, futures and Asian indices are also broadly weaker this morning. In Borsa Istanbul, however, modest inflows and rising trading volumes supported a 1.3% rebound, enabling the index to close back above the 100-day exponential moving average after one week. The BIST maintained a relatively resilient and upbeat tone compared with global markets. Yesterday, the top five positive contributors to the index were ASELS, TUPRS, KCHOL, KOZAL, and HALKB, while KOZAL, AKENR, RALYH, ULKER, and SASA stood out for consistent inflows over the past week. Fitch’s decision to upgrade the long-term foreign-currency ratings of Ziraat Bank, Vakıfbank, and TSKB from B+ to BB-, and Arab Turk Bank from B to B+, may offer additional support to banking stocks this morning. We expect the recovery attempts in Borsa Istanbul—largely decoupled from the weakness abroad—to continue today. In the short term, 10,580 and 10,440 remain key support levels, while 10,700 / 10,800 serve as the primary resistance zone. On today’s agenda, domestic markets will follow the housing price index, while U.S. factory orders and durable goods orders will be monitored abroad. Turkey’s five-year CDS opens the day at 246 basis points.