Daily Bulletin

Good morning. Profit-taking activity and pullbacks from record highs continue across global equity markets. This trend is largely driven by expectations for Fed rate cuts being pushed further out, along with a reduction in the total number of cuts anticipated for the upcoming period. In addition, concerns around elevated valuations—particularly among AI-focused technology names in the U.S.—are contributing to the selling pressure, with momentum loss rapidly dragging overall risk sentiment into negative territory. Tonight’s release of the Fed minutes and Nvidia’s earnings will be key in determining the market’s next direction. The Fed minutes are scheduled for 22:00 local time, followed by Nvidia’s results at 00:20 and the company’s analyst call at 01:00. Turning to Borsa Istanbul, a modestly positive trend continues, largely independent of external dynamics. After underperforming global markets by more than 20% throughout the year, BIST is now showing slight positive divergence while global markets retreat. That said, if external pressure intensifies and broad-based global selling accelerates, BIST is also likely to remain vulnerable. Yesterday, the BIST 100 Index rose 0.28%, with TUPRS, KUYAS, BIMAS, KOZAL and AKBNK providing the most positive contribution. Over the past week, companies attracting steady inflows include DSTKF, GARAN, ASELS, TUPRS, SASA and PETKM. This morning, we expect BIST to maintain its footing in the 10,700–10,800 range, while the 10,580–10,630 zone will be monitored as support. On today’s agenda, markets will follow Eurozone inflation data, U.S. August trade figures, the Fed minutes and Nvidia’s earnings. Turkey’s five-year CDS starts the day at 247 basis points.