Daily Bulletin

Good morning. Nvidia’s stronger-than-expected 3Q25 results are supporting a broad-based risk-on tone led by U.S. equities. However, given the further decline in Fed rate-cut expectations after yesterday’s minutes, we do not expect the Nvidia-driven momentum to be long-lasting. In addition, U.S. authorities announced that October employment data will not be released due to incomplete data collection during the government shutdown. September employment figures, however, are expected to be published today. We anticipate that uncertainties around the Fed’s actions in December and beyond will persist for a while, and as rate-cut expectations continue to be pushed back, the pressure on U.S. equities is likely to remain. Still, Nvidia’s positive spillover may continue to support markets through the end of the week. Following a prolonged period of underperformance relative to global peers, Borsa Istanbul has recently sustained a notable positive divergence. While European markets traded lower yesterday, the BIST 100 Index climbed 1.63% to 10,900 with strengthening turnover and inflows, closing above all of its moving averages. The top five contributors to the index performance were THYAO, AKBNK, DSTKF, YKBNK and BIMAS, while companies attracting consistent inflows over the past week included GARAN, KRDMD, DSTKF, IEYHO, SASA, YKBNK and TUPRS. In the short-term technical setup, the 11,000–11,050 range stands out as the initial resistance zone, while 10,700–10,750 constitutes the first support area. On today’s agenda, domestic data releases include consumer confidence, CBRT reserves and weekly foreign investor flows. In the U.S., September employment data, existing home sales and remarks from Fed officials will be monitored. Turkey’s five-year CDS starts the day at 245 basis points.