Daily Bulletin

Good morning. While the initial optimism around Nvidia faded in less than half a day, comments from Fed officials expressing concerns about inflation and showing reluctance regarding a rate cut in December triggered sharp selling pressure across Wall Street. All major U.S. indices have clearly broken below their 50-day exponential moving averages, approaching the 100-day exponential level. Should the current downside momentum persist, the 200-day exponential moving averages—approximately 4% lower—may come into play. If this correction broadens into a global risk-off wave, the recent relative outperformance of Borsa Istanbul could also reverse. We do not assign a high probability to this scenario for now, but we believe it warrants close monitoring. The BIST 100 Index rose 0.70% yesterday, with the top five positive contributors being KOZAL, DSTKF, TCELL, YKBNK, and SAHOL. Companies that have attracted consistent inflows over the past week include ASELS, DSTKF, ENERY, and CCOLA. In the short term, the 11,000 / 11,050 zone stands out as the first resistance region for BIST 100, while 10,900 and the 10,700 / 10,750 band are key support levels. On today’s agenda, PMI data from Europe and the U.S. will be in focus. Turkey’s five-year CDS opened the day at 240 basis points, down five basis points from yesterday.