Daily Bulletin

Good morning. The dovish remarks delivered by Fed officials over the past two days have strengthened expectations for a rate cut at the December meeting, prompting a rebound in U.S. equities. While this optimism continues to rest on a fragile foundation, it may still provide short-term support to global markets. Major U.S. indices rose between 0.44% and 2.69% yesterday, whereas U.S. futures are slightly negative this morning. European futures are trading lower amid concerns that the region is lagging in the AI cycle and growing worries about local economies, while in Asia, yesterday’s gains in the U.S. are being priced in this morning. At Borsa Istanbul, the loss of momentum seen on Friday extended into yesterday with a 0.3% decline; however, foreign inflows, fresh capital entry and a pickup in trading volume compared to the previous session were notable. Yesterday’s pullback was driven by weakness in TUPRS due to concerns over declining refinery margins, BIMAS on expectations of a significant minimum-wage increase, and TRALT (formerly KOZAL), which saw profit-taking after a sharp recent rally. The main positive contributors to the index were AKBNK, YKBNK, ENKAI, AEFES and KONTR, while companies standing out with consistent inflows over the past week included AKBNK, SAHOL, DSTKF, AKENR, ENERY and ALKLC. In the BIST 100 index, the 10,700–10,800 band remains a support zone, while 11,000–11,050 continues to act as resistance. Today’s agenda includes the CBRT’s sectoral inflation expectations survey domestically, and in the U.S., a heavy data flow covering inflation, consumption and the housing market will be monitored. Türkiye’s five-year CDS remains stable, starting the day at 244 basis points, unchanged from yesterday morning.