Daily Bulletin

Good morning. As expectations for Fed rate cuts continue to strengthen, the discussion around who will lead the Fed after Chair Powell is increasingly gaining traction. The common thread among the prominent candidates is their alignment with President Trump’s calls for rate reductions. Accordingly, we expect both the timeline for rate-cut expectations to be pulled forward and the total anticipated cuts over the next 1–2 years to rise. U.S. equities have been pricing in this scenario, with rebound moves from the 100-day exponential moving averages extending into a third consecutive session. This morning, U.S. and European futures, along with Asian markets, remain in positive territory. At Borsa Istanbul, the index slipped 0.28% yesterday; DSTKF, HALKB, THYAO, ISCTR and AKBNK contributed positively, whereas ASELS, TUPRS, SASA, PASEU and ECILC weighed on performance. Companies drawing attention with consistent inflows over the past week included SAHOL, ISCTR and OYAKC. From a technical perspective, the 10,700–10,800 band in the BIST 100 remains a support zone, while 11,000–11,050 continues to act as resistance. Two key agenda items stand out today. First, investors who have met the required certificate thresholds for the Emlak Konut Damlakent Project will be able to submit their primary acquisition applications starting today. Second, at 21:00, CBRT Governor Fatih Karahan will hold a live broadcast on Monetary Policy and the Macroeconomic Outlook. There are no major data releases in Europe today, while in the U.S., weekly jobless claims, durable goods orders, Chicago PMI and the Fed’s Beige Book will be monitored. Türkiye’s five-year CDS remains stable, starting the day at 243 basis points.