Daily Bulletin

Good morning. Despite U.S. markets being closed due to Thanksgiving, expectations of a rate cut from the Fed on December 10 continue to underpin global risk appetite. Borsa Istanbul is attempting to align with this constructive tone, though upward momentum remains constrained. The BIST 100 Index advanced 0.28% yesterday, with ISCTR, ENKAI, TAVHL, TUPRS and YKBNK delivering the strongest positive contributions, while DSTKF, THYAO, KUYAS, GUBRF and ENERY weighed on performance. Over the past week, consistent capital inflows have been notable in EKGYO, VAKBN, HALKB, DSTKF, ASELS, TOASO, ULKER and MPARK. The macro agenda is relatively light. Domestically, October employment data will be monitored, while in Europe, attention will be on the ECB’s 1- and 3-year inflation expectations. Today also marks the final trading session for November-dated VIOP contracts. Position unwinds by individual and institutional investors—particularly arbitrage funds—seeking to avoid physical settlement in equity contracts may translate into corresponding cash-market sales, potentially exerting pressure on Borsa Istanbul. From a technical standpoint, the 10,700–10,800 range remains a support zone for the BIST 100, while 11,000–11,050 continues to serve as the key resistance band. Lastly, Turkey’s 5-year CDS premium opened the day at 240 basis points. A sustained move toward or below 230 bps would signal a more constructive risk perception in favor of TL-denominated assets compared with prevailing pricing dynamics.