Daily Bulletin

Good morning. In U.S. and European markets, we are seeing consolidation near peak levels and some rebound buying ahead of the Fed. In Europe, positive comments on 2026 growth expectations are also supporting risk appetite. In Borsa Istanbul, ahead of the November inflation data to be released today, there is a movement above 11,000 followed by continued consolidation at this level. At 10:00 AM, along with the market open, we expect the monthly CPI to increase by 1.2% and the annual CPI to decline from 32.9% to 31.5%. This decline could raise interest rate cut expectations at the December 11 MPC meeting from around 100 basis points to 200–250 basis points, which could support a continuation of the BIST rally led by banks. A monthly CPI close to 2% would, however, trigger selling in BIST. Yesterday, the BIST 100 Index rose 0.06%, with the top five positive contributors being BIMAS, THYAO, AKSEN, HALKB, and TCELL; the top detractors were DSTKF, YKBNK, TAVHL, TUPRS, and MAGEN. Over the past week, companies attracting consistent capital inflows were VAKBN, TCELL, ASELS, KCHOL, EKGYO, ASTOR, ALARK, ULKER, and OYAKC. On today’s agenda, in addition to Turkey’s inflation data, PMI figures in Europe and the U.S., European PPI, and U.S. housing and production-focused data will be monitored. Turkey’s five-year CDS spreads start the day at 236 basis points. It should be noted that we are now in the most optimistic pricing zone for TL assets since 2018, and a level below 230 basis points could provide additional support to the XBANK Banking Index alongside MPC expectations.