Daily Bulletin

Good morning. Global risk sentiment is exhibiting a moderately constructive tone this morning; while U.S. equity futures are mixed, European futures and Asian markets are trading in positive territory. Forward guidance from the Fed regarding potential rate cuts and renewed asset purchases continues to underpin market appetite, and the upward revisions to growth expectations for the U.S., Europe and China as we move toward 2026 are reinforcing the broader optimism. At Borsa Istanbul, the XU100 Index saw a volatile session yesterday following the MPC’s 150bp rate cut but ultimately closed the day 0.4% higher, reclaiming levels above 11,200. The top five contributors to the index’s upside were BIMAS, TRALT, FROTO, AKBNK and ASTOR. Over the past week, sustained inflows have been notable in AKBNK, MPARK, ASELS, PGSUS and TCELL. From a technical standpoint, resistance levels are monitored at 11,300 / 11,320 and 11,500 / 11,600, while support zones stand at 11,150, 11,070 and 10,900 / 11,000. On today’s agenda, domestic data flow includes the current account balance and the CBRT Market Participants Survey, alongside the first meeting of the Minimum Wage Determination Commission, where headline messages will be in focus. The macro calendar in Europe and the U.S. remains muted, though remarks from several Fed officials speaking at various events today will be monitored for policy cues. Turkey’s five-year CDS starts the day at 220bp. While a gradual compression has been evident for some time, yesterday’s 6bp decline stands out as an additional supportive factor for the banking sector index (XBANK), complementing the MPC’s rate-cut cycle. As a reminder, GARAN and ISCTR remain our preferred names within the Tacirler Investment Model Portfolio. Other holdings include MGROS, THYAO, TUPRS, CCOLA, TKNSA, MAVI, FROTO, TAVHL and TCELL.