Daily Bulletin

Good morning. Despite pronounced selling pressure in U.S. and European equity markets on Friday, index futures are starting the new week on a positive footing. In Asia, however, the weak outlook persists. This week, U.S. non-farm payrolls data—which are normally released on the first Friday of each month—will be announced tomorrow due to delayed data collection during the government shutdown. Subsequently, PMI figures, inflation data, and housing market indicators will be closely monitored. In Europe, the ECB’s interest rate decision will be in focus. In Japan, the BoJ’s policy decision will be followed, with expectations pointing to a rate hike from 0.50% to 0.75%. In the domestic market, Borsa Istanbul, which has maintained an upward momentum over the past two weeks, closed last week at 11,311. This marks the first close above 11,300 since August and the second such occurrence in BIST history. On Friday, the index advanced by 0.7%, with the largest positive contributions coming from TCELL, YKBNK, FROTO, KUYAS, and THYAO. Over the past week, AKBNK, BIMAS, PGSUS, and AEFES stood out with consistent fund inflows. From a technical perspective, the 11,500 / 11,600 historical peak zone can be monitored as the first resistance area, while the nearest support is located in the 11,070 / 11,150 range. On today’s agenda, November central government budget balance data and a TLREF-linked bond auction will be tracked domestically. In Europe, industrial production data will be released, while in the U.S., the Empire State Manufacturing Index and statements from Fed officials will be in focus. Turkey’s five-year CDS spreads start the day at 216 basis points. The easing trend continues to provide a supportive backdrop for the XBANK Banking Index. We would like to reiterate our preference for GARAN and ISCTR within the Tacirler Investment Model Portfolio. Other holdings in the Model Portfolio include MGROS, THYAO, TUPRS, CCOLA, TKNSA, MAVI, FROTO, TAVHL, and TCELL.