Daily Bulletin

Good morning. Expectations that the first interest rate cut following the Fed will occur in June, coupled with negative news flow surrounding AI-focused business models, are weighing on technology stocks in U.S. equities. U.S. and European futures, as well as Asian markets, are trading in negative territory this morning. While profit-taking from peak levels may persist for some time, no critical technical support levels have been breached so far. In contrast, the positive momentum continues in Borsa Istanbul. The BIST 100 Index closed yesterday up 1.3% at 11,456. The top five contributors to the index were ASELS, BIMAS, AKBNK, ASTOR, and YKBNK. Stocks that have stood out with consistent capital inflows over the past week include ASTOR, AKBNK, BIMAS, ASELS, GARAN, KCHOL, TAVHL, PGSUS, CCOLA, and MGROS. According to Borsa Istanbul data, the top five stocks most purchased by foreign investors in November were TUPRS, TTKOM, ISCTR, AKBNK, and KCHOL. 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 11,200 / 11,250 range. On today’s agenda, domestic housing price index data will be followed, along with PMI figures in Europe and November employment data in the U.S. U.S. nonfarm payrolls will be particularly influential on Fed-related expectations. An employment increase below 50,000 could bring forward expectations for the first rate cut, whereas a stronger reading would reinforce June expectations and may trigger additional selling pressure in U.S. equities. Turkey’s five-year CDS spreads start the day at 215 basis points. The ongoing easing trend continues to provide support for the XBANK Banking Index. We reiterate our preference for GARAN and ISCTR in the Tacirler Investment Model Portfolio. Other holdings in the Model Portfolio include MGROS, THYAO, TUPRS, CCOLA, TKNSA, MAVI, FROTO, TAVHL, and TCELL.