Daily Bulletin

Good morning. Global risk appetite is hovering in mildly positive territory this morning. Despite supportive developments such as the USD 200 billion support package announced for the U.S. housing sector, upward revisions to growth forecasts, and rate-cut signaling from Fed officials, U.S. equity futures are trading flat. European futures and Asian equity markets, on the other hand, are generally in positive territory. In Borsa Istanbul, following the rebound from the 11,900 support level yesterday, the BIST 100 Index closed at 12,088, posting a daily gain of 0.5%. The top five contributors to the upside were DSTKF, PASEU, ASTOR, THYAO, and BIMAS, while SASA, TUPRS, TRALT, ASELS, and DAPGM weighed negatively on the index. Over the past week, ASTOR, BIMAS, VAKBN, and ENKAI have stood out with consistent fund inflows. From a technical perspective, the 11,800 / 11,900 band can be monitored as the nearest support zone, while 12,150 / 12,200 constitutes the key resistance area. On today’s domestic agenda, November industrial production data will be in focus. In November, intermediate goods imports excluding gold and energy declined by 3.4% month-on-month, while recording a 6.8% increase on an annual basis. Another leading indicator, the Istanbul Chamber of Industry (ISO) Turkey Manufacturing PMI, rose from 46.5 to 48 in November, marking its highest level since February. In line with these leading indicators, we estimate that calendar-adjusted industrial production may post an annual increase of around 4% in November. Turkey’s 5-year CDS spreads start the day at 217 basis points.