Daily Bulletin

Good morning. Following the partial easing of Iran-related tensions and messages from the U.S., we observe that geopolitical risk perception has moderated to some extent, leading to a 4% pullback in oil prices from the recent peaks. On the equity side, market conditions remain broadly range-bound. Aside from the sell-off in U.S. technology stocks yesterday, the overall tone in U.S. markets was relatively calm. This morning, U.S. futures are trading slightly in negative territory, while European futures are mildly positive and Asian markets display a mixed outlook. In Borsa Istanbul, despite the index testing a new all-time high in TL terms at 12,444, the session closed 0.13% lower at 12,370. The top positive contributors to the index were TUPRS, KCHOL, CCOLA, KLRHO, and ASTOR, whereas BIMAS, THYAO, KTLEV, ASELS, and TAVHL weighed negatively on performance. Over the past week, stocks attracting consistent fund inflows include KCHOL, TUPRS, ASTOR, EREGL, AEFES, MGROS, HALKB, and TAVHL. From a technical perspective, 12,500 and the 12,800 / 13,000 range stand out as resistance levels, while 12,000 / 12,200 constitutes the main support zone. Regarding today’s agenda, domestically budget balance data, CBRT reserves, and weekly foreign investor flows will be monitored. In Europe, industrial production data will be in focus, while in the U.S., labor market-related indicators and communications from Fed officials will be closely followed. Expectations for the first Fed rate cut have recently been pushed back to the July 29, 2026 meeting, and incoming data and statements will be assessed within this framework. Turkey’s 5-year CDS premium starts the day at 223 basis points.