Daily Bulletin

Good morning. In the US, better-than-expected 4Q25 financial results from Morgan Stanley and Goldman Sachs triggered buying interest on Wall Street, which is also extending into this morning’s futures index contracts. In contrast, European futures are trading lower this morning, as tensions between the US and the EU persist due to the Greenland issue, despite some easing in Iran-related geopolitical stress. Meanwhile, Germany’s economy returning to growth in 2025 after two years of contraction has failed to offset the weak tone in European markets. Asian equity markets are showing a mixed performance. In Borsa Istanbul, the BIST 100 index rose by 0.7% yesterday to close at 12,456, marking a new all-time high on a TRY basis. In USD terms, the index reached 288, and we expect the 295–300 range to be targeted in the short term, corresponding to the 12,800–13,000 range at current exchange rates. The top positive contributors to the index yesterday were ASELS, THYAO, TCELL, ASTOR and FROTO, while KLRHO, YKBNK, ISCTR, TRALT and PASEU weighed negatively on performance. Stocks that have attracted steady fund inflows over the past week include ASELS, THYAO, ASTOR, TUPRS, TCELL, ALARK, SKBNK and TOASO. From a technical perspective, the 12,500 and 12,800–13,000 zones stand out as resistance levels, while 12,300–12,320 and 12,000–12,200 ranges are key support areas. On today’s agenda, the CBRT Market Participants Survey will be monitored domestically, while US industrial production and capacity utilization data will be followed abroad. Turkey’s 5-year CDS spreads start the day at 217 basis points. The initial easing observed after a two-week upward trend is viewed as a positive development.