Daily Bulletin

Good morning. Global markets are focused on the strained U.S.–Europe relations driven by the Greenland issue. This agenda appears to have dominated the Davos Summit, which started yesterday, pushing other geopolitical topics and global economic challenges into the background. U.S. equity markets were closed yesterday; however, futures contracts are currently trading around 1% lower compared to Friday’s close. European futures and Asian equity markets are also broadly in negative territory. In contrast, the strong momentum in Borsa Istanbul continues. The BIST 100 index rose by 0.63% yesterday, renewing intraday and closing record levels at 12,838 and 12,748, respectively. The top five contributors to the index were KLRHO, ASELS, AKBNK, YKBNK, and ISCTR, with the banking sector in particular standing out due to its strong performance and notable capital inflows. Over the past week, stocks attracting consistent inflows include THYAO, ASELS, ASTOR, EREGL, TUPRS, VAKBN, and HALKB. From a technical perspective, resistance levels at 12,840 and 13,000 will be monitored, while support levels are seen at 12,700 and 12,520. On today’s agenda, domestic data will include housing sales figures; in Europe, the current account balance, economic expectation surveys, and construction sector data will be followed; while in the U.S., growth-focused data from regional Federal Reserve administrations will be in focus. Turkey’s 5-year CDS spreads start the day at 219 basis points.