Daily Bulletin

Good morning. Heightened tensions in U.S.–Europe relations triggered declines of up to 2% in U.S. equity markets yesterday, while futures are seeking stabilization this morning. European futures and Asian equities, on the other hand, continue to trade with a generally negative bias. Global markets are focused on the speech to be delivered by U.S. President Trump at the Davos Summit today at 16:30 (TSI). It remains unclear whether there will be any delay due to a technical issue with Trump’s aircraft. Turning to domestic markets, the positive momentum in Borsa Istanbul persists; however, excluding ASELS, the broader index reflects a negative picture. Notably, 66 stocks closed the session in negative territory yesterday, indicating that the loss of momentum we had anticipated in the 12,800 / 13,000 range is becoming increasingly evident. The BIST 100 Index rose by 0.45% yesterday, with ASELS, KLRHO, TUPRS, AKBNK, and KTLEV providing the highest positive contributions. Stocks exerting the most negative impact on the index were EREGL, THYAO, ASTOR, SAHOL, and AEFES. Over the past week, stocks that have stood out with consistent capital inflows include ASELS, ASTOR, TUPRS, YKBNK, CWENE, ULKER, and TRENJ. From a technical perspective, resistance levels at 12,840, 12,900, and 13,000 can be monitored, while support levels are seen at 12,700 and 12,520. The macroeconomic data agenda is relatively quiet today; however, the MPC interest rate decision, along with U.S. growth and inflation indicators, will come into focus from tomorrow onward. Turkey’s 5-year CDS premiums start the day at 219 basis points.