Daily Bulletin

Good morning. Although global risk appetite started the week on a weak note, it recovered during yesterday’s session and remains positive this morning. U.S. and European futures, as well as Asian equity markets, are trading higher today. In Borsa Istanbul, the record-breaking momentum continues. The BIST 100 Index closed yesterday up 1.42% at a new all-time high in TRY terms (13,177). In USD terms, the index also reached its highest level in the past one and a half years at 304 dollars, where a chart gap remains up to 314 dollars. This gap emerged during the period of global market panic in August 2024, driven by fears of an unwinding of carry trade positions linked to the Japanese yen, and it has yet to be filled. Based on current exchange rates, the index would need to advance toward the 13,600–13,700 range to close this gap on the USD-based charts. The 13,350–13,400 zone may be monitored as an intermediate resistance area, while 12,900 and 12,700 levels stand out as key support. The top five positive contributors to the index yesterday were ASELS, TRALT, AKBNK, TCELL, and SASA, while KLRHO, YKBNK, THYAO, TURSG, and GENIL weighed negatively on the index. Stocks that have attracted consistent fund inflows over the past week include AKBNK, EREGL, ISCTR, SASA, and GARAN. Today’s economic calendar is relatively light, with U.S. house price data and some medium-importance growth-related indicators to be monitored. The main focus for markets will be the Fed meeting, which is set to conclude tomorrow evening. Finally, Türkiye’s 5-year CDS premiums start the day at 212 basis points.