Daily Bulletin

Good morning. As expected, the Fed kept the policy rate range unchanged at 3.50%–3.75%. In its statements, the Fed noted that the weakness in the labor market has stabilized, growth remains ongoing, and inflationary stickiness persists. Given that both the decision and the communication were broadly in line with market expectations, we can say that there was no meaningful reaction in equity markets. In precious metals, which have been among the most active markets recently, the rally continues. Military activity suggesting that the U.S. and Israel may once again be preparing for an intervention against Iran—similar to June 2025—has kept geopolitical risk pricing elevated, leading to sharp gains particularly in precious metals and oil prices, as well as in some industrial metals. It should also be noted that price movements in these assets are not solely driven by geopolitical factors, with recent developments acting more as a catalyst accelerating existing pricing dynamics. Domestically, the strong market tone continues. The BIST 100 index rose by 2.3% yesterday, renewing its intraday record at 13,512 and its closing record at 13,407. The top five stocks contributing positively to the index were KLRHO, AKBNK, TUPRS, SAHOL, and BIMAS, while PASEU, ASELS, HALKB, MAGEN, and EFOR had the most negative impact. Stocks that have attracted consistent fund inflows over the past week include AKBNK, GARAN, ISCTR, TUPRS, YKBNK, SASA, SAHOL, AEFES, EKGYO, and EREGL. From a technical perspective, the 13,600–13,800 range can be monitored as resistance, while the 12,900–13,000 band stands out as a support zone, with 13,300 acting as an intermediate support level. On today’s agenda, domestic data will include the unemployment rate, economic confidence index, CBRT reserves, and foreign investor transactions. In the U.S., employment, consumption, and industrial production data will be released. Turkey’s 5-year CDS spreads start the day at 216 basis points.