Daily Bulletin

Good morning. Following the sharp declines in precious metals, we have seen a recovery and rebound attempt over the past 24 hours, while global equity markets are also displaying a constructive tone. Yesterday, U.S. and European equity markets, which started the day with selling pressure, closed in positive territory, and buying interest continues this morning in index futures. Similarly, the overall picture in Asia is positive, with gains of up to around 5% standing out. Borsa Istanbul, which has risen by 21% year-to-date, recorded a daily decline of 1.6% yesterday; however, it is worth noting that the index staged an intraday rebound of nearly 3.4% from the lows, and capital outflows remained limited when assessed against the strong inflows seen in recent sessions. The top five positive contributors to the index yesterday were DSTKF, ISCTR, THYAO, CCOLA, and AEFES, while the main negative contributors were TUPRS, KLRHO, AKBNK, TRALT, and ASELS. Over the past week, stocks attracting consistent inflows include PGSUS, KCHOL, AKFYE, AEFES, and SASA. From a technical perspective, the 13,900 / 14,000 zone stands out as resistance, while 13,400 and the 13,000–13,300 band can be monitored as support levels. On today’s agenda, the January CPI data will be in focus domestically. We expect a relatively strong monthly increase of around 4.13% driven by food prices, alongside a decline in annual CPI from 30.9% to 29.8%. Looking ahead, we project annual CPI to ease to 28.9% by the end of the first quarter, to around 27% by mid-year, and to approximately 23% by year-end. In parallel, we expect the Central Bank’s MPC to continue with rate cuts. Abroad, the data calendar is relatively light. Finally, Turkey’s 5-year CDS spreads start the day at 216 basis points.