Daily Bulletin

Good morning. Global markets are focusing on the US–Iran negotiations. While the format, content, timing, and venue of the talks have remained a source of uncertainty and debate, the latest expectation is that they will take place tomorrow in Muscat, the capital of Oman. Precious metals are seeing renewed selling pressure this morning, with deeper losses particularly in silver and platinum. In equity markets, weakness in US technology stocks persists, while US futures are flat this morning. European futures and Asian markets are generally in negative territory. In Borsa Istanbul, the 13,900 / 14,000 resistance zone was tested once again yesterday but failed to be breached for the fifth consecutive session, and the index closed the day up just 0.11% at 13,891.21. The top five positive contributors to the index were KLRHO, ASELS, BIMAS, ASTOR, and DSTKF, while the main negative contributors were AKBNK, YKBNK, TUPRS, ISCTR, and SAHOL. Over the past week, stocks attracting steady inflows included MGROS, VAKBN, GUBRF, SASA, FROTO, ARCLK, TTKOM, TAVHL, and ALARK. From a technical perspective, the 13,900 / 14,000 range continues to stand as the initial resistance area. Support levels are seen at 13,830, 13,580, and 13,390, respectively. On today’s agenda, CBRT reserves and weekly foreign investor flows will be monitored domestically. We expect an increase in gross reserves and a decline in net reserves. In Europe, retail sales data and the ECB interest rate decision will be in focus, while in the US, weekly jobless claims will be watched. No change in rates is expected from the ECB, with commentary on the economic outlook likely to be in focus. Turkey’s 5-year CDS spreads start the day at 219 basis points.