Daily Bulletin

Good morning. While positive reports containing constructive views and expectations regarding the revenues, profitability, and valuations of U.S. technology companies are supporting Wall Street, U.S. and European futures are displaying a flat tone this morning. In Asia, markets are generally trading with a positive bias. In Borsa Istanbul, we observed a positive trend yesterday, supported by capital inflows in line with global markets. In the U.S., inflows into the iShares MSCI Turkey ETF, which invests in Turkish equities, are continuing. The fund’s size, which stood at USD 250 million at the beginning of the year, has reached approximately USD 350 million with recent inflows and valuation gains. Roughly half of this increase stems from the nearly 20% year-to-date rise in Borsa Istanbul in USD terms, while the remaining half is attributable to net inflows into the fund. On a TRY basis, the BIST 100 Index advanced by 2.3% yesterday to close at 13,838.38 points. The top five positive contributors to the index were BIMAS, THYAO, YKBNK, ASELS, and AKBNK, while TUPRS, EFOR, TTRAK, GRTHO, and OBAMS exerted the most negative impact. Over the past week, HALKB, FROTO, EREGL, and OTKAR have stood out with sustained capital inflows. From a technical perspective, the 13,900 / 14,000 range remains a key resistance zone, while the 13,000 / 13,300 range continues to represent a critical support area. The 13,700 and 13,400 levels may be monitored as intermediate supports. In the event of a breakout above 14,000, the index may be expected to move towards the 14,200 and 14,600 / 14,800 resistance zones. On today’s agenda, December industrial production data and Treasury auctions will be monitored domestically. In the U.S., import/export price indices, retail sales data, and statements from Fed officials will be in focus. Turkey’s 5-year CDS spreads are starting the day at 214 basis points.