Daily Bulletin

Good morning. Global risk appetite is starting the new day on a positive note. In the U.S., nonfarm payrolls released yesterday came in at nearly twice market expectations, pushing back expectations for the first Fed rate cut from June to July, or even September; however, expectations that liquidity conditions will remain ample continue to support equity markets. U.S. and European futures are trading higher, while Asian markets are mixed, although the MSCI Asia-Pacific Index is extending its gains. In Borsa Istanbul, consolidation near record highs continues. The BIST 100 Index declined by only 0.1% yesterday to 13,787.82 points, with TCELL, ASTOR, FROTO, GUBRF, and ISCTR providing the most positive contributions, while KLRHO, ASELS, THYAO, ALARK, and GARAN exerted the most negative impact on the index. Over the past week, stocks attracting consistent fund inflows included THYAO, FROTO, GUBRF, AKBNK, TTKOM, and AEFES. From a technical perspective, the 13,900 / 14,000 zone remains a key resistance area, while 13,400 stands out as an intermediate support level and the 13,000 / 13,300 range continues to represent a major support zone. On today’s domestic agenda, the CBRT’s 2026 Q1 Inflation Report and presentation will be in focus, alongside data on reserves and foreign investor transactions. In its latest Inflation Report presentation dated November 7, the CBRT maintained its end-2026 forecast range at 13%–19% and kept the interim inflation target unchanged at 16%. We expect the end-2026 forecast band to be revised upward to the 16%–22% range, with the upper bound approaching around 22%. Abroad, U.S. weekly jobless claims will be monitored. Turkey’s 5-year CDS spreads start the day at 215 basis points.