Daily Bulletin

Good morning. Following the positive momentum observed in global equity markets yesterday, U.S. and European futures are trading slightly negative this morning. In Asia, China and Hong Kong are under pressure, while the rest of the region is broadly in positive territory. European indices, particularly in France and the UK, renewed record highs yesterday. However, despite Nvidia’s earnings surpassing expectations and pointing to robust dollar-based annual growth rates approaching 70%, risk appetite across Western markets remains somewhat restrained. On the domestic front, Borsa Istanbul faced selling pressure at the open after Morgan Stanley highlighted correction risks and MSCI withdrew its index update decision regarding Kiler Holding. This was followed by a largely sideways session, with the index seeking balance around the 13,800 level throughout the day. The BIST 100 Index closed down 1.7% at 13,810 points. The top positive contributors to the index were KUYAS, MAGEN, YKBNK, TAVHL, and MAVI, while KLRHO, DSTKF, TUPRS, ASELS, and KCHOL weighed negatively on performance. Over the past week, YKBNK, AKBNK, ASTOR, EREGL, ISCTR, MGROS, SISE, and FROTO have stood out with consistent fund inflows. Despite price-based pullbacks, the net buyer–seller balance remains in favor of buyers, and the increasing number of stocks such as ASTOR signaling capital inflows suggests that retracements are being utilized for accumulation purposes. From a technical standpoint, 13,700 and 13,400 levels may be monitored as key supports, while 14,100 / 14,200 and 14,450 / 14,550 stand out as resistance zones. On today’s agenda, U.S.–Iran negotiations remain the primary geopolitical focus. Domestically, markets will track foreign trade balance data, the economic confidence index, FX reserves, and weekly foreign investor transactions. In Europe, confidence indicators will be monitored, while in the U.S., weekly labor market data will be in focus. Turkey’s 5-year CDS premiums start the day at 224 basis points.