Daily Bulletin

Good morning. Geopolitical stress remains elevated around the Iran issue, and we are not yet seeing signs of de-escalation; on the contrary, the situation still appears to be in an escalation phase. Following Iran’s closure of the Strait of Hormuz, reports alleging that 10 oil tankers were hit have drawn attention. Meanwhile, U.S. President Trump’s comments suggesting the U.S. could provide escort services for ships transiting the region in return for a fee were also closely watched. While these remarks briefly pushed Brent crude down to USD78, the move proved short-lived and prices have since rebounded, with the latest trades taking place around USD82. After yesterday’s nearly 1% sell-off in the U.S., futures remain in negative territory; in Europe, declines exceeded 3% yesterday, while futures are flat this morning. In Asia, selling pressure continues. South Korea’s Kospi index—this year’s best-performing equity benchmark—has posted losses exceeding 10%. In Turkey, Borsa Istanbul closed below 13,000 yesterday, also breaking below the 50-day exponential moving average. The BIST 100 Index fell 3.1% to 12,933.4, with the top positive contributors being TUPRS, PETKM, PASEU, DSTKF and KTLEV, while ASELS, AKBNK, KLRHO, BIMAS and YKBNK weighed most on the index. Over the past week, names attracting steady inflows include THYAO, ODINE, ASTOR, PASEU, TURSG, MAVI and ALTNY. From a technical perspective, below the 13,000 support level, 12,700 and 12,400 can be monitored as next supports, while 13,150 and 13,450 stand out as resistance levels. On today’s agenda, Services PMI data in Europe and the U.S. will be followed alongside European PPI and unemployment figures, and in the U.S., the ADP private sector employment report and the ISM Services Index. Turkey’s 5-year CDS spreads start the day at 250 bps.