Daily Bulletin

Good morning, while global risk appetite remains fragile under the shadow of geopolitical developments, a more cautious recovery attempt is coming to the fore in markets following yesterday’s sharp sell-off. U.S. President Trump’s remarks suggesting that the war with Iran could be shorter than previously expected, along with messages indicating that transit through the Strait of Hormuz continues, provided some relief to markets. Following these developments, U.S. equities rebounded from steep intraday losses and closed the session in positive territory. The Dow Jones rose 0.5%, the S&P 500 gained 0.8%, and the Nasdaq advanced 1.4%, with technology stocks leading the move. European equities, however, ended the day lower amid rising energy prices and heightened uncertainty. In Asia, strong rebound buying was evident this morning, while U.S. and European futures are pointing to a flat to mildly negative open. On the domestic front, although the index remained under selling pressure during the day, late-session buying helped recover a significant portion of the losses, and the BIST 100 closed down 0.71% at 12,702. News flow regarding a potential settlement in the Halkbank case in the U.S. triggered a strong stock-specific move and also contributed to the broader index recovery toward the close. The stocks making the largest positive contribution to the index yesterday were BIMAS, THYAO, KTLEV, and HALKB, while ASELS, TUPRS, and KLRHO were the main negative contributors. From a technical perspective, 12,700 and 12,550 stand out as key support levels for today, while the 12,900–13,000 range constitutes the first resistance zone on the upside. On today’s agenda, industrial production data and Treasury auctions will be in focus domestically, while Germany’s foreign trade data and U.S. existing home sales will be monitored on the global front. Turkey’s 5-year CDS spreads are starting the day at 268.5 basis points.