Daily Bulletin

Good morning. Global markets remain focused on US–Iran tensions, with yesterday’s developments highlighting the US request for support from Europe and some Asian countries, while the lack of a clear timeline for the conflict—paired with the message of “not this week, but soon”—also stood out. In addition, speculation about communication between Iranian Foreign Minister Araghchi and US Special Envoy Witkoff (later denied by Witkoff) led to a pullback in oil prices from the 100–103 USD range to 97–100 USD, with the latest trades around 100 USD. In equities, US and European markets posted gains yesterday, while futures are slightly negative this morning, and in Asia China is flat with the rest of the region broadly positive. The BIST 100 continues to fluctuate around the 13,000 level, closing yesterday down 1% at 12,957 after holding above 13,000 for four consecutive days, with KTLEV, TUPRS, SISE, MPARK and GARAN contributing positively, while BIMAS, KLRHO, ASTOR, ASELS and TRALT weighed on the index. Over the past week, consistent inflows have been observed in TUPRS, GUNDG, ISCTR, TSKB, EGGUB and KAPLM. From a technical perspective, 12,880 / 12,900 stands out as the first support zone, while 13,030 / 13,060 is the initial resistance area. On today’s agenda, domestic housing price indices and Treasury auctions will be followed, while data flow in Europe and the US is calm; the Fed meeting starts today with the rate decision to be announced tomorrow, and despite President Trump’s calls for “urgent rate cuts,” the Fed is not expected to change rates today or even until the final quarter of the year. Turkey’s 5-year CDS starts the day at 279 basis points.