Daily Bulletin

Good morning. In his national address, U.S. President Trump said that operations against Iran could come to an end within 2–3 weeks. However, his remark that attacks on infrastructure facilities could intensify has pushed oil prices back toward the USD 105–110 range and is weighing on markets this morning, following yesterday’s positive close in U.S. and European equities. Asian markets are also posting notable losses this morning. As we have consistently emphasized, news flow regarding the war environment shifts very rapidly, which is resulting in high volatility across asset prices. This volatile backdrop is likely to persist unless there are concrete signs that the conflict is coming to an end — such as troop withdrawals, aircraft carriers moving away from the region, or the emergence of a credible and predictable outlook. Following yesterday’s 1.2% gain in the BIST 100 Index, we expect a nearly 1% negative opening this morning. The top positive contributors to the index yesterday were AKBNK, KLRHO, YKBNK, ISCTR, and DSTKF, while the main negative contributors were TUPRS, RALYH, PETKM, MPARK, and ENERY. Stocks that have stood out with consistent inflows over the past week include SASA, ECZYT, KRDMD, OYAKC, ISFIN, ULKER, and ORGE. From a technical perspective, for the BIST 100 Index, 12,630 can be monitored as an intermediate support level, while the 12,400–12,500 range stands out as the main support zone. On the upside, resistance levels are seen at 13,000–13,050 and 13,450–13,550, with 13,300 as an intermediate resistance level. On today’s agenda, domestic markets will follow the CBRT reserves data and foreign investor flows, while in the U.S., foreign trade data, weekly jobless claims, and remarks from Fed officials will be in focus. U.S. markets will be closed tomorrow. Türkiye 5-year CDS premiums are starting the day at 284 basis points.