Daily Bulletin

Good morning. Expectations that the ceasefire between the United States and Iran may be extended and potentially evolve into a lasting non-aggression agreement are supporting global risk appetite. U.S. and European futures, along with Asian equity markets, are trading higher this morning, while oil prices are easing and U.S. Treasuries—traditionally viewed as safe havens—are seeing selling pressure. The S&P 500 index reached a record high of 7,022 points yesterday, with year-end targets of 7,400 and a 12-month target of around 8,300 remaining intact. Similarly, target valuations for European and Asian equities continue to indicate attractive upside potential. In Türkiye, Borsa Istanbul also displayed a positive performance yesterday; despite partial selling by foreign investors, inflows from domestic institutional players continued. The BIST 100 Index rose by 0.4% to close at 14,252, with ASELS, SASA, GUBRF, TRALT, and DSTKF contributing the most positively, while TUPRS, THYAO, ASTOR, TAVHL, and ECILC weighed on the index. Over the past week, notable inflows have been observed in AKBNK, ISCTR, KCHOL, TRALT, ASELS, SAHOL, ALKLC, and MGROS. We expect the positive momentum in BIST to continue today. The 14,300–14,350 resistance band may be tested for the third time; a breakout could pave the way toward the all-time high of 14,530. If the improving sentiment around geopolitical tensions persists, the 14,500–15,000 range could be tested within the next 2–4 weeks. Key support levels stand at 14,100 and 13,850. Today’s agenda includes housing price data, CBRT reserves, and foreign flows domestically; inflation data in Europe; and growth-oriented indicators in the U.S. Türkiye’s 5-year CDS premiums start the day at 233 basis points.