Daily Bulletin

Good morning. The news flow regarding U.S.–Iran tensions has partially stabilized, and in parallel, global markets are exhibiting a relatively sideways trajectory. U.S. and European futures are mildly positive this morning, while Asian markets present a mixed outlook. In Borsa Istanbul, the benchmark index closed yesterday at 14,594, up 1.3%, renewing its all-time high on a TRY basis. This upward movement was also supported by a moderate inflow of funds and increased trading volume. From a technical standpoint, a flag formation is drawing attention: a breakout above the 14,600 / 14,620 range could project a target of 15,500 / 16,000, while the invalidation zone for the formation is seen at 14,000 / 14,200. On the valuation side, the 12-month forward BIST 100 target continues to trend upward. As of this morning, our calculated consensus target stands at approximately 18,400, implying a potential upside of around 26% at the index level. In the event of a de-escalation in geopolitical tensions, the path toward this target could become more pronounced. The top positive contributors to the index yesterday were ASELS, DSTKF, ASTOR, TUPRS, and SASA, while THYAO, BIMAS, CCOLA, FROTO, and KCHOL exerted negative pressure. Over the past week, notable and consistent fund inflows have been observed in ASTOR, OZATD, TUPRS, RALYH, MEGMT, and ULKER. On today’s agenda, European 1-year and 3-year inflation expectations will be monitored, alongside U.S. data focusing on the housing sector and economic growth. Turkey’s 5-year CDS premiums are starting the day at 240 basis points.