Daily Bulletin

Good morning. Tensions between the U.S. and Iran are ongoing. The 14-point proposal submitted by Iran has been described as “unacceptable” by the U.S., and there are reports suggesting that the U.S. may conduct an operation to evacuate ships stranded in the Strait of Hormuz and the Persian Gulf. While this situation points to a potential increase in geopolitical tensions, it is also contributing to a decline in oil prices, and a cautious optimism is observed across global equity markets this morning. The BIST 100 Index rose by 0.9% to 14,442 points on Thursday. The top positive contributors to the index were DSTKF, ASTOR, BIMAS, EREGL, and SISE, while ASELS, THYAO, TUPRS, AKBNK, and SASA weighed negatively on the index. Over the past week, ASTOR, THYAO, and EREGL have stood out with consistent capital inflows. From a technical perspective, the 14,600 / 14,620 range can be monitored as the first resistance zone, while the 14,200 / 14,250 range stands out as the initial support zone. On today’s agenda, April inflation data in Turkey will be closely followed. We expect monthly CPI to increase by 3.3%, with annual CPI rising from 30.9% to 31.3%. Our year-end inflation forecast stands at 28%. Lastly, Turkey’s 5-year CDS spreads start the day at 244 basis points.