Daily Bulletin

Good morning. The continuation of the decline in oil prices for a second consecutive day is being driven by U.S. President Trump’s decision to suspend the “freedom project,” aimed at ensuring safe vessel transit through the Strait of Hormuz, for a second day, as well as U.S. Secretary of State Rubio’s statement that the “Epic Fury” operation has concluded and that they have shifted to a defensive posture. In parallel, we are also seeing accelerated buying activity across U.S. and European futures, as well as Asian equity markets. The extent to which this improvement in global risk appetite will continue remains contingent on developments in geopolitical issues. Therefore, we reiterate our call for maintaining a cautious stance. The BIST 100 Index rose 0.9% yesterday to close at 14,496 points. The top five positive contributors to the index were BIMAS, EREGL, TCELL, RALYH, and SISE, while the main negative contributors were ASELS, PASEU, SASA, MAGEN, and ENJSA. Over the past week, the companies that have stood out with consistent fund inflows were ASTOR, EREGL, and KCHOL. From a technical perspective, the sideways trading band near record highs, which has persisted for approximately three weeks (14,200–14,600 range), may be tested to the upside. In this context, the 14,600 / 14,620 resistance zone should be monitored closely. We believe buying momentum could accelerate above this region. On the downside, the 14,200 / 14,250 zone remains the primary support area, while 14,300 / 14,360 should be followed as an intermediate support zone. On today’s agenda, PMI data and PPI figures in Europe will be monitored. Annual PPI is expected to show a sharp rebound from -3.0% in March to +1.8%. On the U.S. side, ADP private sector employment data will be the key macro release to watch. Türkiye’s 5-year CDS premiums are starting the day at 244 basis points.