Daily Bulletin

Good morning. Tensions in the Middle East escalated again last night following an Iranian attack targeting U.S. vessels in the Strait of Hormuz and the subsequent response by U.S. forces. Despite the heightened geopolitical risks, global markets are not showing signs of panic pricing at this stage. Oil prices continue to hover around the $100 level. U.S. futures are mildly positive this morning, while European futures and Asian equities are trading weaker. On the domestic front, Borsa Istanbul closed above the 15,000 level for the first time in its history yesterday, posting a 0.8% daily gain. We also observed continued fund inflows into the market. In this respect, the positive momentum in domestic equities remains intact and the technical outlook continues to point upward. The target zone of the flag formation we highlighted previously remains valid within the 15,500–16,000 range, while the 14,800–14,900 band stands out as the nearest support area. Despite renewed tensions in the Middle East, we believe Borsa Istanbul is likely to maintain its resilient stance. The top positive contributors to the BIST 100 Index yesterday were SASA, KLRHO, MPARK, YKBNK, and EREGL, while TUPRS, ASELS, MAGEN, SISE, and SAHOL weighed negatively on the index. Stocks attracting consistent inflows over the past week included YKBNK, ASTOR, EKGYO, MGROS, and TOASO. On today’s agenda, March industrial production data will be monitored domestically, providing the third monthly reading for the first quarter. In the U.S., nonfarm payrolls, the unemployment rate, and average hourly earnings data will be released. Türkiye’s 5-year CDS premiums are starting the day at 228 basis points.