Daily Bulletin

Good morning. Although global risk appetite has moderated somewhat this morning, it remains in positive territory. Futures on major U.S. and European equity indices are slightly lower, while sectoral indices and most Asian markets—excluding Japan—are trading higher overall. Oil prices are up by approximately 0.5%–1.0% compared to yesterday, supported by the continuation of low-intensity, targeted operations between the U.S. and Iran and ongoing uncertainty surrounding negotiations. Borsa Istanbul experienced a strong rally yesterday, with the BIST 100 Index advancing 3.6%, supported by foreign investor buying and capital inflows, and closing the session at 14,200, its intraday high. While purchases in the banking sector contributed to the move, gains were not limited to banks, which represent only 13% of the XU100 index weighting. Capital inflows and price appreciation across a broad range of non-bank stocks also provided significant support to the index. The five stocks that contributed most positively to the index performance were ASELS, ASTOR, BIMAS, AKBNK, and DSTKF, while the main negative contributors were RALYH, BSOKE, BRYAT, CVKMD, and OBAMS. Over the past week, the stocks that have stood out due to consistent capital inflows include THYAO, VAKBN, EREGL, ISFIN, YATAS, PAPIL, and ANELE. This morning, the upward trend in oil prices may create some limited pressure at the market open; however, we expect the positive momentum to remain intact. From a technical perspective, resistance levels are seen at 14,250 and 14,650, while support zones are located at 13,800–14,000 and 13,600–13,660. On today’s economic calendar, investors will focus on Services PMI data from Europe and the United States. In the U.S., additional releases include the ISM Services Index, Factory Orders, and the Federal Reserve’s Beige Book report. Finally, Turkey’s 5-year CDS spreads are starting the day at 237 basis points, approximately 4 basis points lower than the previous close.