Daily Bulletin

Good morning. Comments from U.S. President Trump suggesting that “an agreement with Iran could be reached soon,” along with reports of a ceasefire between Israel and Lebanon, are supportive for market sentiment. However, U.S. and European futures, as well as Asian equities, remain weak this morning. Should the decline in oil prices continue, global risk appetite may improve further. In Borsa Istanbul, despite holding within the 14,100–14,200 range throughout most of yesterday’s session, the index came under pressure in the final trading hours due to speculation surrounding domestic political developments and accelerating losses in global markets. The BIST 100 Index fell as low as 13,965 and closed the day down 1.7%, weighed down by significant capital outflows. The top positive contributors to the index were DSTKF, KTLEV, TRALT, SARKY, and BRSAN, while ASELS, TUPRS, AKBNK, SASA, and SAHOL were the main negative contributors. Over the past week, THYAO, KRDMB, AEFES, and TOASO have stood out with consistent capital inflows. This morning, despite weakness in global markets, we expect the market to make an effort to hold above key support levels. In this context, the 13,900 level and the 13,600–13,660 support zone will be closely monitored. The key short-term resistance area remains the 14,100–14,200 range. Whether the index can move above this zone and revisit the all-time high region of 15,000–15,200 will largely depend on developments in the domestic political agenda. On today’s economic calendar, domestic employment data and foreign investor activity during the holiday week will be monitored. In Europe, retail sales data will be in focus, while in the U.S., weekly jobless claims and remarks from Federal Reserve officials will be closely followed. Finally, Turkey’s 5-year CDS premium starts the day at 240 basis points.