Daily Bulletin

Good morning. We are currently in a period where geopolitical tensions have partially eased and oil prices continue to trend lower. However, global risk appetite has yet to show a meaningful recovery. One reason is the ongoing uncertainty surrounding U.S.–Iran negotiations, while another is the anticipated IPO of SpaceX, expected to be the largest public offering in global market history with a size of approximately $70–80 billion. Ahead of the offering, investors appear to be unwinding positions to raise cash. In Borsa Istanbul, the market quickly climbed to 14,200 at the opening yesterday but subsequently retreated nearly 4% to the 13,600–13,660 support zone. Although the index recovered about 1.5% from intraday lows by the close, it still ended the day down 0.7% at 13,872 compared to the previous session. In summary, elevated intraday volatility remains in place. Yesterday’s top positive contributors to the index were KTLEV, AKBNK, DSTKF, YKBNK, and ISCTR, while ASELS, ASTOR, BIMAS, TUPRS, and MAGEN weighed most heavily on performance. Over the past week, notable inflows have been observed in EREGL, YKBNK, TTKOM, THYAO, and BRSAN. Today’s agenda includes May inflation data in Türkiye, growth figures in Europe, and employment data in the United States. Following the relatively high inflation readings recorded in January, February, and April this year, a more moderate inflation rate of around 1.5% is expected for May. Should the data come in close to expectations, market expectations for a CBRT rate cut may strengthen, potentially beginning in July if not this month, which would be supportive for Borsa Istanbul. Finally, Türkiye’s 5-year CDS premiums start the day at 239 basis points.