Daily Bulletin

Good morning. Unfortunately, we are starting the new week with rising geopolitical tensions in the Middle East. Following the reciprocal attacks between Iran and Israel involving missiles and fighter jets, oil prices have risen by nearly 4%, while equity markets are facing selling pressure. In the U.S., after the release of strong employment data on Friday, expectations for the next Federal Reserve rate hike were brought forward from March 2027 to December 2026. As a result, U.S. equity markets experienced significant declines ranging between 1.4% and 4.2% on Friday. U.S. futures are attempting to stabilize this morning, although European futures are starting the week nearly 1% lower. Asian markets are also broadly trading in negative territory. Borsa Istanbul mirrored the weakness in global markets on Friday, ending the week down 1.3% at 13,694 points. We expect a weak opening for the new week as well. The five stocks that contributed most positively to the index on Friday were TUPRS, DSTKF, BIMAS, BRSAN, and ASELS, while AKBNK, YKBNK, ISCTR, MAGEN, and EREGL exerted the largest negative impact on the index. Over the past week, THYAO, BRSAN, EREGL, TOASO, GESAN, and ISDMR stood out with consistent fund inflows. The Capital Markets Board of Türkiye's (SPK) recent revision to the methodology for calculating the free-float ratios of companies listed on Borsa Istanbul will lead to certain index composition changes starting next week. We also expect this regulation to have stock-specific implications within the BIST market. From a technical perspective, support levels can be monitored at 13,600 / 13,660, 13,450, and 13,000, while resistance levels are seen at 13,900 and 14,000 / 14,200. Today's economic calendar is relatively quiet. Later this week, investors will focus on central bank interest rate decisions in Türkiye and Europe, as well as inflation data from the United States. Finally, Türkiye's 5-year CDS premium starts the day at 242 basis points.