Daily Bulletin

Good morning. As geopolitical tensions continue to ease, oil prices are also extending their decline. Meanwhile, expectations for Fed rate hikes are being brought forward, with market participants increasingly pricing in a series of rate increases beginning as early as September or October. This outlook is weighing on U.S. technology stocks as well as precious metals such as gold and silver. In the U.S., the Dow Jones Industrial Average closed slightly higher yesterday, while the S&P 500 and Nasdaq ended the session lower. This morning, all U.S. index futures are trading in negative territory. European futures and Asian equity markets are also broadly under pressure. On Borsa Istanbul, the BIST 100 Index tested the 14,900 resistance level once again yesterday but closed virtually unchanged at 14,730 points (-0.03%). The stocks making the strongest positive contribution to the index were DSTKF, ASTOR, EUPWR, YKBNK and GUBRF, while ASELS, TUPRS, BIMAS, CCOLA and RALYH were the main drags on performance. Over the past week, stocks attracting consistent fund inflows included SASA, EREGL, SAHOL, KRDMD, GARAN, PETKM and PASEU. From a technical perspective, resistance levels are seen at 14,900 and 15,200, while support levels can be monitored at 14,600, 14,450 and 14,250. On today’s economic calendar, PMI data from both Europe and the United States will be closely watched. Domestically, demand collection for Beta Enerji’s TRY 2.4 billion initial public offering will begin today and continue through Thursday evening, June 25. Finally, Turkey’s 5-year CDS premiums start the day at 218 basis points.