Daily Bulletin

Good morning. Vessel traffic through the Strait of Hormuz and the volume of oil shipments from the region continue to increase. Although diplomatic negotiations between the United States and Iran are progressing with occasional setbacks, the approval by the U.S. Senate of legislation aimed at reducing the likelihood of renewed military confrontation is helping to ease geopolitical tensions. On the other hand, concerns that artificial intelligence-focused business models in the U.S. may struggle to generate sustainable revenue and profitability are weighing on technology stocks. Following yesterday’s decline in U.S. equity markets, futures contracts are seeking a rebound this morning. European futures are trading lower, while Asian markets present a mixed picture, supported in part by the recent easing in oil prices. The postponement of expectations for the next Fed rate hike from September to October is also contributing to the buying interest. In Borsa Istanbul, the short-term technical outlook weakened somewhat after yesterday’s 1.3% decline and the breach of the 14,600 support level. In the near term, support levels can be monitored at 14,450 and 14,250, while resistance levels are located at 14,600 and 14,900. The five stocks that made the strongest positive contribution to the index yesterday were BIMAS, DSTKF, TOASO, MGROS, and PASEU. Meanwhile, ASTOR, AKBNK, ASELS, YKBNK, and KCHOL exerted the largest negative impact on index performance. Over the past week, stocks attracting consistent capital inflows have included SASA, EREGL, GARAN, TOASO, PETKM, SKBNK, CRDFA, and SANFM. It is also worth noting that, for the first time in a long period, foreign investment banks have revised their year-end inflation forecasts downward. The decline in TL swap rates reflects expectations that the CBRT may first ease its effective funding rate and subsequently proceed with a policy rate cut. This outlook remains supportive for Borsa Istanbul valuations. Today’s economic calendar will focus on U.S. housing market data. Meanwhile, Türkiye’s 5-year CDS premium starts the day at 224 basis points.