Daily Bulletin

Good morning. Global markets are starting the new week on a calm and optimistic note despite the heightened tensions between the U.S. and Iran over the weekend. U.S. and European futures are trading in positive territory, while Asian equities are presenting a mixed performance. Following a brief spike, oil prices are easing again this morning. Another notable development is JP Morgan’s upward revision of its year-end target for the STOXX Europe 600 Index from 630 to 680, accompanied by a projected 7% return in euro terms over the next six months. We believe that similar upward revisions to target levels for major global equity indices are likely to continue. Borsa Istanbul ended last week at 14,274 points, posting a modest gain of 0.1% on Friday. Although the daily increase was limited, the index's ability to recover from an intraday low of 14,150 and close both the session and the week above the key 14,250 support level is a constructive technical signal. The main positive contributors to the index were EREGL, DSTKF, KCHOL, RALYH, and SISE, while ASELS, ASTOR, SKBNK, MAGEN, and TOASO weighed on performance. Throughout the past week, EREGL, KCHOL, ALARK, GLCVY, and INDES stood out as the stocks attracting the most consistent fund inflows. We expect Borsa Istanbul to open higher this morning. From a technical perspective, the 14,150–14,250 range will be monitored as the initial support zone, while 14,350–14,450 represents the first resistance area. The resumption of short-selling transactions, a total of TRY 12.2 billion in public offerings from five companies throughout the week, and the release of U.S. employment data together with Türkiye’s inflation figures are likely to keep markets active in the days ahead. Türkiye’s five-year CDS premium starts the day at 222 basis points.