Daily Bulletin

Good morning. U.S.–Iran negotiations continue to make slow, albeit gradual, progress. Iran’s statement that it will not engage in direct talks but will continue diplomacy through mediators is drawing attention this morning. Oil prices are trading flat, while pressure on gold persists as expectations for further Fed rate hikes continue to weigh on the precious metal. U.S. and European equity futures are broadly unchanged this morning, while Asian markets are showing a mixed performance. In Türkiye, the BIST 100 Index declined 0.4% yesterday to close at 14,121 points. The top five positive contributors to the index were TUPRS, DSTKF, KUYAS, RALYH, and ENERY, while ASELS, BIMAS, PASEU, EREGL, and TCELL were the largest negative contributors. Over the past week, ISCTR, THYAO, and ENKAI have stood out with consistent fund inflows. From a technical perspective, the 14,250 and 14,400 levels are seen as key resistance zones, while 14,050 is the primary support level. As we have highlighted several times previously, we continue to see downside risk toward 13,800 for the BIST 100 Index as long as it remains below the 14,250 threshold. The weak tone across global equity markets this morning, together with the ongoing loss of momentum, may continue to weigh on Borsa Istanbul. On today’s macroeconomic calendar, investors will focus on PMI data, Eurozone CPI figures, and U.S. ADP employment data. Meanwhile, Türkiye’s 5-year CDS spreads begin the day at 221 basis points.