Daily Bulletin

Good morning. Brent crude oil prices have retreated to around USD 70 in the active contract, returning to levels seen before the outbreak of the U.S.–Iran conflict. Although negotiations remain challenging, they are continuing, and optimistic remarks from the U.S. side are providing support to market sentiment. U.S. and European equity futures are trading modestly higher this morning, while Asian markets are showing a mixed performance. Following Bank of America's cautious outlook on equity markets, Goldman Sachs released a more constructive view this morning, expressing optimism for global equities in the second half of the year. Goldman Sachs expects the rally in global stock markets to continue, supported by strong earnings growth from technology companies. In our 2026 Second Half Outlook Report, published yesterday, we briefly compared the recent trend in artificial intelligence-focused companies with the "dot-com bubble" period of the early 2000s. We encourage you to review the report, which includes our global market outlook, macroeconomic forecasts, BIST 100 target, as well as our sector and company recommendations. In Borsa Istanbul, the XU10 Index gained 1.6% yesterday to close at 14,350.6. The largest positive contributors to the index were ASELS, DSTKF, TUPRS, AKBNK, and ENKAI, while PASEU, MGROS, CCOLA, BIMAS, and IEYHO weighed negatively on performance. Over the past week, KCHOL, ENKAI, TCELL, EREGL, and HALKB have stood out with consistent fund inflows. From a technical perspective, the 14,400–14,450 range remains the first resistance zone, while 14,250 and the 14,000–14,050 band are expected to serve as key support levels. Today's economic calendar includes Turkey's international reserves and foreign investor flow data, while U.S. employment figures will be closely monitored. Turkey's five-year CDS premium starts the day at 223 basis points.