Daily Bulletin

Good morning. Talks between the U.S. and Iran have been paused for one week, with negotiations expected to resume over the weekend. Meanwhile, OPEC's signal of higher production and the continued flow of vessels through the Strait of Hormuz are helping oil prices remain close to their pre-conflict levels. Throughout the week, global markets will focus on the NATO Summit, hosted by Türkiye in Ankara. U.S. and European equity futures are trading broadly flat this morning, while Asian markets are showing a mixed performance. In Borsa Istanbul, following Friday's inflation data, which came in broadly in line with expectations, the BIST 100 Index experienced a limited pullback from the 14,500 resistance level toward 14,400. The index closed 0.3% lower. The biggest positive contributors were ASELS, TUPRS, ASTOR, TRALT, and CCOLA, while AKBNK, ODINE, YKBNK, DSTKF, and ISCTR weighed most on the index. Over the course of the week, TUPRS, ENKAI, and TRGYO stood out with consistent fund inflows. From a technical perspective, the 14,500 level, followed by the 14,600–14,660 range and the 14,800–14,900 zone, will be monitored as key resistance areas. On the downside, 14,370 and the 14,100–14,160 range stand out as major support levels. On today's economic calendar, domestic investors will monitor the Treasury auctions and the Real Effective Exchange Rate Index. In Europe, Producer Price Index (PPI) and retail sales data will be released, while in the U.S., the S&P Global PMI and ISM Services PMI figures will be closely watched. The macroeconomic calendar is relatively light throughout the week, with the NATO Summit likely to remain the primary focus for global markets. In addition, investors will monitor two domestic IPOs with a combined size approaching TRY 10 billion (Saat & Saat and Şa-Ra Enerji), as well as comments from Federal Reserve officials. Finally, Türkiye's 5-year CDS premium starts the day at 221 basis points.