Daily Bulletin

Good morning. Global markets are starting the day on a mixed note. U.S. and European equity futures are trading higher, while Asian markets are generally under pressure. Expectations that negotiations between the U.S. and Iran will continue remain intact, while corporate earnings are also supporting investor sentiment, particularly across Western markets. Borsa Istanbul opened yesterday's session with gains, briefly moving toward the 13,600 level. However, selling pressure became more pronounced during the remainder of the session, and the BIST 100 Index closed the day down 0.4% at 13,410. The largest positive contributors to the index were ODINE, AKBNK, TCELL, YKBNK, and PASEU, while BIMAS, KTLEV, DSTKF, ASELS, and EREGL weighed most heavily on performance. Over the past week, the stocks attracting the most consistent capital inflows have been ODINE, SISE, ENJSA, TKFEN, ANHYT, CRDFA, GRSEL, NTHOL, TNZTP, DOCO, FORTE, and GLCVY. Although the number of companies receiving inflows has increased, the overall amount of capital remains relatively modest. Moreover, the fact that not all of these stocks have delivered positive price performance suggests that investors are gradually accumulating positions through passive buying rather than aggressive purchases. With 12-month target forecasts for the BIST 100 Index still pointing to levels above 19,000, this accumulation trend could continue in the period ahead. For the BIST 100 Index, support levels are seen at 13,380 and 13,000–13,200, while 13,500 and 13,590–13,600 stand out as key resistance levels. On today's economic calendar, investors will monitor Turkey's Real Effective Exchange Rate, seasonally adjusted July CPI data, and the Monthly Price Developments Report. In the U.S., Factory Orders and Durable Goods Orders will be among the key macroeconomic releases. Meanwhile, Turkey's five-year CDS premium is starting the day at 232 basis points.