Daily Bulletin

Good morning. Mutual statements from the U.S. and Iran indicating that the two sides are close to reaching an agreement on reopening the Strait of Hormuz are providing support to global markets. Active Brent crude oil futures, which tested USD 86 per barrel around midday yesterday, have retreated to USD 78 this morning, returning to levels seen in mid-July when reciprocal attacks resumed. Following yesterday's nearly 2% rally in U.S. equity markets, U.S. equity index futures are trading higher again this morning. European futures are also pointing to a stronger open. In Asia, markets are mixed, with gains exceeding 3% in both Tokyo and Seoul, while most other regional markets are trading weaker. The BIST 100 Index advanced 2.1% yesterday to close at 13,687. The largest positive contributors to the index were ASELS, ODINE, AKBNK, BIMAS, and ASTOR, while AEFES, ENKAI, ISCTR, MAGEN, and EFOR weighed most on performance. Over the past week, ASTOR, TCELL, SISE, CRDFA, GLCVY, and DOCO have stood out with consistent fund inflows. Among the latest 2Q26 earnings releases, AYGAZ, TUPRS, ASELS, and FROTO reported results above market expectations. The first three companies received high scores in our proprietary rating model due to the continuation of their year-over-year growth momentum, while FROTO, despite posting earnings above expectations, received a lower score because of year-over-year contraction in its financial performance. From a technical perspective, key support levels for the BIST 100 are seen at 13,380 and 13,000–13,200, while 13,800 and 14,000 remain the primary resistance levels. Today's macroeconomic calendar includes Services PMI data from the U.S. and Europe, U.S. ADP private employment and the ISM Services Index, as well as Producer Price Index (PPI) data from Europe. Türkiye's 5-year CDS is starting the day at 230 basis points.