Daily Bulletin

Good morning. Global markets are maintaining a positive tone, supported by optimism over the potential reopening of the Strait of Hormuz and the decline in oil prices. However, selling pressure in semiconductor stocks is limiting gains in equity markets. In the U.S., the Dow Jones Industrial Average reached another record high yesterday, while the Nasdaq declined as technology stocks came under pressure. U.S. equity futures are showing a similar pattern this morning. European futures are trading higher, while Asian markets are presenting a mixed performance. On Borsa Istanbul, the BIST 100 moved towards the 13,800 level shortly after the opening yesterday but later retreated to as low as 13,560 before closing at 13,703 points, up a modest 0.1% on the day. The biggest positive contributors to the index were TUPRS, KCHOL, ASTOR, KTLEV, and TRALT, while ODINE, THYAO, ASELS, BIMAS, and TCELL weighed most heavily on performance. Over the past week, KCHOL, ASTOR, TTKOM, MGROS, SAHOL, FROTO, SISE, and VAKBN have stood out with consistent fund inflows. Among the recently announced 2Q26 earnings results, LOGO, KCHOL, and TTKOM have been the most notable performers. From a technical perspective, the BIST 100 has intermediate support levels at 13,560 and 13,380, while the 13,000–13,200 range remains the primary support zone. On the upside, 13,800 and 14,000 are the key resistance levels. Today's economic calendar includes the CBRT's international reserves and weekly foreign investor flow data domestically, alongside Eurozone retail sales and U.S. initial jobless claims. Based on the CBRT's analytical balance sheet, we estimate that net international reserves increased by USD 2.7 billion to USD 53.7 billion, while gross reserves rose by USD 1.6 billion to USD 164.2 billion. Finally, Türkiye's 5-year CDS spread begins the day at 229 basis points. CDS premiums have been trending lower for some time, and a continued decline in oil prices could support further tightening in sovereign risk premiums.