Daily Bulletin

Good morning, and have a good week. Although the US-Iran negotiations are continuing, the strike on a Saudi Aramco refinery located in the UAE and an Emirati vessel passing through the Strait of Hormuz indicate that geopolitical tensions remain elevated. Active Brent crude oil prices continue to trade around $83 per barrel, while we are starting the new week with a mixed outlook in global risk appetite. US and European futures are slightly negative, while Asian markets are showing a mixed picture, with some markets trading higher and others lower. On Borsa Istanbul, the BIST 100 started Friday’s session by climbing toward the 14,000 level, but subsequently pulled back toward 13,700 and closed the day at 13,779, down 0.1%. The five companies providing the largest positive contributions to the index were DSTKF, ODINE, BIMAS, MGROS, and TRALT, while ASELS, EREGL, ASTOR, THYAO, and KTLEV were the biggest negative contributors. The companies that have stood out with consistent fund inflows over the past week are KCHOL, TRALT, SASA, EUPWR, GUBRF, CUSAN, BYDNR, TTKOM, and TUCLK. Despite the weak outlook in global equity markets, we expect the momentum that has strengthened in the domestic market over the past week to remain intact. From a technical perspective, the 13,600–13,700 area can be monitored as support, while the 13,800–14,000 region stands out as the key resistance zone. On today’s agenda, June industrial production data and Treasury auctions will be followed domestically. In Europe, investor confidence, and in the US, comments from Fed officials will be monitored. Later in the week, inflation data in the US, as well as growth and employment-related data in Europe, will be closely watched. Finally, Turkey’s 5-year CDS premiums are starting the day at 226 basis points.