Daily Bulletin

Good morning. Global risk appetite remains balanced, while we are seeing a slight pullback in oil prices and an effort by US and European futures to hold near record-high levels. Following yesterday’s limited decline in US CPI, today’s PPI data, for which a more pronounced moderation is expected, will be closely monitored. We are seeing expectations for Fed rate hikes being pushed back from the October/December meetings to the December/January meetings. In Borsa Istanbul, we saw an almost 3% rise yesterday, accompanied by strong capital inflows and one of the highest trading volumes on record, with the BIST 100 closing above the 14,000 level at 14,110. With this close, the BIST 100, which moved above all of its 5-, 10-, 22-, 50-, 100- and 200-day exponential moving averages, is showing a meaningful improvement in its technical outlook. Holding above 14,000 and initially moving toward the 14,200/14,250 resistance zone will be critical for the continuation of the positive outlook. The top five companies contributing to the index yesterday were ASELS, TUPRS, ASTOR, ODINE and DSTKF, while MGROS, AEFES, CCOLA, PASEU and TRALT were the biggest negative contributors. The companies that have stood out with regular capital inflows over the past week are TUPRS, ASELS, SASA, YKBNK, EUPWR, TTKOM, GARAN, ECILC, ISGYO, MANAS, BSOKE and AYDEM. In BIST, the CBRT’s presentation of its Q3 Inflation Report, which we will closely follow after 10:30 a.m. today, will be important in assessing the sustainability of yesterday’s move. If the CBRT signals an easing in its 40% funding rate, we would expect the upward move in BIST to continue, led by banks. The current account balance, housing sales, reserves and foreign investor transactions in Türkiye, industrial production in Europe, and PPI in the US are the other key macroeconomic releases of the day. Finally, Türkiye’s 5-year CDS premiums are starting the day at 223 basis points.