Daily Bulletin

Good morning. The US–Iran tensions continue amid threats of economic sanctions, while oil prices remain elevated. Long-term US Treasury yields, which eased the previous day following Treasury intervention, moved higher again yesterday, triggering another round of selling on Wall Street. The short-term technical outlook for US equity indices has deteriorated, suggesting that the pullback could continue for some time. For this outlook to improve, it will be important for the recovery attempt seen in US equity futures this morning to hold throughout the day. European futures are flat, while Japanese equities are trading lower and the rest of the Asian markets are in positive territory. In Borsa Istanbul, although the BIST 100 tested 14,560 at the open yesterday, it subsequently declined in line with global markets, falling as low as 14,270, around its 5-day exponential moving average. The index closed at 14,396 points, down 0.4% on a daily basis. The top five companies contributing positively to the index were KTLEV, PASEU, KCHOL, SISE, and EREGL, while ODINE, BIMAS, AKBNK, YKBNK, and ASTOR were the biggest negative contributors. The companies that have stood out with consistent capital inflows over the past week are KCHOL, ASELS, GESAN, EKGYO, NETAS, RYGYO, TOASO, TTRAK, OYAKC, and BOBET. From a technical perspective, 14,270 and 14,050 can be monitored as support levels during the day, while 14,480 and 14,560 stand out as resistance levels. On today’s agenda, the domestic real sector confidence and capacity utilization data, as well as PMI figures from Europe and the US, will be closely monitored. Turkey’s 5-year CDS premium starts the day at 221 basis points.