Daily Bulletin

Good morning. The United States’ threats of economic sanctions against Iran continue, although we are seeing some easing in oil prices as the likelihood of military intervention has partially declined. Pricing in longer-dated oil contracts, particularly below $85, stands out. Global risk appetite is balanced this morning, with U.S. and European futures slightly higher, while Asian markets are generally weaker. In Borsa Istanbul, banks performed particularly strongly yesterday following the CBRT’s decision to lower the Weighted Average Funding Rate to 37%. However, as this expectation had already been largely priced in by the broader market, the index closed relatively flat. While the XBANK Banking Index gained nearly 3%, the BIST 100 Index declined just 0.1% to 14,501 points. The top five companies contributing positively to the index were AKBNK, YKBNK, DSTKF, EKGYO, and PASEU, while ODINE, KTLEV, TUPRS, ASELS, and BIMAS were the biggest negative contributors. The companies standing out with consistent net money inflows over the past week are TUPRS, EKGYO, SELEC, KCHOL, TTRAK, GESAN, SANFM, ENDAE, and ALBRK. From a technical perspective, the 14,650 and 14,880 levels can be monitored as resistance, while 14,400 and 14,270 stand out as support levels. Today’s agenda includes housing market data and confidence indices from the U.S. Turkey’s 5-year CDS premiums are starting the day at 220 basis points.