Daily Bulletin

Good morning. The US-Iran tensions and oil prices hovering near $100 weighed on US and European equities yesterday, while we are seeing some relief buying in equity index futures this morning. Asian equities, meanwhile, are pricing in the global sell-off seen yesterday. The European Central Bank’s rate decision today, the Fed meeting next week—with inflation data due today and tomorrow ahead of the meeting—and the trajectory of oil prices will be key drivers for global markets. Domestically, we continue to see a market environment largely independent of external developments. In Borsa Istanbul, following a four-session upward trend, the index moved above 14,500 yesterday, accompanied by record TL-denominated trading volume. The top five stocks contributing positively to the index were TUPRS, ASELS, KTLEV, BIMAS, and EKGYO, while AKBNK, ODINE, YKBNK, ISCTR, and EREGL had the largest negative impact. Stocks that have stood out with steady capital inflows over the past week include ASELS, TTKOM, ULKER, KARSN, AEFES, and BOBET. From a technical perspective, resistance levels at 14,670, 14,730, and 14,880, along with support levels at 14,350, 14,270, and 14,070, can be monitored. On today’s agenda, the key developments will be the CBRT Monetary Policy Committee rate decision domestically, where we do not expect a change; the ECB rate decision abroad, where we expect a 25-basis-point rate hike; and the US PPI data, with annual PPI expected to rise from 4.7% to 5.4%. The economic calendar is relatively light otherwise. Turkey’s 5-year CDS premiums are starting the day at 219 basis points.