Daily Bulletin

Good morning. Although stronger-than-expected PMI data in the US provided positive signals regarding the growth outlook, they weighed on equity markets by creating an environment in which the Fed could raise interest rates faster than previously anticipated. US Treasury yields have climbed to multi-year highs, while mortgage rates are also testing their highest levels in the past year and a half. The move above 5%, a key threshold for 10-year US Treasury yields, weighed on US equity indices yesterday evening and continues to do so this morning. European futures and Asian equities are also broadly trading lower. In Borsa Istanbul, the BIST 100 Index continued to hold around 13,200 for a sixth consecutive trading session, while the BIST All-100 (XTUMY) Index continued to weaken, partly due to stocks remaining in a series of limit-down sessions. The XTUMY Index has declined more than 25% from the peak region seen at the end of August, while the XU100 Index has fallen by nearly 10% over the same period. Turning to yesterday, the BIST 100 Index rose 0.4%, with TUPRS, ASELS, ASTOR, BIMAS, and PETKM making the largest positive contributions to the index. The stocks with the most negative impact were DSTKF, KTLEV, IEYHO, RALYH, and KUYAS. The stocks that have stood out with consistent fund inflows over the past week are ASELS, TUPRS, ISCTR, TKFEN, ENKAI, YKBNK, VAKBN, BAHKM, RYGYO, ENTRA, and TTKOM. We believe a technical assessment of the index will become more meaningful following the replacement of 27 companies in October. For now, however, the 12,900–13,000 region can be monitored as support, while the 13,400–13,450 band stands out as resistance. On today’s agenda, foreign exchange transactions and Türkiye’s reserves will be monitored domestically, while growth and housing sector data will be in focus abroad. Türkiye’s 5-year CDS premium starts the day at 241 basis points.