Daily Bulletin

Good morning. The rise in U.S. Treasury yields has accelerated. The benchmark 10-year Treasury yield rose above 5.20% yesterday, although we are seeing a modest decline this morning. This environment, which has been weighing on global equities, is continuing in the morning hours with a partial stabilization effort. U.S. futures are flat, European futures are higher, while Asian equities are generally weak. Pressure on the Borsa Istanbul continues due to the fund investigation and liquidation processes. Combined with the sell-off abroad, this led the BIST 100 index to decline 2.7% yesterday, closing at 12,888 points, its intraday low. The companies contributing positively to the index were MIATK, TKFEN, CVKMD, PATEK and DAPGM, while ASELS, BIMAS, THYAO, DSTKF and AKBNK were the main detractors. The companies that stood out with fund inflows over the past week were TTKOM, TCELL, HALKB, VAKBN, ENKAI and OYAKC. From a technical perspective, we believe it will be more meaningful to assess the index after the 27 constituent changes take effect on October 1. For now, however, the 12,800 and 12,500 levels can be monitored as support, while the 13,000–13,200 region stands out as resistance. On today’s agenda, U.S. durable goods orders and confidence indices will be followed. Turkey’s 5-year CDS premiums are starting the day at 248 basis points. We should note that the rise in CDS premiums is attributable not only to domestic market developments but also to the increase in global Treasury yields.