Daily Bulletin

Good morning. Although the rise in U.S. Treasury yields continues, a slight decline in oil prices and company-specific news flow are supporting global equity markets. Following yesterday's gains in the U.S., index futures are also higher this morning. European and Asian markets are also generally positive. The Fed minutes to be released tomorrow in the U.S. may have a limited impact on markets. Domestically, for the first time in a long while, we saw the number of companies hitting the upper limit (rising 9% or more) on BIST exceed the number of companies hitting the lower limit (falling 9% or more). Pressure may continue on some shares held in funds under liquidation, but the market-wide selling pressure appears to have eased. This outlook, also supported by lower-than-expected inflation data, may continue for a while longer with a pricing pattern in which banks diverge positively on expectations of rate cuts from the MPC. Fund inflows and trading volume, however, remain limited. While the BIST 100 Index rose 1.4% to 12,443 points yesterday, the companies contributing to the index were TUPRS, ASELS, AKBNK, KCHOL, ISCTR, while those with a negative impact on the index were ASTOR, CWENE, BTCIM, BIMAS, CVKMD. Companies standing out with steady fund inflows over the past week were EREGL, SAHOL, OTKAR, EKGYO, HTTBT, MAVI, GLYHO, OYAKC, INDES. From a technical perspective, the 12,530 and 12,750 resistance levels and the 12,370 and 12,230 support levels can be monitored in the BIST 100 index. On today's agenda, the real effective exchange rate and Treasury auctions domestically, retail sales in Europe, trade data in the U.S. and messages from four different Fed officials at various events will be monitored. Turkey's 5-year CDS premium starts the day at 254 basis points.