Daily Bulletin

Good morning. Global risk appetite is showing a partial recovery, but there is not yet a meaningful move away from risky territory. U.S. and European futures are in positive territory this morning, while Asia is showing a mixed picture. Domestically, MSCI's suspension of index updates regarding Turkish companies and its announcement that it will be in a monitoring process until June 2027 stand out. Since previous statements had indicated that a review would be launched in November regarding the possibility of Turkey losing its "emerging market" status, this represents an extension of time. In addition, there were expectations that some Turkish companies could be removed from the indices in the first MSCI updates; this expectation has now also disappeared. Therefore, we consider MSCI's latest decision as a neutral development. While the BIST 100 Index fell 0.4% to 12,070 points yesterday, the companies contributing to the index were ASELS, AKBNK, GARAN, YKBNK, EREGL, while those with a negative impact on the index were TUPRS, BIMAS, ASTOR, THYAO, ENKAI. Companies standing out with steady fund inflows over the past week were ASELS, GARAN, SAHOL, EREGL, AKFYE, MIATK, RGYAS, ENTRA, GRSEL, MPARK, INDES, ULUFA. In addition, the positive divergence of banks continues. The XBANK Banking index rose 1.12% yesterday, outperforming the XU100 index by 1.52%. From a technical perspective, the 11,900 / 12,000 area can be monitored as the main support zone in the BIST 100 index, while resistances are at 12,150 and the 12,300 / 12,330 area. On today's agenda, the CBT Survey of Market Participants and housing sales and price data will be monitored domestically. In the evening, S&P's review of Turkey is expected. We do not expect any change in the rating, which is three notches below investment grade, and the "stable" outlook. In Europe, CPI; in the U.S., industrial production and capacity utilization will be followed. Turkey's 5-year CDS premium starts the day at 249 basis points.