Daily Bulletin

Good morning. Global risk appetite is making a positive start this morning. Despite the elevated course of oil prices, U.S. President Trump's statements that the war with Iran could end soon and some company-specific developments are causing index futures to trade positively this morning as well, following the buying in industrial companies in the U.S. yesterday. European futures and Asian markets other than China and Hong Kong are also generally positive. In Borsa Istanbul, on the other hand, a strong rebound of 3.2% was seen yesterday with rising volume and some fund inflows. While the BIST 100 Index rose to 11,797 points, the companies contributing to the index were ASELS, BIMAS, EREGL, THYAO, TUPRS, while those with a negative impact on the index were EGEEN, ANHYT, SOKM, ZOREN, BTCIM. Companies standing out with steady fund inflows over the past week were HALKB, FROTO, ENJSA, TTKOM, EREGL, ENTRA, AKFYE, LIDFA, DOCO. From a technical perspective, we think that we are still in a risky area below 11,900, and that 12,300 needs to be exceeded for a lasting relief. 11,600 and 11,350 can be monitored as supports. On today's agenda, real sector confidence and capacity utilization for October will be monitored domestically, while the agenda abroad is quiet. September data indicate that, despite the recovery in capacity utilization, there was no significant acceleration in real sector confidence, while forward-looking expectations for production and exports weakened. In this period, when manufacturing indicators present a mixed picture, we maintain our cautious view on the medium-term growth outlook and our 3.2% growth forecast for 2026. However, downside risks to the growth forecast persist. Turkey's 5-year CDS premium starts the day at 254 basis points.