Daily Bulletin

Good morning. Global risk appetite remains broadly positive. U.S. and European equity futures are trading in the green, while the outlook in Asia is more neutral. Borsa Istanbul rose by 2.5% yesterday, supported by strong capital inflows. We expect the renewed positive momentum to carry the index toward the 10,450 / 10,500 resistance zone. According to data released by Borsa Istanbul, there was a net foreign inflow...
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Good morning. The tension escalated after Israel struck the Presidential Palace and the General Staff Headquarters in Damascus, the capital of Syria, but it is now easing with reports that a ceasefire has been reached in the city of Suwayda and that units affiliated with the Syrian army have withdrawn. However, this development, which serves as a reminder of geopolitical risks, is likely to keep markets cautious...
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Good morning. In the U.S., CPI data exceeded expectations, while underlying components of the core personal consumption expenditures (PCE) index — the Fed’s preferred measure of inflation — also showed notable increases. As a result, market pricing for a potential first rate cut by the Fed in October has diminished. However, political pressure from President Trump on Fed Chair Powell continues to intensify. This...
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Good morning. The week begins with rising tensions between the U.S. and the EU over customs tariffs. The U.S. announcement of a 30% tariff on imports from the EU and Mexico, effective from August 1st, and the EU's signals of potential retaliation are creating stress in global markets. Additionally, ongoing calls from the U.S. administration for Fed Chair Powell’s resignation and threats of his removal are...
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Good morning. Despite the gains observed yesterday in the U.S. and European markets, global risk appetite is losing momentum this morning. The announcement by the U.S. to impose a 35% tariff on Canada, coupled with President Trump’s remarks suggesting that general tariffs of 15%–20% could be applied to countries that did not receive formal notification, have reignited trade-related concerns. Turning to Borsa...
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Good morning. The minutes from the Federal Reserve (FOMC) meeting revealed more clearly the divergence of views among committee members regarding interest rate cuts and inflation. Meanwhile, U.S. President Trump intensified his calls for rate cuts, raising his demand to 300 basis points. The trade tariff agenda appears to be heating up again. In addition to the letters sent to 14 countries earlier this week, it was...
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Good morning. Global risk appetite remains balanced, while inconsistent statements from the U.S. are contributing to a lack of clear direction in the markets. Although markets were encouraged by suggestions that the deadline for tariffs—extended from July 9 to August 1—could be further relaxed, President Trump’s assertion that “there will be no extension” dampened sentiment. Nonetheless, we believe these...
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Good morning. As the United States clarifies its country-specific customs practices, market concerns around tariffs are currently balanced. Yesterday, the U.S. announced new customs duties ranging between 25% and 40% on 14 additional countries, separate from previously announced sectoral tariffs. These new rates will come into effect as of August 1. U.S. equity futures are showing a mixed outlook this morning,...
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