USA
Haftanın ilk işlem gününde küresel piyasalar, ABD-Çin ticaret ilişkilerindeki yumuşama sinyalleri ve azalan bankacılık endişeleriyle temkinli bir iyimserlik sergiliyor. Altın fiyatları, Cuma günkü sert düşüşün ardından ons başına 4.250 dolar seviyesinde dengelenirken, yatırımcılar bu hafta Malezya’da bir araya gelecek ABD Hazine Bakanı Scott Bessent ve Çin Başbakan Yardımcısı He Lifeng arasındaki görüşmelere odaklandı. Başkan Donald Trump’ın Çin mallarına yönelik %100 gümrük tarifelerinin sürdürülemez olduğunu belirtmesi, risk iştahını desteklerken, yılbaşından bu yana %60’tan fazla yükselen altın, belirsiz ekonomik görünüm, yaklaşan faiz indirim beklentileri ve güçlü merkez bankası alımlarıyla güvenli liman konumunu koruyor. ABD 10 yıllık tahvil getirisi %4’ün üzerinde kalmayı sürdürürken, yatırımcılar Cuma günü açıklanacak Eylül ayı TÜFE verisini bekliyor. Fed’in gelecek hafta 25 baz puanlık faiz indirimi yapması neredeyse kesinleşmiş durumda; yıl sonuna kadar bir indirim daha ve 2026’da üç ek indirim daha fiyatlanıyor. Cuma günü Wall Street endeksleri, Trump’ın yumuşama mesajlarıyla yükseldi; S&P 500 ve Nasdaq %0,5 artarken, Dow Jones 239 puan kazandı. Bölgesel bankacılık hisseleri, Zions Bancorporation, Western Alliance ve Truist Financial gibi isimlerdeki toparlanmayla öne çıktı. Haftalık bazda S&P 500 %1,7, Dow %1,7 ve Nasdaq %2,2 artış kaydederek risk iştahında kademeli bir toparlanmaya işaret etti.Bu hafta ABD’de federal hükümetin kapanmasının dördüncü haftasına girerken gözler haftanın en kritik verisi olan TÜFE raporunda olacak. 1 Ekim’den bu yana yayımlanacak tek önemli resmi veri olan eylül ayı enflasyonunun, art arda ikinci kez hızlanarak %3,1’e çıkması ve Mayıs 2024’ten bu yana en yüksek seviyesine ulaşması bekleniyor. Öte yandan çekirdek enflasyonun yıllık bazda %3,1’de sabit kalması, aylık bazda ise manşet ve çekirdek TÜFE’nin sırasıyla %0,4 ve %0,3’te seyretmesi öngörülüyor. Bu durum, gümrük tarifelerinden kaynaklanan enflasyon baskılarının şimdilik sınırlı kaldığına işaret ediyor. Piyasalarda ayrıca S&P Global öncü PMI verileri, ikinci el konut satışları ve Chicago Fed ulusal aktivite endeksi yakından izlenecek. Üçüncü çeyrek bilanço dönemi de tüm hızıyla sürerken; Tesla, Procter & Gamble, General Electric, Coca-Cola, Thermo Fisher Scientific, Philip Morris International, GE Aerospace, CME Group, Netflix, Intuitive Surgical, Blackstone, IBM, AT&T, Verizon, Intel ve Ford Motor gibi dev şirketlerin sonuçları
will be closely monitored.

Eurozone
European stock markets are expected to open the week higher. Signs of easing trade tensions between the US and China and easing concerns about US regional banks have boosted investor risk appetite. Meanwhile, S&P Global Ratings downgraded France's credit rating from A+ to AA-, highlighting uncertainties surrounding the country's fiscal outlook. On the corporate front, investors are focused on the financial statements of major European companies such as L'Oréal, UniCredit, SAP, Hermes, Barclays, and Sanofi, which are due to be released this week. While no major macroeconomic data is expected in Europe on Monday, futures are indicating a positive opening, with the Euro Stoxx 50 rising 0.8% and the Stoxx 600 rising 0.6%. Leading European markets this week are preliminary PMI data from the Eurozone, Germany, France, and the UK. These data are expected to signal a weakening in the services sector and a deeper contraction in manufacturing. If expectations come true, these results could raise concerns about a slowdown in growth momentum across the region. In the UK, attention is focused on inflation and retail sales data. The Bank of England expects inflation to rise to %4, while other key figures include the Eurozone consumer confidence index and the German producer price index.

Türkiye
According to the Central Bank of the Republic of Turkey (CBRT) Market Participants' expectations for the current year-end CPI increased from 29.86 percent to 31.77 percent, while the year-end USD/TRY expectation decreased from 43.85 TL to 43.56 TL. International credit rating agency S&P announced that it has completed its mid-year review of Türkiye's credit rating, but has not released any reports. Currently, S&P maintains Türkiye's long-term credit rating at "BB-" and its outlook at "stable." All eyes will be on the CBRT's interest rate decision and US inflation data in the coming week. Trade talks between the US and China will also be closely monitored. There is no significant data release today. The USD/TRY exchange rate is trading around 41.94 as of 8:00 this morning, while the dollar index is around 98.39.

EUR/USD
The euro rose to 1.17 on Friday, its strongest level since October 6, as political tensions in France eased and the dollar weakened.
After reaching 16.1660 at the beginning of the week, it is trying to find balance again at the level of 16.1660 with the effect of the recovery in the dollar index. French Prime Minister Sébastien
Macron's government was temporarily stabilized by Lecornu's narrow victory in a vote of confidence after he promised to suspend pension reform. On the US side, regional banks
Concerns, trade tensions and the ongoing government shutdown are putting pressure on the dollar, with the Fed expected to cut interest rates two more times by the end of the year.
as levels;
Supports: 1.1620 – 1.1599 – 1.1547
Resistances: 1.1704 – 1.1755 – 1.1782

GBP/USD
The GBP/USD pair fell to 1.3425 at the beginning of the week, falling 0.01% compared to the previous session. Sterling has lost 0.66% of its value in the last month,
In the 12 months, % showed an increase of 3.41%. This figure shows that despite the short-term weakening trend, the pound is gaining strength against the dollar in the long term.
Intraday technical levels are as follows;
Supports: 1.3388 – 1.3348 – 1.3307
Resistances: 1.3468 – 1.3509 – 1.3548

XAU/USD
Gold prices continued their decline, falling to $4,230 an ounce on Monday amid signs of easing trade tensions between the US and China.
Markets are closely watching the upcoming talks between US and Chinese officials in Malaysia, with Trump labelling the tariffs unsustainable.
umutları artırdı. Yılbaşından bu yana %60’tan fazla değer kazanan altın, faiz indirimi beklentileri, merkez bankası alımları ve süregelen hükümet kapanmasının
It maintains safe haven demand due to its impact. Intraday technical levels are as follows;
Supports: 4163 – 4078 – 3970
Resistors: 4355 – 4463 – 4548

XAG/USD
The price of silver fell to $51.7 per ounce on Monday, continuing its sharp decline from record highs. US-China trade tensions
As the decline in risk appetite weakened safe-haven demand, investors turned to profit-taking. Markets are eager to anticipate this week's US inflation data.
While we wait, the Fed is expected to cut interest rates by 25 basis points next week and another cut by the end of the year. Intraday technical levels
aspect;
Supports: 50.20 – 48.45 – 46.32
Resistances: 54.07 – 56.20 – 57.95

Brent Crude Oil
Brent crude prices fell to $61 a barrel on Monday, nearing a six-month low. Concerns about a global supply glut and
The IEA's increased market surplus forecast for 2026 put pressure on prices, while the easing of tensions in the Middle East reduced risk premiums.
The closure of a gas processing plant in Russia following Ukraine's weekend drone attack limited losses, while investors are betting on the coming
Closely monitoring the Trump-Putin meeting and US-China trade negotiations in the coming weeks. Intraday technical levels:
Supports: 60.47 – 59.64 – 59.15
Resistances: 61.79 – 62.28 – 63.11

Crude Oil
WTI crude oil prices fell to $57.3 a barrel on Monday, nearing six-month lows. Global supply concerns and OPEC+
While production increases have put pressure on prices, the decline in tensions in the Middle East has reduced risk premiums. Meanwhile, a gas pipeline in Russia, as a result of the Ukrainian attack,
While the plant closure limited losses, investors focused on the Trump-Putin meeting and upcoming US-China trade talks. Intraday technical levels
aspect ;
Supports: 56.44 – 55.70 – 55.27
Resistances: 57.61 – 58.04 – 58.78

Nasdaq Near Term
Nasdaq futures opened the week slightly higher, as easing US-China trade tensions fueled buying in tech stocks. Investors focused
While the balance sheets of technology giants such as Netflix, Tesla, IBM and Intel will be released this week, the CPI data to be published on Friday will also be a directional factor.
While profit-taking in artificial intelligence stocks last week caused volatility in the Nasdaq, the market is showing signs of recovery this week.
as technical levels;
Supports: 24438 – 24017 – 23796
Resistors: 25081 – 25302 – 25723

Dow Jones Near Term
Dow Jones futures opened the week slightly higher, as easing US-China trade tensions bolstered investor confidence.
While the balance sheets of major components such as Coca-Cola and IBM will be released this week, the CPI data to be published on Friday will be critical for the economic outlook.
The Dow Jones Industrial Average, which followed a volatile course last week due to regional bank concerns and profit taking, is entering the new week with a cautious recovery trend.
Intraday technical levels:
Supports: 45646 – 45068 – 44733
Resistors: 46559 – 46894 – 47472

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