USA
A busy earnings report period will be at the center of the US agenda this week. Prominent technology companies include Alphabet, Tesla, IBM, and Intel. In the defense sector, Raytheon, Texas Instruments, and Lockheed Martin will provide important updates. Telecommunications giants Verizon, AT&T, and T-Mobile will also be closely watched. Notable companies such as Coca-Cola, Philip Morris, ServiceNow, and Blackstone are also expected to release their financial results. A quieter economic data calendar is expected this week. Durable goods orders are expected to be one of the most important figures for the month, and a decline is expected after last month's sharp increase. The S&P Global PMI is expected to indicate strong expansion in the private sector. A moderate increase in new and used home sales is also expected. Additionally, markets will be closely watching Fed Chair Jerome Powell's speech at the banking conference. US index futures opened the week with a busy earnings calendar on a flat positive note. Trade developments will continue to be closely monitored after Commerce Secretary Howard Lutnick reiterated that August 1st is a definitive date for tariffs to take effect. Last week, the S&P 500 rose 0.59 and the Nasdaq Composite rose 1.51, both reaching new all-time highs. The Dow Jones Industrial Average fell 0.07.

Eurozone
Avrupa’da geride bıraktığımız hafta ABD ile Avrupa Birliği arasındaki ticaret müzakerelerindeki gelişmeleri ve şirket haberlerini yakından takip edildi. Haftalık bazda ise hem STOXX 50 hem de STOXX 600 endeksleri hafif düşüş yaşadı. Teknoloji şirketleri, Cuma günü, tarifeler ve genel ekonomik belirsizliklerin etkisiyle dalgalı seyrine devam ederken, ASML hisseleri %2,6 düştü. Lüks tüketim ve otomotiv sektöründeki büyük şirketler de günü negatif kapattı. Hermès, LVMH, Mercedes-Benz ve Stellantis hisseleri %1 ila %3 arasında değer kaybetti. Öte yandan, Fransız bir mali danışman, Bolloré’nin Vivendi için zorunlu bir satın alma teklifinde bulunması gerektiğine karar vermesi ile Vivendi hisseleri %13,2 yükseldi. Saab hisseleri de şirketin beklentilerin üzerinde ikinci çeyrek faaliyet geliri açıklamasının ardından %16 arttı. Bu hafta, Avrupa Merkez Bankası (ECB) Perşembe günü toplanacak ve sekiz ardışık faiz indiriminden sonra bankanın bu toplantıda faiz oranlarında bir değişiklik yapması beklenmiyor. Ek olarak bu hafta Euro Bölgesi, Almanya, Fransa ve İngiltere öncü PMI verileri açıklanacak. Hem imalat hem de hizmet sektörlerinde ılımlı iyileşmeler bekleniyor.
Avrupa endeks vadelileri, yatırımcıların ticaret konusundaki belirsizlikler nedeniyle temkinli kalmaya devam etmesiyle Pazartesi gününe zayıf bir açılışla başlamaya hazırlanıyor. ABD Başkanı Donald Trump, Avrupa Birliği’nden ithal edilen mallara %30 gümrük vergisi uygulanacağını duyurdu ve bu verginin 1 Ağustos’ta yürürlüğe gireceğini açıkladı. AB tarafı, bu tarihten önce bir ticaret anlaşması yapılacağına dair umutlarını korusa da, şu ana kadar bir uzlaşma sağlanmadı. ABD Ticaret Bakanı Howard Lutnick, 1 Ağustos’un tarifelerin yürürlüğe girmesi için kesin bir tarih olduğunu yineledi ancak bu süreçte görüşmelerin devam edeceğini belirtti. Bugün Avrupa’da açıklanacak önemli bir ekonomik veri ya da şirket bilançosu bulunmadığı için dikkatler tamamen ticaret gelişmelerine çevrilmiş durumda. Vadeli işlemlerde, Euro Stoxx 50 ve Stoxx 600 endeksleri sırasıyla %0,3 ve %0,2 düşüşle işlem görüyordu.

Türkiye
Last week, the exchange rate continued its gradual upward trend amid low volatility. Released data and news flows influenced pricing.
The impact was limited. We are in the week of the Central Bank of the Republic of Turkey's (CBRT) interest rate decision. Our expectation and the market's predominant expectation is Thursday's CBRT Money
The Policy Committee is expected to cut interest rates by 250 basis points. The guidance in the decision text will also be important.
We are also in the week when Fitch and Moody's will announce their credit rating assessment reports for Türkiye.

EUR/USD
The dollar is weakening as expectations for Fed interest rate cuts this year dwindle following the latest inflation data and President Trump signaling he will not fire Fed Chair Jerome Powell.
The index recovered. The euro fell to $1.16, its lowest level in nearly a month, under pressure from the moderate recovery in the US dollar. In the short term, the pair is technically looking at 1.1628.
We are monitoring. Recoveries above this level could target 1.1665 - 1.1708. In case of potential declines, support levels of 1.1585 - 1.1548 could be monitored.
Supports: 1.1585 – 1.1548 -1.1505
Resistances: 1.1665 – 1.1708 – 1.1745

GBP/USD
The British pound continues to trade around an eight-week low, buoyed by renewed strength in the US dollar. Technically, the GBP/USD pair is trading at 1.3429.
We are monitoring the level. It may be necessary to see stability above the relevant level for positive expectations. Below this level, the levels 1.3383 - 1.3359 can be monitored as support. Intraday
as technical levels;
Supports: 1.3383 – 1.3359 – 1.3314
Resistances: 1.3453 – 1.3499 – 1.3523

XAU/USD
Gold prices rose above $3,360 an ounce on Monday, supported by a weaker US dollar as investors awaited further tariff developments.
It rose for the second time in a row. Above the technical level of 3347, the target range for gold is 3377 - 3393. In case of possible selling pressure, the levels of 3363 - 3347 are monitored as support.
Intraday technical levels can be:
Supports: 3363 – 3347 – 3334
Resistances: 3377 – 3393 – 3410

XAG/USD
Silver prices are trading around $38 per ounce. Technically, we are monitoring the 38.22 level for silver. Prices above this level
Continuing, the levels 38.40 - 38.61 can be followed as resistance. Intraday technical levels;
Supports: 38.22 – 38.01 – 37.83
Resistances: 38.40 – 38.61 – 38.79

BRENT
Brent crude futures traded around $69.2 a barrel on Monday as investors assessed the impact of new European Union sanctions on Russian oil.
We are technically monitoring the 69.70 level for oil. It may be necessary to maintain this level for the recovery to continue. In case of potential declines, the 68.64 - 68.07 levels will serve as support.
can be followed. Intraday technical levels;
Supports: 68.64 – 68.07 – 67.01
Resistances: 70.27 – 71.33 – 71.90

WTI
We are technically monitoring the 66.48 level for crude oil. If pressure continues below that level, support levels of 65.45-64.88 will be considered.
In case of a possible recovery, the 67.05-68.08 levels can be targeted after the 66.48 resistance is overcome. Intraday technical levels;
Supports: 65.45 – 64.88 – 63.85
Resistances: 67.05 – 68.08 – 68.65

Nasdaq (Near Term)
Technically, we're monitoring the 23237 level for the Nasdaq index futures contract. For the rise to continue, it may be necessary to see stability above that level. For the rises, we're looking at 23303 - 23383.
levels can be targeted. As intraday technical levels;
Supports: 23237 – 23157 – 23092
Resistors: 233003 – 23383 – 23449

Dow Jones (Near Term)
We are technically monitoring the DJ index at 44602 in the short term. If it remains above that level, the upward trend is expected to continue. In the case of declines,
Levels 44347 – 44167 can be followed as support. As intraday technical levels;
Supports: 44347 – 44167 – 43912
Resistors: 44782 – 45037 – 45218

Warning:

Investment information, comments and recommendations provided herein are not within the scope of investment consultancy. Investment consultancy services are provided by authorized institutions on a personalized basis, taking into account the risk and return preferences of individuals. The comments and recommendations contained herein are of a general nature.. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making investment decisions based solely on the information contained herein may not produce results that meet your expectations.

This report has been prepared by us using sources we consider accurate and reliable. It is intended to assist investors in making their own investment decisions and is not intended to influence their decisions regarding the purchase or sale of any investment instrument. No connection can be established between the investment decisions made by investors and the opinions, information, or data contained in this report, and neither the company's employees nor ALGO YATIRIM are responsible for any errors or losses that may arise as a result of such decisions.