What Happened?

• President Erdoğan: We will complete the year in line with our inflation targets.

• CBRT Governor Karahan: Interest rate steps will be determined according to disinflation.

• The Central Bank of the Republic of Turkey (CBRT) invited the private sector to the Central Bank Digital Turkish Lira Research and Development Project (Digital Turkish Lira Project) ecosystem.

• US President Trump said he would request an expedited decision from the Supreme Court to overturn the appeals court decision that ruled that most of the tariffs were illegal.

• Trump: That's why the stock market is down today (2.9.25), because the market wants tariffs.

• Trump will appeal the Court of Appeals decision to the Supreme Court.

• Trump: If a meeting with Putin and Zelenskyy is not announced in the next few days, you will see what will happen.

• Fed member Cook: Discrepancies in mortgage statements do not justify Trump's impeachment decision.

USA
Risk appetite remained weak in US stock markets yesterday. The Dow Jones Industrial Average fell by 0.55, the S&P 500 by 0.69, and the Nasdaq Composite by 0.82. Trade policy, interest rate outlook, and economic signals all contributed to this decline. Bond yields also exerted pressure. The 10-year Treasury yield was around 4.3, while the 30-year Treasury yield was near 5, creating a negative perception for stocks. Furthermore, September has historically been a weak month for US stocks, increasing investor caution. US index futures are trading sideways and positive with limited buying in midweek after yesterday's sell-off. This movement stemmed from the federal court's decision in the antitrust case against Alphabet, easing regulatory concerns for tech giants. Google's parent company, Alphabet, rose 7% in after-hours trading following the ruling. The court ruled that the company could keep its Chrome browser but would have to end exclusive search agreements and share search data. In a development that has dampened risk appetite since the beginning of the week, President Trump announced on Tuesday that his administration would seek expedited Supreme Court review to overturn a recent appeals court ruling that invalidated most of the reciprocal tariffs. The U.S. Court of Appeals for the Federal Circuit ruled on Friday that Trump exceeded his executive authority when he imposed the tariffs, which constitute the bulk of Trump's second-term trade measures. Despite the ruling, the court allowed the tariffs to remain in effect until October 14 to allow time for the appeals process. Trump has said that removing the tariffs would be devastating for the country and indicated that the Supreme Court appeal would likely be filed today.

Eurozone
European stock markets are expected to open lower on Tuesday, amid a cautious tone ahead of critical inflation data that could shape the region's monetary policy outlook. Markets will focus on preliminary eurozone inflation figures for August, along with Spanish unemployment figures and the Italian producer price index. Expectations for regional inflation are for headline inflation to rise to 2.1%, while core inflation could slow to 2.2%. European stock markets opened higher on Monday, with defense and healthcare stocks particularly prominent, supported by strong corporate earnings. Ahead of the opening, Euro Stoxx 50 futures fell by 0.3TP3T, while Stoxx 600 futures fell by 0.2TP3T.

Türkiye
Bugün yurt içinde enflasyon günü ve ağustos ayı enflasyon rakamları açıklanacak. Ekonomistlerin ağustos ayı Tüketici Fiyat Endeksi’nde (TÜFE) aylık medyan tahmin yüzde 1,80, ortalama tahmin ise yüzde 1,82 artış yönünde gerçekleşti. Gedik Yatırım olarak tahminimiz aylık %1,95 ve yıllık %32,84 seviyesinde bulunuyor. Kurda düşük volatilitede yataya yakın seyirlerin izlendiği bir günü geride bıraktık. Yurt içerisinde yaşanan gelişmelere yönelik haber akışları piyasalarda yakından takip edilirken, önümüzdeki dönemde de yurt içi dinamikler izlenmeye devam edilecek.

EUR/USD
The euro fell to $1.16 due to rising European government bond yields and growing fiscal concerns. Long-term borrowing costs in Germany and France rose to their highest levels since 2011, while debt pressure in France prompted a vote of confidence. Furthermore, eurozone inflation rose to %2.1, exceeding the ECB's target and reinforcing expectations that interest rates will remain stable. Intraday technical levels:
Supports: 1.1596 – 1.1551 – 1.1490
Resistances: 1.1701- 1.1762 – 1.1807

GBP/USD
The British pound fell below $1.34, its lowest since early August, following a sharp rise in long-term bond yields on concerns about the country's fiscal outlook.
The 30-year bond yield rose to its highest level since 1998, increasing pressure on Chancellor of the Exchequer Rachel Reeves ahead of the budget and reinforcing tax hike expectations. Meanwhile, as a cabinet reshuffle took place in Westminster, investors focused on BoE officials' statements on interest rate and monetary tightening. Intraday technical levels:
Supports: 1.3308 – 1.3219 – 1.3098
Resistances: 1.3517 – 1.3637 – 1.3726

XAU/USD
Gold prices traded near record highs at $3,530 on Wednesday, supported by interest rate cut expectations and safe-haven demand. Investors are expecting the Fed to cut interest rates this month following Powell's signal, with all eyes on Friday's jobs report. Trump's disagreements with the Fed, trade uncertainties, and budget concerns alongside the dollar have also bolstered demand for gold. Intraday technical levels:
Supports: 3489 – 3444 – 3419
Resistors: 3559 – 3584 – 3628

XAG/USD
Silver traded at $40.7 on Wednesday, its strongest level since 2011. This rally was fueled by financial pressures, trade tensions, and geopolitical risks. Expectations of a Fed rate cut this month and political tensions between China and the US fueled safe-haven demand. Strong growth in China's solar energy sector and increased exports also supported industrial demand for silver. Intraday technical levels:
Supports: 40.36 – 39.84 – 39.56
Resistances: 41.15 – 41.43 – 41.95

Brent Crude Oil
Brent petrol Çarşamba günü varil başına 69 doların altına inse de, ABD yaptırımları ve arz endişeleri nedeniyle dört haftanın zirvesine yakın seyrini korudu. İran petrolünü gizlice taşıdığı iddia edilen şirketlere yönelik yaptırımlar ve Ukrayna saldırıları sonucu Rusya’nın rafineri kapasitesinin %17’sinin devre dışı kalması arz baskısını artırdı. Öte yandan ABD’de zayıf ekonomik veriler talebi azaltırken, yatırımcıların gözü 7 Eylül’deki OPEC+ toplantısına çevrildi ancak üretim değişikliği beklenmiyor.Gün içi teknik seviyeler olarak ;
Supports: 68.25 – 67.42 – 66.79
Resistances: 69.71 – 70.34 – 71.17

Crude Oil
WTI fell to around $65 a barrel on Wednesday, but remained near a four-week high due to U.S. sanctions and supply concerns. Sanctions against companies accused of secretly transporting Iranian oil and Ukraine's attacks on Russian refineries have weighed on supply. Weak U.S. economic data has dampened demand, while investors are focused on the OPEC+ meeting on September 7, but no change in production is expected. Intraday technical levels:
Supports: 64.71 – 62.83 – 63.18
Resistances: 66.23 – 66.88 – 67.76

Nasdaq (Near Term)
S&P 500 and Nasdaq 100 futures contracts rose on Wednesday after the decision in the Alphabet case eased regulatory concerns for tech giants. Alphabet shares rose to %7 in the post-session, while Apple's was at %3. On Tuesday, the Dow fell %0.55, the S&P 500 %0.69 and the Nasdaq %0.82. Trade policies, interest rate outlook and economic signals put pressure on the indices. The 10-year Treasury yield approached %4.3 and the 30-year Treasury yield approached %5, putting additional pressure on stocks, while the historical weakness in September also reinforced the cautious atmosphere. Intraday technical levels:
Supports: 23101 – 22823 – 22620
Resistors: 23582 – 23784 – 24062

Dow Jones (Near Term)
On Tuesday, the Dow fell by %0.55. Trade policies, interest rate outlook, and economic signals put pressure on stock markets. The 10-year Treasury yield approached %4.3, while the 30-year Treasury yield approached %5, putting additional pressure on stocks. September's historical weakness also reinforced the cautious sentiment. Intraday technical levels:
Supports: 44944 – 44674 – 44348
Resistors: 45639 – 45964 – 46284

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