Market Opening Highlights and Analysis

Market Opening Highlights

On September 24th, 2025, global markets were volatile. In the US, investors began discussing the potential financial impact of Nvidia's planned $100 billion deal with OpenAI. Initially seen as an expansion of capacities in the tech ecosystem, this soon led to a 2.8% drop in Nvidia's share price on fears of potential pressure on its balance sheet.

FED Statements and Rate Expectations

Fed Governor Powell stated that equities were "quite overvalued" and highlighted valuation risks. He also noted that there is no clear roadmap for rate cuts. On the other hand, Fed Vice Chairman Bowman emphasized that the weakness in the labor market requires early action. These developments pushed rate cut expectations for October to 97.4% and for December to 76.9%.

Despite Powell's comments and the decline in NVDA stock, the S&P 500 index lost 0.55%. Today, futures indices rose by 0.3% after yesterday's selling pressures.

Developments in Asian and European Markets

In Asian markets, Japan's services PMI came in slightly below expectations at 53.0, but managed to stay in growth territory. Expectations of a Fed rate cut led to limited gains in Asia.

In Europe, the Eurozone composite PMI rose to 51.2, indicating an increase in economic activity. In particular, Germany's service sector PMI recorded its fastest growth in 16 months at 52.5, while Brent oil prices rose 1.6% to close near $68. WTI is trading at $64.

BIST 100 Index and Local Data

In Turkey, the BIST 100 index closed the day at 11,331 points, down 1.19%, while the Financial Services Confidence Index released by the CBRT rose to 177.1 in September. In this context, although it is thought that domestic political tensions may negatively affect the index, there is an expectation to head towards 11,400 levels today with positive data in global markets.

Shares with Strong Technical Outlook

Shares in the BIST 100 index, whose prices are above their 9, 21, 50 and 200-day exponential moving averages and exhibit a solid stance in terms of technical indicators, include the following:

• Gür-Sel Turizm Taşımacılık (GRSEL)
• Ral Yatırım Holding (RALYH)
• Turkish Airlines (THYAO)

According to this information, investors can put these shares on watch.