9,006.55 TRY BIST 100 BIST 100
4.84 CNY CNY CNY
34.29 USD USD USD
37.25 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
44.62 TRY Interest Interest
72.99 USD Fossil Oil Fossil Oil
33.70 USD Silver Silver
4.35 USD Copper Copper
103.78 USD Iron Ore Iron Ore
375.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,067.38 TRY Gold (gr) Gold (gr)

Global markets are mixed

In global markets, inflation and recession concerns continue to be influential on the direction of asset prices, while the volatility in oil prices, which increased with yesterday's news flow, erodes the risk appetite of investors.

Global markets are mixed

Yesterday, while US President Joe Biden and US Federal Reserve (Fed) Chairman Jerome Powell met to talk about inflation, Biden stated in his statement that the anti-inflation plan begins with respecting the independence of the Fed.

Pointing out that the Fed's duty is to reduce inflation, Biden stated that he is responsible for providing the Fed with the necessary opportunities to do its job.

On the other hand, while Biden announced in an article he wrote to the US press that he would provide advanced rocket and ammunition aid to Ukraine, the steps taken due to the Russia-Ukraine war continue to have an impact on asset prices.

While the European Union (EU) expanded its sanctions against Russia, banning some oil imports from Russia, Russia also stopped natural gas shipments to the country, citing the Netherlands' refusal to pay in rubles after the decision.

According to another news in the US press, while it was claimed that the suspension of Russia's obligations arising from the agreement was discussed in the Organization of Petroleum Exporting Countries (OPEC), it was stated that the realization of this situation could only be possible if Saudi Arabia assumed Russia's obligations. OPEC and the energy and oil ministers of 10 non-OPEC oil producing countries led by Russia will meet tomorrow. At the meeting, the production policy of the OPEC+ group for July will be evaluated. The OPEC+ group decided to increase production by approximately 432 thousand barrels per day in June.

After the EU's sanctions against Russia, the price of Brent oil per barrel, which exceeded 120 dollars yesterday, regressed with the news flow towards OPEC, closing the day with a 0.8% decrease at 115.9 dollars, and the new day started with a decrease.

Analysts stated that the risk appetite in global markets remained low due to the fact that the aforementioned developments further strengthened inflation concerns, and noted that today's eyes are on the manufacturing industry Purchasing Managers Index (PMI) to be announced worldwide and the Fed's Beige Book report.

With these developments, the S&P 500 index depreciated by 0.63 percent, the Nasdaq index by 0.41 percent and the Dow Jones index by 0.67 percent in the New York stock market yesterday. Index futures contracts in the USA started the new day with a buyer.

After the inflation continued to break records in Europe, the hawk statements of monetary policy officials continue. Although the President of the European Central Bank, Christine Lagarde, pointed to a 25 basis point increase in interest rates in July and September meetings, the opinions that a 50 basis point increase may be needed continue to rise.

While ECB member Klass Knot noted that the macroeconomic data in May and June may be determinative for a 50 basis point rate hike, Peter Kazimir stated that his main scenario was a 25 basis point increase in July, but it is open to discussion for a 50 basis point increase.

Yesterday, FTSE 100 index gained 0.10 percent in England, DAX 30 index lost 1.29 percent in Germany, CAC 40 index decreased 1.43 percent in France and FTSE MIB 30 index lost 1.22 percent in Italy. . Index futures contracts in Europe started the new day with buyers.

While the risk appetite in Asian stock markets is low in the new day after the seller's course in the US stock markets yesterday, the macroeconomic data announced in the region is also effective in the said course.

Although the number of cases in China's new type of coronavirus (Kovid-19) epidemic continues to decline, intensive testing studies continue in the country.

According to the data announced in the region, while capital expenditures in Japan increased by 3 percent, falling short of expectations, the manufacturing industry PMI rose to 53.3.

In China, although the manufacturing industry PMI rose to 48.1, it was both below expectations and pointed out that the contraction in industrial production continues.

With these developments, Shanghai composite index in China and Hang Seng index in Hong Kong decreased by 0.5 percent and 0.8 percent in Hong Kong, while Nikkei 225 index increased by 0.5 percent in Japan.

Domestically, the BIST 100 index, which continued its upward trend yesterday, finished the day at 2,547.09 points with an increase of 0.79 percent.

Dollar/TL, on the other hand, is trading at 16,3920 at the opening of the interbank market today, after closing at 16,4034 with an increase of 0.1 percent yesterday.

Analysts stated that today, domestic and worldwide manufacturing industry PMI, unemployment data in the Euro Zone and the Beige Book report in the USA will be followed, technically, the BIST 100 index 2.550 and its historical peak of 2.562 stood out as resistance and 2.500 points as support. told.

The data to be followed in the markets today are as follows:

10.00 Turkey, May manufacturing PMI

10.55 Germany, May manufacturing PMI

11.00 Eurozone, May manufacturing PMI

11.30 UK, May manufacturing PMI

12.00 Eurozone, unemployment rate for April

16.45 US, May manufacturing PMI

17.00 USA, May ISM manufacturing PMI

21.00 US, Fed's Beige Book report

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Swiss Steel Group board changes

Thursday, October 31, 2024

Per Elfgren appointed as new president of SSAB Special Steels

Wednesday, October 30, 2024

Analysis of last week's market situation

Monday, October 28, 2024

Salzgitter AG appoints Denecke-Arnold as new president of Salzgitter Flachstahl

Tuesday, October 22, 2024

EU steel industry sounds crisis alarm! EUROFER issues open letter

Thursday, October 17, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now