While the global markets followed a positive course after the US Federal Reserve (Fed) Chairman Jerome Powell partially removed the question marks regarding the uncertainties in the monetary policy yesterday, the inflation data to be announced in the USA will be followed today.
While Fed Chairman Powell relieved the global markets by revealing a clearer picture of the Fed's future monetary policy in his statements yesterday, today the eyes were turned to the inflation data in the USA. Annual inflation in the US, which was 6.8 percent in November, is expected to rise to 7 percent in December.
Powell, nominated by US President Joe Biden to serve as Fed Chair for a second term, answered questions from members of the US Senate's Banking, Housing and Urban Affairs Committee.
Powell stated that the economy no longer needs a highly supportive policy, and that if inflation stays high for longer than expected, they may have to increase interest rates more over time.
Noting that high inflation is a serious threat to ensuring maximum employment and long-term expansion, Powell said that they will use the necessary tools of the bank to reduce inflation.
Emphasizing that they will normalize policy if things develop as expected, Powell stated that they will end their asset purchases in March, increase interest rates throughout the year, and allow the balance sheet to shrink at some point this year.
The indices, which started the day with a decline in the New York stock market, recovered with Powell's statements and finished the day with a rise.
Expectations that the Fed will raise interest rates for the first time in March decreased from 90 percent to 84 percent after Powell's statements.
The rapid spread of the Omicron variant around the world in the new type of coronavirus (Kovid-19) epidemic eroded the risk appetite in the stock markets.
With these developments, the US's 10-year bond yield decreased to 1.73 percent yesterday, while the price of gold increased to $1,823 per ounce, and was now stabilized at $1,820.
Yesterday, the S&P 500 index gained 0.92 percent, the Dow Jones index rose 0.51 percent and the Nasdaq index gained 1.41 percent in the New York stock market. Index futures contracts in the USA are following a positive trend today.
On the European side, Joachim Nagel, the new Chairman of the German Central Bank, announced that the members of the European Central Bank (ECB) should be on the alert for inflation.
On the other hand, ECB President Lagarde drew attention to the fact that there was no worsening in inflation expectations in his statements yesterday and asked people to trust the bank's price stability commitment.
With these developments, FTSE 100 index gained 0.58 percent in England, DAX 30 index gained 1.10 percent in Germany, CAC 40 index gained 0.95 percent in France and FTSE MIB 30 index gained 0.66 percent in Italy. European indices are still positive in futures today.
While a buying-heavy trend is observed in Asian stock markets today, technology stocks lead the rise.
According to the macroeconomic data announced today in China, the decrease in the Consumer Price Index (CPI) to 1.5 percent on an annual basis and the Producer Price Index (PPI) to 10.3 percent on an annual basis is another factor supporting the stock markets. draws attention.
Analysts reported that the decrease in inflation pressure will ease the hand of the People's Bank of China on supportive monetary policy.
The measures taken due to the rapid spread of the Kovid-19 epidemic and the record number of cases in the countries of the region increase the concerns over the economic recovery.
On the other hand, the balance of payments in Japan gave a surplus of 897 billion yen, exceeding expectations.
With these developments, Shanghai composite index gained 0.60 percent in China, Nikkei 225 index gained 1.95 percent in Japan, Kospi index in South Korea gained 1.40 percent and Hang Seng index in Hong Kong gained 2.25 percent.
Domestically, the BIST 100 index, which gained 0.04 percent yesterday, carried its upward trend for the seventh consecutive trading day and closed the day at 2.046.03 points.
Dollar/TL, on the other hand, is trading at 13.76 at the opening of the interbank market, after closing the day at 13.8021 with a decrease of 0.2 percent.
Analysts stated that the data agenda is calm in the country today, and that industrial production in the Eurozone and inflation in the USA will be followed abroad, and said that technically, 2.050 and 2.070 levels in the BIST 100 index are resistance and 2.030 and 1.990 levels are support.
The data to be followed in the markets today are as follows:
13.00 Euro Zone, November industrial production
16.30 US, December Consumer Price Index
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