All eyes will be on the Fed this week

 In global markets, the issue of when the Fed will start to reduce asset purchases continues to be the focus of the markets. While the global stock markets continue to break records, especially with the optimism that the US Federal Reserve (Fed) will not act hastily in the change of monetary policy together with the latest macroeconomic data, this week's eyes will be on the Fed's meeting minutes and Fed Chairman Jerome Powell's speech.

Although Powell's characterization of the rise in inflation in the USA as temporary turned the attention to the labor market, risk appetite in global stock markets increased after the US inflation data, which was close to expectations during the week. This week, while the minutes of the Fed's July meeting and Powell's speech are on the agenda of investors, clues about the future of monetary policy will continue to be sought.

This week in the USA; New York Fed industry index on Monday, housing price index on Tuesday, retail sales, industrial production, capacity utilization and Powell's speech, construction permits and housing starts and Fed meeting minutes on Wednesday, Philadelphia Fed manufacturing index and weekly jobless claims follow on Thursday. will be done.

Intense agenda in the European market
The continuation of the recovery of the regional economies in Europe and the expectation that the supportive stance of the monetary policy will remain in this position for a long time continues to support the European stock markets. This week; Unemployment and growth in the Euro Area on Tuesday, Consumer Price Index (CPI) in the Euro Area and the UK on Wednesday and PPI in Germany on Friday will be followed.

Following COVID and China's regulatory steps in Asia
On the Asian front, the data calendar of the week starting with August 16 includes growth, capacity utilization and industrial production in Japan on Monday, retail sales and industrial production in China, foreign trade balance in Japan on Wednesday and CPI data in Japan on Friday.

Domestic data agenda is weak
Domestically, the data agenda is calmer than last week. Next week, the domestic budget balance on Monday, the housing price index on Tuesday, and the CBRT's MPC minutes on Thursday will be followed. During the week, the second quarter balance sheets of companies are also in the focus of investors.