While global markets calmed down after monetary policy makers reiterated their messages that the supply shocks in inflation are temporary, today's eyes are on the intense data agenda, especially growth in the USA.
While the break in the supply chain had a negative impact on almost all economic processes, from energy supply to freight prices, the monetary policy makers' statements that the supply shock would improve over time relatively calmed the concerns in the markets.
In the US, the House of Representatives approved the bill to suspend the debt ceiling until next year, and the manufacturing industry Purchasing Managers Index (PMI) data, which fell below the 50 level for the first time since February 2020, with 49.6 in China, showed the Bank of China. (PBoC) increased the expectation that it could lower loan interest rates, which led to reactionary purchases in the stock markets.
While the Chinese real estate giant Evergrande continues to be a risk factor on the Asian side, it is stated that the course of the dollar index, which reached its highest level since October 2020 with 94.4 yesterday, will continue to be effective on asset prices.
Following the calming statements regarding inflation concerns, the US 10-year bond yield, which declined slightly yesterday, was also balanced just below 1.52 percent.
With these developments, a mixed course was observed in the New York stock market yesterday, while the S&P 500 index gained 0.16 percent and the Dow Jones index gained 0.26 percent. The Nasdaq index fell 0.24 percent. Index futures contracts in the New York stock exchange started the new day with a buying weighted course.
On the European side, while the buying-oriented trend strengthened with the speeches of the central bank governors yesterday, the natural gas crisis continues to exist.
While the gasoline shortages in England eased, the Bank of England Governor Andrew Bailey stated that the last point of asset purchases was reached in his speech yesterday and said, “Monetary policy cannot solve supply shocks.” made its assessment.
Christine Lagarde, President of the European Central Bank, reiterated that the increase in inflation was caused by supply shocks and was temporary.
According to the data released today, the Gross Domestic Product (GDP) in the UK was revised to 23.6 percent annually in the second quarter. In the previous statement, the annual increase in GDP was 22.2 percent.
While the European stock markets followed a buying-heavy course yesterday, the FTSE 100 index in England was 1.14 percent, the DAX index in Germany was 0.77 percent, the CAC 40 index in France was 0.83 percent, and the MIB 30 index in Italy. It gained 0.64 percent. In futures, index contracts are also buying at the opening of the new day.
The euro/dollar pair is trading just above 1.16 today after seeing its lowest level since July 24, 2020 with 1.1589 yesterday.
In Asia, a mixed course is observed following the macroeconomic data that fell short of expectations.
The expectation that the PBoC could lower the loan interest rates in order to support the slowing industrial production and solve the real estate crisis increased the risk appetite.
In Japan, on the other hand, industrial production fell 3.2 percent month on month and retail sales fell 4.1 percent, well below expectations. Fumio Kishida won the leadership election of the ruling Liberal Democratic Party (LDP), and Kishida is expected to launch an economic support package as soon as possible.
With these developments, Shanghai composite index gained 0.72 percent in China and Kospi index gained 0.41 percent in South Korea, while Nikei 225 index lost 0.20 percent in Japan.
BIST 100 index in Borsa Istanbul, which followed a trend with buyers in line with the global stock markets yesterday, finished the day at 1,391.92 points, 0.59 percent above the previous closing.
Dollar/TL, on the other hand, is trading at 8.9050 at the opening of the interbank market today, after closing at 8.9237 with an increase of 0.54 percent yesterday.
Analysts, the summary of the Monetary Policy Committee (PPK) meeting of the Central Bank of the Republic of Turkey (CBRT) and the foreign trade balance, abroad, unemployment and Consumer Price Index (CPI) in Germany, unemployment in the Euro Area and the US. He stated that the 2nd quarter Gross Domestic Product (GDP) data will be followed.
Analysts said that 1.370 and 1.340 levels in the BIST 100 index are technically support, while 1.420 points stand out as resistance.
The data to be followed in the markets today are as follows:
10.00 Turkey, August foreign trade balance
10.55 Germany, September unemployment rate
12.00 Euro Area, unemployment rate for august
14.00 Turkey, September CBRT MPC meeting summary
15.00 Germany, September CPI
15.30 US, weekly jobless claims
15.30 US, Q2 GDP
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