Company profitability, which has largely surpassed market expectations in the USA, continues to support the equity markets.
According to the balance sheets released yesterday, Walmart's revenue in the second quarter increased by 8.4 percent compared to the same period last year, to $ 152.9 billion, driven by demand for food and other essentials. Home Depot, which sells construction and household materials, also increased its revenue by 6.5 percent to $ 43.8 billion in the second quarter.
On the macroeconomic data side, industrial production in the USA increased by 0.6 percent monthly in July, above the expectations. In the same period, manufacturing industry production exceeded the estimates with a monthly increase of 0.7 percent.
Housing starts in the country fell 9.6 percent in July to 1 million 446 thousand, the lowest level since February 2021. Construction permits decreased by 1.3 percent on a monthly basis in July and decreased to 1 million 674 thousand.
The sharp decline in housing construction due to high mortgage (housing loan) rates and material prices supports the concerns that the housing market may contract further in the third quarter of the year.
After the recent macroeconomic data, the pricing that the country will enter into recession continues to strengthen.
On the other hand, despite the strong recession pricing, expectations in the money markets that the US Federal Reserve (Fed) will raise interest rates by 75 basis points at its September meeting remain strong, while the company's financial results and data, which are above expectations, produce mixed signals regarding the country's economy.
According to the expectations in the money markets, it is predicted that the Fed will increase interest rates by 50 percent with a 55 percent probability and 75 basis points with a 45 percent probability in September.
While the recession expectations, which continue to be strong around the world, also suppressed commodity prices, the barrel price of Brent oil increased by 0.4 percent in the new day, after a three-day downward trend, at $ 92.6.
With these developments, the S&P 500 index rose by 0.19 percent and the Dow Jones index by 0.71 percent, while the Nasdaq index depreciated by 0.19 percent yesterday. Index futures contracts in the USA started the new day with a limited decline.
While the European stock markets followed a buying-heavy course yesterday, today's eyes are on the Eurozone's second quarter growth data.
While the increasing recession pressure and uncertainties regarding the economy continue in the region, the macroeconomic data to be announced and the developments regarding energy prices and supply problems are expected to have an impact on the markets.
Yesterday, FTSE 100 index gained 0.36 percent in England, DAX 40 index gained 0.68 percent in Germany, CAC 40 index gained 0.34 percent in France and FTSE MIB 30 index gained 1.01 percent in Italy. Today, index futures contracts in Europe started the new day with a buying weighted course.
In Asian stock markets, a buying-heavy trend is followed with the news that China will take steps to support the economy and directives have been sent to 6 regions corresponding to 40 percent of the country's economy.
The South Korean stock market, which depreciated under the leadership of Samsung shares due to the concern that the increasing recession risk could adversely affect technology companies, diverged negatively.
Today, the Reserve Bank of New Zealand raised the policy rate by 50 basis points to 3 percent, signaling that it will continue similar policies in the next meetings.
According to the macroeconomic data announced in the region, although core machinery orders in Japan increased by 0.9 percent month on month and 6.5 percent year on year, they fell short of expectations.
With these developments, Nikkei 225 index gained 1.11 percent in Japan, Shanghai composite index increased by 0.22 percent in China and Hang Seng index gained 1 percent in Hong Kong, while Kospi index decreased by 0.77 percent in South Korea. .
Domestically, the BIST 100 index, which lost more than 2.5 percent in value yesterday and went down to 2.773, started to rise with the purchases strengthened at this level and closed the day at a record level of 2,913.30, which is 1.96 percent above the previous close.
Dollar/TL is traded at 17.9540 at the opening of the interbank market today, after closing at 17.9336 with a decrease of 0.2 percent yesterday.
Analysts stated that today, the Consumer Price Index (CPI) in the UK, the 2nd quarter growth in the Eurozone, retail sales in the USA and the Fed's July meeting minutes will be followed, technically speaking, the 2.950 and 3.000 levels in the BIST 100 index are resistance levels. He said that 2,880 points are in the support position.
The data to be followed in the markets today are as follows:
09.00 UK, July CPI and PPI
10.00 Turkey, short-term external debt stock for June
12.00 Eurozone, 2nd quarter growth
15.30 US, July retail sales
21.00 US, Fed meeting minutes
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