The increase in the expectations that the US Federal Reserve (Fed) may start to reduce its asset purchases this year, the developments regarding the delta variant in the new type of coronavirus (Kovid-19) epidemic, and the fact that the retail sales data, in particular, were below the expectations in the USA, caused a selling trend in the stock markets last week. it happened.
In addition to the speech of Fed Chairman Jerome Powell, the intense data agenda will be followed at the Jackson Hole Economic Policy Symposium, which will start on Thursday in the USA and will be held online due to the increasing number of Kovid-19 cases.
In the economic calendar, the leading Purchasing Managers Index (PMI) worldwide today, the growth data in Germany on Tuesday and in the USA on Thursday come to the fore.
Analysts noted that the direction of Fed Chairman Jerome Powell, who will make a speech on Friday within the scope of Jackson Hole meetings, will be decisive on the direction of the markets.
In the USA, the New York stock market, which rose with the reaction purchases on the last trading day of last week, depreciated by 0.8 percent on a weekly basis. On Friday, the Dow Jones index rose 0.65 percent, the S&P 500 index 0.81 percent and the Nasdaq index rose 1.19 percent in the New York stock market, which compensated for a significant part of its weekly losses led by technology stocks.
Although there was a positive trend in European stock markets on Friday, excluding Italy, weekly losses were relatively limited in Germany and England, while it was 3.91 percent in France and 2.75 percent in Italy.
In Europe, where developments regarding the delta variant remain the focus of the agenda, the measures taken and the number of cases continue to be determinative on the risk appetite in the stock markets.
On the last trading day of last week, DAX index gained 0.27 percent in Germany, FTSE 100 index gained 0.41 percent in England and CAC 40 index gained 0.31 percent in France, while MIB 30 index decreased 0.41 percent in Italy. .
The buying trend, which was effective in the US and European stock markets on Friday, was carried into the new week with the Asian stock markets. According to the data announced in Japan, although the manufacturing industry PMI decreased to 52.4 and the service sector PMI to 43.5 in August, the Nikkei 225 index rose 1.8 percent close to the closing date. Shanghai composite index gained 1.4 percent in China and Kospi index gained 1.5 percent in South Korea.
Domestically, in Borsa Istanbul, where sales were limited last week, the BIST 100 index closed above the 1,440 points that analysts describe as the critical level.
Although the BIST 100 index gained 0.33 percent on Friday, it closed the week at 1,444.63 points with a decrease of 0.21 percent compared to the previous week's closing. Dollar/TRY, which decreased by 0.3 percent to 8.4945 on Friday, is hovering at 8.4930 at the opening of the interbank market today.
Stating that the leading PMI data in the USA and Europe, the consumer confidence index in the country and the first meeting of the Economic Coordination Board will be followed today, the analysts said that the new target above 1.440 in the BIST 100 index will be the resistance of 1.490 from a technical point of view.
The data to be followed in the markets today are as follows:
10.00 Turkey, August consumer confidence index
10.30 Germany, August manufacturing, services and composite PMI
11.00 Eurozone, August manufacturing, services and composite PMI
11.30 UK, August manufacturing, services and composite PMI
16.45 US, August manufacturing, services and composite PMI
17.00 US, July home sales
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