Almost all of the Purchasing Managers' Index (PMI) data for the manufacturing industry and services sector, which was announced yesterday, pointed out that the recovery in economic activity lost strength.
Analysts reported that the data on the global economic outlook remained below expectations, increasing the expectations that the duration of supportive monetary policies would be extended, and therefore, a positive course was observed in the stock markets before the Jackson Hole Economic Policy Symposium, which will start in the USA on Thursday.
Noting that Fed Chairman Jerome Powell's speech at Jackson Hole on Friday will be decisive on the direction of the markets, analysts noted that in Powell's speech, clues about the timing of the reduction in asset purchases will be sought.
According to the data released in the USA yesterday, the manufacturing industry Purchasing Managers Index (PMI) fell to 61.2 with a monthly decrease of 2.2 points in August, the lowest level of the last 4 months, while the service sector PMI was 55.2 in the same period. It fell to an 8-month low.
After the data indicated that the recovery in economic activity lost momentum and the US Food and Drug Administration (FDA) announced that Pfizer and BioNTech's Kovid-19 vaccine had been approved for full use for those aged 16 and over, a buyer's trend was observed in the New York stock market.
On the other hand, the President of the International Monetary Fund (IMF), Kristalina Georgieva, announced yesterday evening that the allocation of the reserve currency, called the special drawing right (SDR) of $650 billion, to member countries has entered into force.
Referring to the importance of the allocation for the world, Georgieva noted that this is a "unique opportunity" to combat the unprecedented Kovid-19 crisis. "The SDR allocation will provide additional liquidity to the global economic system, increase countries' foreign exchange reserves and reduce their reliance on more expensive domestic or foreign debt," Georgieva said. made its assessment.
According to IMF data, SDRs were allocated to 190 member countries in proportion to their current quotas in the fund. The countries with the highest allocations of SDRs were the USA (about 112.6 billion dollars), Japan (about 41.8 billion dollars) and China (about 41.3 billion dollars). 4.46 billion SDR (approximately 6.3 billion dollars) was allocated to Turkey.
In addition to these developments, especially with the contribution of the rapid rises in travel and entertainment stocks, the Dow Jones index gained 0.61 percent and the S&P 500 index gained 0.85 percent yesterday. The Nasdaq index rose 1.55 percent to 14,942 points, closing its all-time high.
On the European side, the PMI data announced yesterday was below expectations. While the manufacturing industry PMI decreased to 62.7 in Germany and 61.5 in the Eurozone, the service sector PMI decreased to 61.5 in Germany and 59.7 in the Eurozone.
According to the data released today, the Gross Domestic Product in Germany increased by 1.6 percent in the second quarter, slightly above the expectations.
Despite the continuing concerns about the delta variant in the Kovid-19 outbreak, a positive trend was observed in the European stock markets yesterday with the progress made in vaccination studies. DAX index gained 0.28 percent in Germany, FTSE 100 index gained 0.30 percent in England and CAC 40 index gained 0.86 percent in France. Euro/dollar parity, on the other hand, carried its rise to the second trading day and rose 0.4 percent to 1.1750.
The buying trend in the US and European stock markets was also carried over to the new day with the Asian stock markets. Near the closing, Japan's Nikkei 225 index rose 1 percent, China's Shanghai composite index rose 1.3 percent, and South Korea's Kospi index rose 1 percent.
On the other hand, the price of gold is trading just above $1,800 with a limited decline after yesterday's 1.3 percent rise.
Continuing its upward trend in the domestic market, the BIST 100 index gained 1.02% and closed the day at 1,459.33 points. The dollar/TL, which closed at 8,4272 with a decrease of 0.8 percent yesterday, is traded at 8,4310 at the opening of the interbank market today.
Analysts stated that new home sales data will be followed in the USA today, and noted that technically, 1.470 and 1.490 levels in the BIST 100 index are in the position of resistance and 1.440 points.
The data to be followed in the markets today are as follows:
14.30 Turkey, August Financial Services Confidence Index
17.00 USA, new home sales in July
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