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Global recession concerns continue

The upcoming balance sheet season is expected to create a new surge in shares. Stocks and commodity markets start the week with losses.

Global recession concerns continue

Stock markets are grappling with a global sell-off, as the risks to global economic growth are now undeniable.

The losses are moving to Asia in the new week after the two-day rally in the US ended with a 2.8 percent decline in the S&P 500 and a 3.8 percent decline in the Nasdaq 100 on Friday. Hong Kong Hang Seng led the losses with 2.5 percent after the Biden administration extended export restrictions to Chinese tech companies. After increasing Kovid cases in China, the CSI 300 is also decreasing by 0.9 percent. In Japan, markets are closed for a holiday.

US bond yields rose on Friday after strong nonfarm payrolls data confirmed that the Fed will continue to follow its path of sharp interest rate hikes, while this rise is reflected in Australian and New Zealand yields in the new week.

Australia's 10-year yield rose five basis points to 3.89 percent. The US bond market will be closed today for Indigenous People's Day, while stocks will continue to trade. The dollar gains momentum as a result of the loss in shares. The Dollar Index rose 0.1 percent to 1.341.5. USD/TL It is trading sideways at 18.57. Global economic concerns are also reflected in the commodity market. While US crude oil and Brent oil decreased by 1.1 percent in the morning, industrial metals such as aluminum and copper fell by 2 percent.

Fear of balance sheet season

Stock markets, which experienced sharp declines as a result of the global tightening wave, may fluctuate this time with the balance sheet season that will start this week in the USA.

Of the 724 economists and market actors who responded to the surveys, 60 percent think that this balance sheet season will bring the S&P 500 index down. Half of the participants think that their share valuations will be lower than the average of the last 10 years.

Disappointing third-quarter corporate balance sheets could weigh down analysts' fourth-quarter forecasts, according to Saxo Bank A/S Equity Strategist Peter Garnry.

“The key risks to watch for third-quarter balance sheets will be the impact of the cost of living crisis on consumer product demand and rising wages on corporate profitability,” Garnry said.

The US balance sheet season kicks off Friday this week with major banks including JPMorgan Chase and Citigroup. According to the survey participants, the most important balance sheet will be Apple's balance sheet, which has the largest weight in the S&P 500.

Apple, which will announce its balance sheet on October 27, has given up its production increase plan for the latest iPhone model due to the decreasing demand recently.

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