Big banks in the USA, which announced higher profits on their balance sheets due to the rapid interest rate hikes by the US Federal Reserve (Fed), pointed to a resilient economy.
The fact that the net profit of Morgan Stanley, which announced its balance sheets for the second quarter yesterday, exceeded the expectations despite a 13 percent decrease on an annual basis, and that the net profit of Bank of America increased by 19 percent in the same period, above the forecasts, increased the risk appetite.
Today, the busy schedule in the balance sheet calendar is expected to continue with companies that will announce their financial results, especially electric car manufacturer Tesla, semiconductor chip manufacturer ASML ADR, Netflix and IBM.
According to the data released in the USA yesterday, retail sales increased by 0.2 percent on a monthly basis in June, below the expectations, while industrial production fell by 0.5 percent in the same period, failing to meet the expectations.
With these developments, the predictions that the Fed will stop raising interest rates after this month’s monetary policy meeting have strengthened.
While the price of Brent oil per barrel continues to seek direction with uncertainties regarding the Chinese economy, it is currently hovering at $79.3, 0.5 percent below the previous closing.
The ounce price of gold, which closed the day at $1,979 with an increase of 1.2 percent yesterday, is currently trading at $1,975 with a decrease of 0.2 percent compared to the previous close.
At the close, the Dow Jones index rose 1.06 percent to 34,951.93 points. The index, which carried the upward trend for the 7th consecutive trading day, recorded the longest rising streak since 2021.
In the New York stock market, the S&P 500 closed with 0.74 percent and the Nasdaq index with 0.76 percent increase yesterday. Index futures contracts in the USA started the new day with a mixed course.
While there was a positive trend in Europe yesterday, today’s eyes are on the inflation data of the UK and the Eurozone.
Analysts stated that the European Central Bank (ECB) is considered to be certain to increase interest rates at this month’s meeting, adding that the inflation data to be announced today may reduce the question marks about what steps will be taken at the meeting to be held in September.
In the UK, the Consumer Price Index (CPI) is expected to increase by 8.2 percent annually in June and the inflation in the Euro Area is expected to be 5.5 percent annually.
On the other hand, the euro/dollar parity, which tested its highest level since February 25, 2022 with 1.1277 yesterday, is currently at 1.1220 with a decrease of 0.1 percent compared to its previous close.
Yesterday, FTSE 100 index gained 0.64 percent in England, DAX 40 index gained 0.35 percent in Germany, MIB 30 index gained 0.34 in Italy and CAC 40 index gained 0.38 percent in France. Index futures contracts in Europe started the new day with a mixed course.
Stock markets in Asia started the day with a negative trend, excluding Japan.
Analysts stated that despite the Chinese government’s supportive steps in different areas of the economy, the effects of the country’s economy growing below expectations continue, and that at the beginning of the week, the People’s Bank of China (PBoC) did not change the medium-term lending rates and kept the rates unchanged at 2.65%. reminded me.
While the Nikkei 225 index increased by 0.8 percent in Japan near the closing, the Shanghai composite index in China decreased by 0.3 percent, the Kospi index in South Korea by 0.2 percent and the Hang Seng index in Hong Kong by 1.2 percent.
BIST 100 index in Borsa Istanbul, which followed a downward trend in the domestic market yesterday, closed the day with a decrease of 3.57 percent at 6,365.00 points. The index carried its highest level record to 6,662.17 points yesterday.
Dollar/TL is traded at 26.9980 at the opening of the interbank market today, after closing at 26,927 with an increase of 2.2 percent yesterday.
Analysts stated that the data agenda is calm at home today, and the news flow from President Recep Tayyip Erdoğan’s ongoing visits will be followed, along with the data on inflation in the UK and the Euro Area, housing starts and construction permits in the USA.
Stating that 6.300 and 6.200 levels can stand out as support in the BIST 100 index from a technical point of view, analysts noted that 6.400 and 6.500 points are in the resistance position.
The data to be followed in the markets today are as follows:
09.00 UK, June CPI
09.00 UK, June PPI
12.00 Euro Zone, CPI for June
15.30 US, June building permits and housing starts