The August futures contract was traded at 8,503.00 in the opening session, 0.1 percent above the previous normal session’s closing.
The index contract, which followed a selling course yesterday, closed the regular session at 8,493.25 points, 0.8 percent below its previous closing. The index contract remained flat in the evening session.
While concerns about economic activity in global markets remain strong, today’s intense macroeconomic data calendar is expected to have an impact on the direction of asset prices.
Reminding that investors consider the possibility of a recession along with the expectations of a “soft landing” in the US economy, analysts noted that the selling pressure in the bond markets continues as inflation is still well above the targeted level.
The People’s Bank of China cuts borrowing rate by 15 basis points
While the data announced in China today increased the concerns about the country’s economy, which is already in a deflationary process, the People’s Bank of China reduced the 1-year borrowing rate by 15 basis points from 2.65 percent to 2.50 percent before the data were announced.
Although the industrial production in the country increased by 3.7 percent and retail sales by 2.5 percent, it was well below the expectations.
Analysts stated that today, the budget balance in the country, the Zew expectation indices in the Eurozone and Germany, the New York Fed manufacturing index and retail sales in the USA will be followed, and technically, the 8,600 and 8,750 levels are resistance, 8,450 and 8,250 points in the index contract. He stated that he was in a position of support.