While the concerns about inflation affecting asset prices on a global scale are gradually decreasing, investors’ focus is on whether the PMI data, which signals the economic activity of countries, will give signals about the possibility of recession.
Analysts said that the data released in the US recently eased the pressure on the Fed as part of the fight against inflation, adding that the forecasts that the Bank will not increase interest rates for the rest of the year gained strength.
The factory orders data, which is important in terms of shedding light on the near future performance of the industrial sector, which has an important place in the country’s economy today, is in the focus of investors.
On the other hand, data released today in China, where a series of incentives have been announced to revive the economy for a while, pointed out that the recovery in the country’s economy has lost momentum. In the country, risk appetite in global markets decreased after Caixin services sector PMI fell below expectations with 51.8 and composite PMI decreased to 51.7 compared to the previous month.
Following these developments, the ounce price of gold, which closed the day at $1,938.5 with a decrease of 0.1 percent yesterday, is currently trading just above its previous closing.
On the energy side, the barrel price of Brent oil, which completed the day with an increase of 0.1 percent at $ 88.8, carrying the upward trend for the 5th consecutive trading day yesterday, with the concerns that Saudi Arabia and Russia will continue the supply cuts in October, is the highest since November 2022. made the daily closing. Brent oil started the new day with a flat course.
The markets, which were closed yesterday due to a holiday in the USA, will be traded today. Index futures contracts in the USA started the new day with a decline.
Europe
While a negative course was observed in the European stock markets, the PMI and Producer Price Index (PPI) data to be announced throughout the region today, as well as the European Central Bank (ECB) President Christine Lagarde’s speech, which will continue today, placed the focus of the investors.
Speaking at the seminar organized by the Center for European Economics and Finance in London yesterday, Lagarde noted that it is very important not only to take decisive action to reduce inflation, but also to communicate effectively in order to ensure that medium-term inflation expectations remain stable throughout the process.
Lagarde emphasized that it is extremely important for central banks to establish an effective communication in order to achieve their inflation targets.
Analysts said that the signals to be received from Lagarde’s speeches may give clues about how the ECB will follow in the coming period.
While the DAX 40 index depreciated by 0.10 percent in Germany, the CAC 40 index by 0.24 percent in France and the FTSE 100 index depreciated by 0.16 percent in the UK, the FTSE MIB 30 index in Italy followed a horizontal course. Index futures contracts in Europe started the new day with a negative trend.
Asia
Asian markets followed a negative course after data from China fell short of expectations.
According to the data announced in the country on Friday, although the Caixin manufacturing industry PMI exceeding the expectations with 51.0 increased the confidence in economic activity, the Caixin service sector PMI announced today was below the projections with 51.8 and the composite PMI decreased compared to the previous month to 51. The decrease to 0.7 increased the concerns about the country’s economy.
Analysts stressed that the data released in China indicate that the recovery in the country’s economy continues to be fragile.
According to the data announced in Japan, the service sector PMI was realized as 54.3, in line with the expectations.
On the other hand, the Central Bank of Australia, one of the regional central banks, announced that it left the policy rate constant at 4.10 percent.
Near the closing, the Nikkei 225 index in Japan lost 0.1 percent, the Shanghai composite index in China fell 0.6 percent, the Hang Seng index in Hong Kong fell 1.5 percent and the Kospi index in South Korea lost 0.1 percent.
Domestic markets
Moving in an upward trend in the domestic market yesterday, the BIST 100 index in Borsa Istanbul completed the day at 8,141.33 points with a value gain of 1,06 percent, while achieving the highest daily close of all time, it brought its highest level record to 8,238.89 points.
Dollar/TL is trading at 26,7850 at the opening of the interbank market today, after closing at 26,7602 with an increase of 0.1 percent yesterday.
On the other hand, yesterday, the Banking Regulation and Supervision Agency (BDDK) decided to remove the credit restriction of companies that have corrected irregularities regarding missing documents or independent audit statements. According to the decision, companies that cannot get loans due to their FX position will be able to use loans if they commit to reduce their FX position below the limit.
Analysts stated that the real effective exchange rate in the country, the services sector and composite PMI to be announced abroad, PPI in the Euro Zone, factory orders in the USA will be followed, technically, the 8.200 and 8.300 levels in the BIST 100 index are resistance, 8.100 and noted that 8,000 points are in the support position.
