Global markets are trying to find direction

While the global markets followed a mixed course between the inflation and recession dilemma, the same trend is expected to continue on the last trading day of the week.

While the recently announced macroeconomic data gives mixed signals regarding the global economy, uncertainties regarding monetary policies also complicate pricing in the markets.


The fact that the markets were on holiday in the USA yesterday and that there will be half-day trading today highlighted the news flow in Europe and Asia.

ECB Vice President Luis de Guindos said that the next step will depend on data, while Isabel Schnabel, Member of the European Central Bank (ECB) Board of Directors, stated in her speech yesterday that it would be too early to slow down the rate of increase in an environment where inflation is still high.

On the Asian side, although the increasing number of a new types of coronavirus (Kovid-19) cases in China became the focus of the agenda, the expectation that the People’s Bank of China (PBoC) and the government could continue to take supportive steps were the factors that eased the selling pressure in the stock markets.

According to data released yesterday in Germany, the Ifo Business Confidence Index, which was 84.5 last month, rose to 86.3 points in November, giving signs of hope for Europe’s largest economy amid the energy crisis.

After the data, European stock markets followed a buying course, while the euro/dollar parity settled above 1.04, which analysts described as resistance.


While DAX 40 index gained 0.78 percent in Germany, FTSE 100 index gained 0.02 percent in England and CAC 40 index gained 0.42 percent in France yesterday, index futures contracts started the new day with a mixed movement.

Although the increasing Kovid-19 cases in China raise concerns that the epidemic may get out of control again, the continuation of the strict measures taken and the steps to support economic activity ensure that the effect of the epidemic on the markets is limited.

On the other hand, according to the data released today, Tokyo Consumer Price Index (CPI) in Japan increased by 3.8 percent and Core CPI increased by 3.6 percent annually in November, reaching the highest level of the last 40 years.

With these developments, Shanghai composite index increased by 0.5 percent in China, close to the closing, while Nikkei 225 index increased by 0.3 percent in Japan, the Hang Seng index was 0.7 percent in Hong Kong and the Kospi index was 0.1 percent in South Korea. lost value.

Domestically, the Central Bank of the Republic of Turkey (CBRT) lowered the policy rate by 150 basis points to 9 percent yesterday, in line with expectations. In addition, adding a new step to support the development of deposits, the CBRT made some regulations to increase foreign currency liabilities and support the development of Turkish lira deposits.

Accordingly, while the commission application, which differs according to conversion rates for banks, was terminated, it was decided to take commissions at varying rates according to the share of the Turkish lira in deposits.

BIST 100 index in Borsa Istanbul, which had a limited, albeit positive trend after the CBRT’s interest rate decision, closed the day at 4,858.21 points with a gain of 0.08 percent, while achieving the highest daily close of all time, it also brought its highest level record to 4,939.73 points.

Dollar/TL is traded at 18,6180 at the opening of the interbank market today, after closing at 18.6285 with a horizontal course yesterday.

Analysts stated that today, the CBRT’s Financial Stability Report and the credit rating assessment report of Moody’s, which is expected to be announced after the markets close, will be followed by the growth data in Germany and the statements of ECB officials abroad.

Reminding that the US markets will close early due to the Thanksgiving holiday, analysts noted that technically, 4.900 and 4.950 levels in the BIST 100 index are resistance and 4.800 and 4.750 points are support.


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