Global markets are pricing in questions about whether the epidemic cases, which are expected to increase after the opening of economies, will get out of control.
In his speech yesterday, Fed Chairman Jerome Powell revealed that the recovery in the US economy after the coronavirus will take a long time and announced that they are not considering negative interest rates. These statements highlighted concerns that US stock markets were overvalued. Following the declines on Wall Street yesterday, US futures are also down this morning… Negatives are also dominant in Asian stock markets. While losses exceed 1 percent in Japan, Chinese stock markets are trading below 1 percent.
Dollar/TL started from 6.96
Dollar/TL, which has been on a downward trend throughout the week, started the day at 6.96 today, while euro/TL opened at 7.53. The most important data of the day in domestic markets will be industrial production.
Borsa Istanbul, which started the day with a 0.30 percent loss, regained its losses after the opening and fell to yesterday’s closing levels.
Powell: We are not considering negative interest rates
US Federal Reserve (FED) Chairman Jerome Powell warned about the threat of a long recession caused by the coronavirus outbreak. Powell called on Congress and the White House to take steps to prevent permanent economic damage. In his statement, Powell stated that the negative interest rate policy is not attractive and that the Fed does not consider it, and underlined that they will use the tools that work and that they have data showing that negative interest rates are not effective.
UN: The epidemic will cause a loss of 8.5 trillion dollars
The United Nations announced that they predict that the global economy will shrink by 3.2 percent this year and that the epidemic will cause the world to lose 8 trillion 500 billion dollars.
Source: https://www.dunya.com/finans/haberler/dolartlde-dusus-suruyor-haberi-470275
