Domestic markets are waiting for the Central Bank

Despite the increasing tension between the USA and China, the New York stock market saw a positive trend yesterday, following the US government’s agreement with the American pharmaceutical company Pfizer and the German biotechnology company BioNTech for the supply of the new type of coronavirus (Covid-19) vaccine and the housing sales data announced.

According to data released yesterday, second-hand home sales in the USA recorded the highest increase of all time in June, with 20.7 percent compared to the previous month.

With these developments, the Dow Jones index gained 0.62 percent, the S&P 500 index gained 0.57 percent and the Nasdaq index gained 0.24 percent.

On the European side, after the economic support package agreement reached between the member countries of the European Union, the rise in the share markets was not permanent and declines were seen in the indices yesterday.

DAX index in Germany decreased by 0.51 percent, FTSE 100 index in England decreased by 1 percent and CAC 40 index in France decreased by 1.32 percent. The euro/dollar parity continued its upward trend and tested the 1.16 level, which analysts described as resistance. The parity is currently trading at 1.1580 after reaching its highest level since October 2018 at 1.1601.

Today, a sell-off trend is observed in Asian stock markets. While the Shanghai composite index lost 1 percent of its value near the closing due to the increasing tension between the USA and China, the Nikkei 225 index in Japan decreased by 0.6 percent and the Kospi index in South Korea decreased by 0.5 percent.

Domestically, the BIST 100 index, which followed a fluctuating course in the 117,500-119,500 band yesterday, completed the day at 118,079.91 points, just above its previous closing.

Analysts reported that today’s Monetary Policy Committee meeting of the CBRT will be followed, as well as the news flow regarding the new type of coronavirus treatment and geopolitical developments, especially in the Eastern Mediterranean.

Analysts noted that on the data agenda, the domestic consumer confidence index and the US unemployment applications abroad stand out. They said that technically, the 117,000 level is an important support for the BIST 100 index, and 121,000 points stand out as resistance.

All economists participating in the survey conducted by AA Finance expect the CBRT to keep the policy rate constant at today’s meeting. At the last CBRT Monetary Policy Committee meeting on June 25, the policy rate was left unchanged at 8.25 percent.

Source: https://www.aa.com.tr/tr/ekonomi/yurt-ici-piyasalar-merkez-bankasina-odaklandi/1919480

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