According to data released yesterday in the USA, retail sales increased by 17.7 percent in May, the highest monthly increase in its history, while industrial production continued to recover.
The New York stock market, which moved in an upward trend yesterday with the recovery in macroeconomic data, is in futures today following the presentation of US Federal Reserve (Fed) Chairman Jerome Powell in Congress and the increasing number of new types of coronavirus (Covid-19) cases in Beijing, the capital of China. went into decline.
Yesterday, the Dow Jones index gained 2.04 percent, the S&P 500 index gained 1.90 percent and the Nasdaq index gained 1.75 percent. In futures transactions, it is seen that the indices decreased by an average of 0.3 percent.
In his speech to Congress last night, Fed Chairman Powell stated that production and employment remained well below their levels before the Covid-19 outbreak, and that serious uncertainty continues regarding the timing and strength of the economic recovery. Stating that the epidemic poses acute risks for small businesses, Powell said, “The likelihood of a full recovery is low until the public is sure that the disease is under control.” said. Powell is expected to answer questions in Congress this evening.
According to the data announced yesterday by the Center for European Economic Research (ZEW), the Economic Confidence Index in Germany increased by 12.4 points compared to last month, reaching 63.4 points, with economic optimism expectations.
With the recovery in expectations, European stock markets, which were closed yesterday before the news of the increase in cases in Beijing, rose rapidly. DAX index in Germany gained 3.39 percent, FTSE 100 index in England gained 2.94 percent and CAC 40 index in France gained 2.84 percent.
Today, it seems that the second wave pricing related to the Covid-19 epidemic is more dominant in Asian stock markets. Due to the increase in cases originating from the wholesale food market Shinfadi in Beijing, the alarm level in the city was increased and education was suspended in all schools.
On the other hand, according to foreign trade data announced in Japan, the country’s exports fell by 28.3 percent in May, remaining below expectations.
Near the close, the Nikkei 225 index in Japan lost 0.5 percent, the Shanghai composite index in China lost 0.2 percent, and the Kospi index in South Korea lost 0.3 percent.
Domestically, the BIST 100 index, which tested its highest level since March 6 with 111,875 points yesterday, closed the day at 110,939.66 points with a 1.26 percent gain compared to the previous close, although it gave back some of its gains with profit sales. Dollar/TL, which closed at 6.8422 yesterday, is traded at 6.8350 at the opening of the interbank market today.
Analysts said that although the pricing trend in the markets continues that the worst is over, concerns about the second wave of the epidemic and uncertainties about the economy remain at the center of the agenda as risk factors.
Accordingly, analysts point out that the developments in Beijing and the news flow regarding Covid-19 in general may cause sharp fluctuations in the markets, and that the data agenda, especially inflation in the Eurozone, housing starts and construction permits in the USA, will also be followed today. reported.
Analysts stated that technically, if the BIST 100 index remains above 110,000 points, the new short-term target will be 116,000, and noted that the resistance of 112,000 came to the fore in intraday transactions.
Source: https://www.aa.com.tr/tr/ekonomi/kuresel-piyasalar-karisik-seyrediyor/1879578
