Global markets remain positive

Purchasing Managers Index (PMI) data announced yesterday in the USA and Europe showed that the recovery in both the manufacturing industry and the service sector was stronger than expectations.

While the manufacturing industry PMI rose above 50 in the UK, indicating expansion, it exceeded expectations by rising from 39.8 to 49.6 in the USA. The manufacturing industry PMI, which rose to 46.9 in the Eurozone, supported optimism about the recovery in the economy.

Another data released yesterday in the USA, new home sales, increased by 16.6 percent in May, exceeding expectations.

In the New York stock market, which continued its rise led by technology stocks with these developments, the Dow Jones index gained 0.50 percent, the S&P 500 index gained 0.43 percent and the Nasdaq index gained 0.74 percent.

It was noteworthy that the upward trend in European stock markets was stronger after the announced PMI data. DAX index in Germany increased by 2.13 percent, FTSE 100 index in England increased by 1.21 percent and CAC 40 index in France increased by 1.39 percent.

A positive trend was also observed in Asian stock markets today. Near the close, the Nikkei 225 index in Japan remained flat, while the Shanghai composite index in China gained 0.2 percent and the Kospi index in South Korea gained 1.6 percent.

It was noteworthy that despite the optimism in the equity markets, the ounce price of gold continued its upward trend today. An ounce of gold has stabilized at $1,770 after reaching its highest level since October 2012 at $1,773.

Domestically, the BIST 100 index, which tested above 116,000 points, which analysts described as resistance, completed the day at 115,338.85 points, with a 0.13 percent gain compared to the previous close. Dollar/TL, which closed at 6.8513 yesterday, is traded at 6.8470 at the opening of the interbank market today.

Analysts reported that the manufacturing industry capacity utilization rate and real sector confidence index, and the Ifo indices in Germany will be followed today.

Stating that the recovery signals in the economic data, which declined due to the new type of coronavirus (Covid-19) epidemic, supported the stock markets, analysts said that the news flow regarding the epidemic remained at the center of the agenda.

Analysts noted that technically, in the BIST 100 index, 116,000 and 118,000 levels are resistance and 112,000 points are support.

Source: https://www.aa.com.tr/tr/ekonomi/kuresel-piyasalar-lojistif-seyrediyor/1887777

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