Global Markets Focus on US Employment Data
While global markets await the non-farm payrolls data from the US, a positive trend is observed in New York, European, and Asian stock exchanges as expectations for Fed rate hikes weaken.
Global markets are focusing on the critical non-farm payrolls data to be announced in the US, while weakening expectations of a Fed rate hike, geopolitical developments, and statements from economic management continue to determine the direction of asset prices.
Fed Expectations and Bond Yields
Statements by Federal Reserve Board Member Christopher Waller indicated that interest rates could be kept steady at this month's meeting if inflationary pressures ease. With this development, forecasts that the Fed will raise interest rates in September receded to around 50 percent.
The US 10-year Treasury yield is hovering horizontally at 4.78 percent, while the ounce price of gold is trading just above the previous close at 4,474 dollars.
New York Stock Exchange and US Data
The New York stock market followed a positive course yesterday as expectations of a Fed rate hike this month weakened, and index futures started the day on a positive note.
In the country, the number of initial jobless claims rose to 206,000 in the week ending August 29, while the foreign trade deficit increased by 24.4 percent in July to reach 88.6 billion dollars, seeing its highest level in the last 16 months.
European Stock Markets and PPI Developments
European stock markets also followed a positive course yesterday under the influence of global developments, and index futures in the region started the day with an increase.
The Producer Price Index for July in the Eurozone exceeded expectations by rising 1.6 percent monthly and 5.8 percent annually, and analysts emphasized that supply bottlenecks stemming from the Strait of Hormuz were effective in this increase.
Technology Stocks in Asian Markets
Asian stock markets are following a positive trend driven by rises in technology stocks; shares of Softbank Group, SK Hynix, Samsung Electronics, and Baidu gained significant value.
The Beijing administration called for the lifting of sanctions imposed by the US on Chinese citizens and companies on the grounds that they are linked to Iran.
Borsa Istanbul and Inflation Data
While the BIST 100 index on Borsa Istanbul lost 0.84 percent in value yesterday to finish the day at 13,932.46 points, the dollar/TL in the interbank market started the day with a 0.2 percent increase at 48.4200.
According to data from the Turkish Statistical Institute, consumer prices in August increased by 31.51 percent annually, and domestic producer prices increased by 27.95 percent annually.