The Global Markets Focused on the Minutes of Fed's Meetings
Today, we see investors focusing on the meeting minutes and the intense data agenda of the US Federal Reserve Bank during the complex course of the global markets.
Along with the news feed that revolves around the COVID-19 outbreak, vaccination studies, and the economic package planned in the US, the concerns over the inflationist pressure caused by the increase in commodity prices entered into the agenda of the markets and pointed out the importance of communication between central banks, especially the Fed.
Wall Street has its own ups and downs these days
The increase in oil prices, as well as the rise in agricultural commodity prices, raise questions concerning global inflation. While the price of Brent oil per barrel rose above $63 and saw its highest level of the 13-month period, the decline in the ounce price of gold yesterday and the appreciation of the dollar against the currencies of developing countries attracted attention.
The data announced yesterday in the USA revealed that while the New York Fed manufacturing index rose to the highest level of 5 months with a value of 12.1 in February, Wall Street had its ups and downs. The 10-year bond yields of the US increased from 1.22% to 1.29%. The Dow Jones index set its closing record with 31,522.75 points with a 0.20% increase. The S&P 500 index lost value in 0.06% and the Nasdaq index in 0.34%.
European stock markets were on a negative track yesterday, except for France.
European stock markets were on a negative track yesterday, except for France. According to yesterday's data, the seasonally adjusted Gross Domestic Product in the Eurozone fell below expectations by regressing 0.6% in the last quarter of 2020. The FTSE 100 index in the United Kingdom fell 0.11%, DAX 30 index in Germany fell 0.32%, and FTSE MIB 30 index in Italy fell 0.69% while the CAC 40 index in France had a horizontal course.
The BIST 100 index, which tested over 1.570 points and was described by analysts as an important resistance yesterday, started to drop in with sales that increased its effect at this level. The BIST 100 index lost value by 1.26%, completing the day at 1,542.82 points. The dollar/TRY, which closed at 7.0007 yesterday with a 0.5% increase due to the appreciation of the dollar against the currencies of developing countries, is trading at the level of 6.9950 at the opening of the interbank market today.
Analysts stated that the data agenda today is calm at home, and the Fed's meeting minutes and intense data agenda will be followed abroad. Stating that the short and medium-term upward trend may continue technically as long as the BIST 100 index remains above 1.525 points, analysts noted that 1.570 and 1.582 levels were in a significant resistance position.