What is on the agenda of global markets in the new week?

While the risk appetite in global markets, which increased last week with Nvidia's higher-than-expected profit announcement in the last quarter, gave way to a cautious course, the intense data agenda, especially growth in the US, has been the focus of investors this week

6 mins read
What is on the agenda of global markets in the new week?

While technology companies operating in the field of semiconductor chips and artificial intelligence are expected to have an impact on the direction of the markets in the coming periods under the leadership of Nvidia, this week, eyes turned to the core personal consumption expenditure data, which the US Federal Reserve (Fed) also follows as an inflation indicator.

Analysts stated that the risk appetite, which increased last week under the leadership of Nvidia, was rasped at the start of the new week, and said that the data to be announced in the US this week may give signals about the steps the Fed will take in the coming periods.

While the uncertainty about when the Fed will start to cut interest rates continues, the statements of bank officials are also in the focus of investors.

On Friday, New York Fed President John Williams said that interest rate cuts are likely to come later in the year and that he does not foresee a rate hike.

Stating that Fed officials will continue their verbal guidance this week, analysts said that such guidance and macroeconomic data to be announced may increase volatility in the markets.

Fed may keep policy rate unchanged in March

In the money markets, while it is certain that the Fed will keep the policy rate unchanged in March, the probability of the bank’s first interest rate cut is priced at 20 percent in May and 68 percent in June.

On the other hand, the US 10-year bond yield started the week at 4.24 percent, down 2 basis points, while the dollar index is at 104, just above its previous close.

The ounce price of gold, on the other hand, finds buyers at $ 2,33, 0.2 percent below its previous close today after a 7-day rising series.

While the global supply and demand balance is sought in oil prices, the ongoing tension in the Middle East raises concerns about oil supply, although data on declining demand put downward pressure on prices.

With these developments, the price per barrel of Brent oil decreased by 2.1 percent on Friday, and today it is trading at $ 80.5, 0.6 percent below its previous close.

On Friday, the S&P 500 index on the New York stock exchange gained 0.03 percent to 5,088.80 points and the Dow Jones index increased by 0.16 percent to 39,131.53 points, recording the highest daily closing of all time. The Nasdaq index completed the day with a 0.28 percent decrease. Index futures contracts in the US started the new day with a negative course.

While the peaks were renewed in the European stock markets on Friday, eyes turned to the speech to be delivered by European Central Bank (ECB) President Christine Lagarde today.

Analysts stated that expectations that the ECB and the Bank of England (BoE) will start cutting interest rates in June continue, and said that inflation data in the Eurozone to be announced this week is in the focus of investors.

The Stoxx Europe 600 index rose 0.43 percent to 497.24 points, the DAX 40 index in Germany rose 0.28 percent to 17,419.33 points and the CAC 40 index in France rose 0.70 percent to 7,966.68 points, the highest daily close of all time. The FTSE MIB 30 index in Italy also rose 1.07 percent to 32,700.92 points, its highest daily close since May 2008.

European index futures started the new day with a negative trend

Asian equity markets were negative except for Japan, while the Nikkei 225 index hit a new record high.

While the Chinese government is expected to continue its steps to support economic activity, the government’s call on Friday to boost sales of traditional consumer products, including cars and household appliances, attracted attention.

On the other hand, while inflation and industrial production data to be released in Japan this week will be the focus of investors, it is stated that these data may increase volatility in the markets.

In addition, iron ore fell nearly 9 percent last week to its lowest level since October 2023, while hopes for a recovery in steel demand in the country continue after the Chinese New Year holiday ends.

Near the close, the Kospi index in South Korea lost 0.5 percent, the Shanghai composite index in China 0.2 percent and the Hang Seng index in Hong Kong 0.3 percent, while the Nikkei 225 index in Japan increased by 0.3 percent.

The BIST 100 index in Borsa Istanbul, which followed a fluctuating course, completed the last trading day of last week at 9,374.20 points with a 0.29 percent gain in value and realized the highest closing of all time.


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