Markets are Mixed Before the FED Meeting

Markets are Mixed Before the FED Meeting

Global markets are mixed before the Federal Reserve (FED) meeting, which begins today and whose decisions will be announced tomorrow. The world is slowly trying to overcome the effects of the coronavirus (Covid-19) outbreak, along with the normalization process. Although the total number of cases is around 7 million 200 thousand worldwide, continuing economic activities is a hope for the markets. On the stock exchanges, an increase is observed as a result of stretching the restrictions brought on by the coronavirus outbreak. The impact of profit sales can be seen before the FED decisions expected to be announced tomorrow. In the United States (US), the uptrend in the stock market continued, which is reflecting the weak course of the data agenda; On the European stock exchanges, a sales trend was observed. On the New York stock exchange, the Dow Jones index is 1.70 percent; S&P 500 index gained 1.20 percent and Nasdaq index gained 1.13 percent. Statements of European Central Bank (ECB) President Christine Lagarde in the European region caused a decline in the stock markets. In his speech at the European Parliament, Lagarde stated that the restrictive measures implemented due to the coronavirus (Covid-19) outbreak have "uniquely" narrowed the economic activity in the Eurozone. In addition, Lagarde said that they expect a shrinkage of 13 percent in the second quarter of the year. With these developments, the DAX index fell 0.22 percent yesterday in Germany, the FTSE 100 index fell 0.18 percent in the UK and the CAC 40 index fell 0.43 percent in France. As for Asian stock markets; A mixed course is followed in Asia. While the Nikkei 225 index fell 0.5 percent in Japan and the Kospi index 0.3 percent in South Korea; Shanghai compound index rose 0.6 percent in China.

What Happened in the Country?

The BIST 100 index, which has been rising for 13 consecutive days, ended the rise, losing 0.35 percent on the day and closed with 109.637,08 points. The dollar / TL, which closed yesterday at 6,7883, is following a horizontal trend of 6,7840 at the opening of the interbank market. According to analysts' comments, the fluctuating course in the markets before the FED meeting may follow, following important agendas such as growth in the Eurozone and the number of vacant jobs in the USA. Technically, analysts stated that 108,000 points in the BIST 100 index became the support, 111,000 and 113,000 levels became resistance, and that the 6.70-6.80 band came to the fore in the dollar / TL. The data to be followed in the markets today are as follows: 10:00 Turkey, May real rate of return on financial investment instruments 12.00 Eurozone, first quarter GDP 17.00 USA, April JOLTS open jobs 17.00 US, April wholesale sales and stocks