Markets Focused on CBRT President Uysal's Statements

Markets Focused on CBRT President Uysal's Statements

Central Bank President Murat Uysal's speech at the Bursa Chamber of Commerce and Industry Assembly meeting at 18.00 today is the focus of the markets. Global markets, coronavirus (Kovid-19) continued its negative trend with concerns about the outbreak, both domestically today Central Bank of the Republic of Turkey (CBRT) President Murat Uysal will be followed up his speech. While markets remain concerned about the Kovid-19 Outbreak, News pollution is also leading to drastic swings. The number of people who died due to the outbreak in China rose to 2,665. According to the National Health Commission, 71 people have died in the country in the past 24 hours, with 508 new cases of Kovid-19 identified. While news pollution on issues such as whether there is a vaccine for the virus and its timing continues, the fact that the virus is seen in other countries, especially in Italy, South Korea and Iran, causes a sharp decrease in share markets. Safe-haven purchases enable gold and US bonds to gain in value as the hard fall in share markets continues. Dow Jones index lost 3.56 percent, S&P 500 index decreased 3.35 percent and Nasdaq index decreased 3.71 percent yesterday in USA. US 10-year bond rates fell to 1.3520 percent, the lowest level since July 2016, with the demands of investors fleeing from the risk. The price of gold was offset at $ 1,689.4 yesterday,with sales increasing their impact after it saw its highest level since January 2013 at $ 1,650. On the European side, while the number of people killed in the Kovid-19 outbreak in Italy rose to 7, some countries, such as Austria, Czechia and Hungary, announced that they were taking additional measures. Due to the Kovid-19 incidents in Italy, which have alerted the European Union (EU) countries, Italy, Slovenia, France, Austria, Germany and Swiss health ministers are expected to meet in Rome today. EUROPEAN EXCHANGES ARE FALLING  With these developments yesterday, the European stock markets carried the sharp decline to the second trading day. The MIB 30 index fell 5.43 percent in Italy, the DAX index 4.01 percent in Germany, the FTSE 100 index fell 3.34 percent in England and the CAC 40 index fell 3.94 percent in France. Analysts reported sharp falls in airline sector shares yesterday after the International Air Transport Association (IATA) warned the global airline industry could suffer close to $ 30 billion in revenue losses due to the Kovid-19. Shares of German airline company Lufthansa fell about 8 percent yesterday, EasyJet 16.4 percent, Ryanair Holdings shares 13.5 percent and International Airlines Group (IAG) shares fell 9.2 percent. In Japan markets, which began the week today due to a public holiday, the Nikkei 225 index fell 3.2 per cent on delayed pricing, while in China the Shanghai Composite Index fell 1.1 per cent. The Kospi index in South Korea and the Hang Seng Index in Hong Kong took the positive side with the response purchases. The BIST 100 index, which saw the 113,400 level in the country, which was considered as important support by analysts with the effect of decreasing global risk appetite and ongoing geopolitical risks, compensated some of its losses with reaction purchases that increased its effect in the second half of the day and completed the day at 114.789,21 points with a decrease of 1.75 percent. The dollar / TL, which fell after the test of 6.16 yesterday and closed at 6.1140, is trading at the level of 6.1050 at the opening of the interbank market today. Analysts stated that the speech of the President of the CBRT Murat Uysal at the Bursa Chamber of Commerce and Industry Assembly Meeting at 18.00 today is at the focus of the markets and said that in the speech of Uysal, clues regarding the monetary policies of the future will be sought. Analysts said Germany's growth data with the Kovid-19 outbreak and the news feed on Syria would be decisive on the direction of the markets, adding that technically the BIST 100 index had 113.400 in support and 117.200 in resistance, while the dollar/TL had a 6.10-6.15 band.