Holiday mood continues in global markets

While trading did not take place on many stock exchanges yesterday, operations will resume today on some exchanges, primarily the New York Stock Exchange.

Analysts noted that trading volumes are expected to remain at low levels throughout the week due to the Christmas holiday, and reported that potential fluctuations in prices could occur within wider ranges due to thin market conditions.

Noting that pricing regarding the policies the US Federal Reserve (Fed) will follow next year indicates an 85 percent probability of an interest rate cut in March, analysts stated that signals from data to be released throughout the week could change these projections.

Analysts stated that demand for bonds has come to the fore as inflation concerns lose strength, and expressed that declining bond yields reduce the alternative cost of gold and support demand for it.

Accordingly, the US 10-year bond yield, after seeing its highest level in the last 16 years at 5.02 percent during the year, is hovering at 3.88 percent in the final week of the year, parallel to last year's closing level.

The ounce price of gold, which finished last week at 2,053 dollars, is currently finding buyers at 2,062 dollars.

Index futures contracts on the New York Stock Exchange are moving with a limited upward trend on the new day.

Trading will not take place on European stock exchanges today, just as it did yesterday.

In Asian equity markets, a mixed trend stood out on the second trading day of the week, while analysts reported that liquidity in the markets is at very low levels.

Near the close, the Nikkei 225 index in Japan rose 0.1 percent and the Kospi index in South Korea rose 0.2 percent, while the Shanghai composite index in China fell 0.4 percent.

Domestically, the BIST 100 index on Borsa Istanbul, which followed a sales-weighted trend yesterday, finished the day with a 3.87 percent loss at 7,264.87 points.

The Dollar/TL, after closing the day at 29.1550, 0.3 percent below its previous close yesterday, is trading at 29.3070 at the opening of the interbank market today.

Analysts stated that the real sector confidence index and manufacturing industry capacity utilization rate will be monitored domestically today, while the Chicago national activity index, housing price index, and Dallas Fed manufacturing industry index data will be monitored in the US, and noted that technically, 7,100 and 6,850 points are support levels for the BIST 100 index, while 7,350 and 7,500 levels are resistance positions.

The data to be monitored in the markets today are as follows:

10.00 Turkey, December real sector confidence index and manufacturing industry capacity utilization rate

16.30 USA, November Chicago national activity index

17.00 USA, October housing price index

18.30 USA, December Dallas Fed manufacturing industry index

News Source: 12punto