Index contract starts the day flat on VIOP

The December-dated contract based on the BIST 30 index on the Borsa Istanbul Derivatives Market (VIOP) started the day flat at 8,855.25 points.

The February-dated index contract traded at 8,855.25 in the opening session, just above the previous normal session close.

Yesterday, the index contract followed a selling trend and completed the normal session at 8,852.75 points, 0.8 percent below its previous close. The index contract rose to 8,865.00 points in the evening session.

Analysts stated that global equity markets are following a mixed trend ahead of the inflation data to be announced in the US tomorrow, and that eyes in the domestic market have turned to industrial production data.

While the labor market in the US remains tight, the trend in inflation is expected to provide clues as to when the US Federal Reserve (Fed) will begin interest rate cuts.

Although expectations that the Fed will begin interest rate cuts in March have strengthened significantly in money market pricing in December, the probability of an interest rate cut has declined slightly to 67 percent ahead of the inflation data to be announced tomorrow.

Analysts noted that unemployment rate and industrial production data will be monitored domestically today, and wholesale inventory data in the US will be monitored abroad, adding that technically, 8,800 and 8,700 points are support levels for the index contract, while 8,900 and 9,000 levels are resistance positions.

News Source: AA