Global markets trend negatively

When considered alongside Wednesday's Producer Price Index (PPI) and last week's non-farm payroll data, the inflation figures released in the US continue to keep concerns about the future strong.

Accordingly, the Consumer Price Index (CPI) in the country rose by 0.4 percent on a monthly basis and 3.7 percent on an annual basis in September, exceeding market expectations.

Core CPI, which excludes volatile energy and food prices, rose by 0.3 percent monthly and 4.1 percent annually in September, in line with expectations.

News flow indicating that international airports in Damascus and Aleppo were simultaneously rendered inoperable during Israel's attack on Syria has increased the danger that the conflict could expand further, significantly reducing risk appetite.

While statements from Fed officials are also being monitored, Boston Fed President Susan Collins stated that the latest inflation data points to "uneven" progress toward restoring price stability.

Reiterating her view that the Fed might have to raise interest rates again to return inflation to its 2 percent target, Collins said, "I believe we may be at or very near the peak of this cycle, but I will not take further tightening off the table just yet."

With these developments, the US 10-year bond yield closed the day at 4.70 percent, up approximately 17 basis points, while pricing in money markets continues to forecast a 90 percent probability that the Fed will keep the policy rate unchanged next month.

However, while uncertainties regarding the decisions to be taken at the final meeting of the year are reflected in money market pricing, it is expected that statements to be made by Fed Chair Jerome Powell next week and signals from macroeconomic data will be influential on these expectations.

While the third-quarter earnings season in the US accelerated yesterday with airlines announcing their financial results, the three major US banks—Wells Fargo, JPMorgan Chase, and Citi—are expected to announce their financial results today.

Commodity prices started the new day with an upward trend, with the ounce price of gold finding buyers at 1,877 dollars, 0.9 percent above the previous close, and the barrel price of Brent crude at 86 dollars, a 0.3 percent gain compared to the previous close.

With these developments, the Dow Jones index lost 0.51 percent, the S&P 500 index 0.62 percent, and the Nasdaq index 0.63 percent on the New York Stock Exchange. Index futures in the US started the new day with a buying-weighted trend.

While a mixed trend stood out in European stock markets yesterday, developments in the Middle East are being closely followed.

As risk appetite in Europe was seen to decrease following the higher-than-expected inflation data in the US, the minutes of the European Central Bank's (ECB) monetary policy meeting held last month were also released yesterday.

The minutes revealed that members of the ECB Governing Council have growing concerns about economic growth and that the vast majority supported a 25-basis-point rate hike.

Today, eyes are turned to possible signals from the statements to be made by ECB President Christine Lagarde in Marrakech, Morocco, where the annual meetings of the International Monetary Fund (IMF) and the World Bank are being held.

While the DAX 40 index in Germany fell by 0.23 percent and the CAC 40 index in France by 0.37 percent, the MIB 30 index in Italy rose by 0.26 percent and the FTSE 100 index in the UK by 0.32 percent. Index futures in Europe started the new day with a decline.

The selling trend on the New York Stock Exchange carried over to Asian equity markets on the new day, while concerns about the Chinese economy are strengthening.

According to data released in the country today, the CPI remained unchanged on a monthly basis and fell by 2.5 percent on an annual basis, coming in below expectations.

Analysts noted that developments in Chinese inflation could be interpreted as a continued slowdown in economic activity in the country, stating that this situation continues to fuel global recession concerns.

The country's exports and imports fell by 6.2 percent last month, and the foreign trade balance posted a surplus of 77.7 billion dollars in September.

Near the close, the Nikkei 225 index in Japan fell by 0.7 percent, the Shanghai composite index in China by 0.8 percent, the Hang Seng index in Hong Kong by 2.1 percent, and the Kospi index in South Korea by 0.9 percent.

Domestically, the BIST 100 index on Borsa Istanbul, which followed a volatile course yesterday, closed the day at 8,259.77 points with a loss of 0.86 percent.

Following its close at 27.7411 yesterday with a 0.1 percent increase, the Dollar/TL is trading at 27.7790 at the opening of the interbank market today.

Analysts noted that in addition to messages from speeches to be given within the framework of the IMF and World Bank meetings today, industrial production in the Eurozone, the University of Michigan consumer confidence index data in the US, and news flow regarding the Israel-Palestine conflict will be monitored, stating that technically, the 8,400 and 8,550 levels are resistance and 8,250 and 8,080 points are support for the BIST 100 index.