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Daily market comnetary: Italy’s Budget Crisis

Increased concerns about the health of the global economy supported sales in risky assets. The European benchmark index STOXX 600…

Daily market comnetary: Italy’s Budget Crisis

Increased concerns about the health of the global economy supported sales in risky assets. The European benchmark index STOXX 600 was recovered from 0.77% earnings and was priced at € 352.24. The fact that Italy still cannot find a solution to the budget problem continues to adversely affect both European and global risky assets. S & P left Italy’s grade and dropped the outlook from stable to negative. The same move was made by Moody by downgrading its credit rating. Today, the budget of Italy is planned to be announced to the EU. According to the flow of news in the European markets can determine the direction. Parallel to the depreciation of the euro, the EURUSD parity has fallen to $ 1.1392. 10-year bond returns, except for Greece, all of them are seen to sell (October 26, the last transaction date). Germany and England futures open to the day with a negative outlook is seen the opening.

Wall Street stock markets have had a very bad week because of the sales

The NYSE closed down 1.07%, Nasdaq 2.07%, DJA 1.2%, DJI 1.19%, and the index S & P 500 1.73% below. S & P 500 was trading at $ 2,658.69 for the worst of the week. Monthly loss was 3.53%. For the index, which is below all the exponential moving averages, the first 5-day exponential moving average of $ 2.699,32 may be the first resistance point. US 10-year returns, which have fallen to 3.08% as demand for secure ports decreased, is seen to have been on the rise. The US dollar index continues to expand and is now trading at $ 96.45. The volatility/fear indicators find $ 24.16 and $ 27.18. The VIX futures contract has made an upward opening. In the US futures, the negative course is dominated by Nasdaq. The personal US revenue/expense and consumption data and PCE deflator at TSI at 15:30 are among the data to be released.

Iran opened its oil to the stock market

The fact that Iran opened its oil to the stock market seems to have stopped the rise in oil prices. Brent oil fell to $ 77.54 and WTI crude fell to $ 67.62.

Gold (XAUUSD or gold/dollar), which has risen due to the search for safe ports, is balanced at $ 1,233.15. Even though small profit sales are realized, market players do not allow them to fall below this level.

Asian indices started the day mixed

KOSPI, Japan indices, Taiwan, Australia, and India have a positive outlook. 10-year-old Japanese and Chinese bonds are on the rise. This shows that the risk appetite has risen again. USDCNY is trading at 6.95 Yuan and USDJPY at 111.91 yen.

I congratulate everyone for the Republic Day and wish you plenty of weeks. Today, due to the closed markets, the USDTRY fell to $ 5.59 and the EURTRY to EUR 6.37.

 

Can Ilker

Ekonomist

Makro Araştırmacı / Stratejist

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