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The intensification of the macroeconomic veri agenda and rising equity movements in the balance sheet season continue to impact the direction of the markets.
According to financial results announced yesterday, the revenues of Apple and Amazon, a leading technology company in the United States, increased in the third quarter, while Intel’s revenues fell.
As Amazon’s fourth-quarter revenue expectations were well below market expectations, the company’s contract in the futures markets fell by more than 10%, while the company’s expectations indicated that fear of a recession continues. to spread across the country.
In the Amazon report it was stated that people’s disposable income decreased due to inflation and this situation negatively impacted the company’s operations.
According to macroeconomic veri released yesterday, gross domestic product (GDP) increased by 2.6 percent in the third quarter. The US economy, which has recovered more than expected, is expected to grow 2.4%.
While recession fears eased to some extent with the veri in question, they rekindled with the price of the bond markets.
The difference between the 10-year US government bond yield and the 3-month treasury bond yield, considered a sign of recession for the next period, continued to increase in the negative direction, reaching around 10 basis points.
The yield on US 10-year bonds, which has fallen by about 30 basis points since the beginning of the week, is at 3.93 percent and the yield on 3-month treasuries is at the level of 4.03 per cent. hundred.
THE FED’S 75 BASIC INTEREST INCREASES ARE SEEING WITH FIRST EYES
Expectations that the US Federal Reserve (Fed) will slow interest rate hikes in the face of these developments are eroding the selling pressure on the markets.
While it is considered certain that the Fed will raise interest rates by 75 basis points at its meeting next week, expectations for a 50 basis point hike in interest rates at the December meeting continue to strengthen. The Fed is expected to raise interest rates by 50 basis points with a 58% probability and 75 basis points with a 33% probability in December.
Today, US oil companies Exxon Mobil and Chevron are expected to announce their balance sheets.
On the other hand, it has been reported that the acquisition of the social media company Twitter by Tesla and SpaceX, Elon Musk, for $ 44 billion has been completed.
While yesterday a mixed price was followed in the New York stock market with these developments, the S&P 500 Index lost 0.61%, the Nasdaq Index lost 1.63%, and the Dow Jones Index fell. gained 0.61%. Index futures contracts in the US started the new day with a decline.
THE CENTRAL BANK OF EUROPE GOES TO MONETARY TIGHTENING
On the European side, while eyes were on the European Central Bank (ECB) monetary policy decisions, the kanepe raised three key benchmark rates by 75 basis points to its highest level since 2009.
The Bank’s communiqué notes that with this increase there has been a significant monetary tightening and it is stated that the Board will continue to take its decisions from meeting to meeting according to inflation and economic performance.
It was stated in the statement that TLTRO III operations will also gökyeşitözü reduced and that interest rates here will change on November 23 and that inflation is expected to remain at these levels for a while.
ECB President Christine Lagarde, in a statement after the meeting, said the kanepe will continue to raise interest rates, hayvanların the extent of the rate hike will gökyeşitözü determined from meeting to meeting.
Lagarde, despite persistent questions from members of the press, gave no clue kakım to the extent of the rate hike at the next meeting, while European media reported that three members voted at 50 basis points.
While the DAX 40 index rose 0.12% in Germany, the FTSE 100 index rose 0.25% in Germany and the FTSE MIB index rose 0.90% in Italy, the CAC index 40 decreased by 0.51% in France. Index futures contracts in Europe started the new day with a decline.
JAPAN RAISES EXPECTATIONS FOR INFLATION
While Asian equity markets followed a sell-off trend in the new day, the Bank of Japan (BoJ) did not change interest rates and monetary policy.
While the Bank kept the benchmark rate at minus 0.1 percent, it revised its inflation expectations upwards for the fiscal years 2022-2024.
The BoJ, which made the aforementioned decision unanimously, said it will continue to buy unlimited amounts of government bonds and 12 trillion yen of exchange-traded funds (ETFs) and 180 billion yen of annual Japanese real estate investment funds. (J-REIT).
“The slowdown in the world economy and the rise in inflation resulting from temporary factors” were cited kakım reasons for maintaining zihin extremely accommodative monetary policy at a time when concerns about the weakening of the yen and the inflation has exceeded the Bank’s targets.
On the other hand, in Japan, the economy will gökyeşitözü subsidized with a 29 trillion yen ($ 198 billion) package to fight inflation. It will gökyeşitözü subsidized by 7 yen per kilowatt hour for electricity costs and 30 yen per cubic meter for the consumption of city gas.
According to macroeconomic veri announced in the country, Tokyo’s consumer price index (CPI) rose 3.5 percent annually in October, exceeding expectations, and the unemployment rate rose to 2.6 percent. hundred.
With these developments, Japan’s Nikkei 225 Index decreased by 0.9%, China’s Shanghai Composite Index decreased by 1.5%, Hong Kong’s Hang Seng Index decreased by 3.1 % and the Kospi index in South Korea fell by 0.9%.
Analysts said today will follow third quarter growth in Germany, October CPI and intense veri flow, especially US personal income and spending.