Turkish Markets Daily on Nostr: Turkish Markets Daily Despite ECB President Lagarde's rate cut messages, yesterday's ...
Turkish Markets Daily
Despite ECB President Lagarde's rate cut messages, yesterday's higher than expected CPI data in the US and rising oil prices on geopolitical risks led to a volatile global outlook. On the global agenda, 4Q23 corporate earnings (JP Morgan, BofA, Citigroup, Wells Fargo) to be released in the US today will stand out. On the local front, Moody's review of the credit rating outlook will be on the agenda.
In December, S&P upgraded Turkey's rating outlook to positive, while Moody's made no changes. It should be noted that Moody's rates Turkey one notch lower than S&P and Fitch. Prior to this agenda item, the MSCI Turkey Index had outperformed the MSCI Emerging Markets Index by 4.9% since the beginning of the week.
On the BIST-100 index, the 7900 and 8000-8050 levels are the resistances we are following in the short term. As we approach the 8000-8050 area, we maintain our view that the rally could lose momentum in the short term. In the event of a correction, the 7700 and 7600 levels are our short-term support levels.
Despite ECB President Lagarde's rate cut messages, yesterday's higher than expected CPI data in the US and rising oil prices on geopolitical risks led to a volatile global outlook. On the global agenda, 4Q23 corporate earnings (JP Morgan, BofA, Citigroup, Wells Fargo) to be released in the US today will stand out. On the local front, Moody's review of the credit rating outlook will be on the agenda.
In December, S&P upgraded Turkey's rating outlook to positive, while Moody's made no changes. It should be noted that Moody's rates Turkey one notch lower than S&P and Fitch. Prior to this agenda item, the MSCI Turkey Index had outperformed the MSCI Emerging Markets Index by 4.9% since the beginning of the week.
On the BIST-100 index, the 7900 and 8000-8050 levels are the resistances we are following in the short term. As we approach the 8000-8050 area, we maintain our view that the rally could lose momentum in the short term. In the event of a correction, the 7700 and 7600 levels are our short-term support levels.