Global markets try to weather the storm
While global markets are eagerly awaiting the inflation data to be released in the US this week, bond investors are divided over how much and at what pace the Fed will cut interest rates.
US stocks ended the worst week since last year’s regional banking crisis, with weak non-farm payrolls data released on Friday showing a cooling in the labor market and continued uncertainty over Fed rate cuts.
On Friday, the S&P 500 Index fell for the fourth consecutive session and suffered its biggest weekly loss since March 2023 with 4.25 percent. Ten of the 11 sector sub-indices in the index declined.
Technology and communication services, two groups that house most of the big technology pioneers such as Microsoft Corp. and Alphabet Inc. led the losses. The Nasdaq 100 Index fell 5.89 percent, its worst week since November 2022, and Nvidia Corp. lost more than $ 400 billion during the week. The VIX index approached its highest level since August after Friday’s weak non-farm payrolls data, closing at 22.
As of 07:47 this morning, US and European futures indices are in the plus. The MSCI Asia Pacific Index fell to a three-week low as worse-than-expected economic data from the US to Japan raised concerns of a broader slowdown. The Nikkei 225 fell for a fifth day after weak Japanese growth data. Chinese stocks declined and iron ore fell on signs of weakening demand. Taiwan and Hong Kong Stock Exchanges are down more than 1 percent.
The Bloomberg Dollar Index, which fell 0.20 percent last week, continues to rise this morning. US 10-year bond yields rose 4 basis points this morning after last week’s declines, while 2-year yields are up 5 basis points.
USD/TL was traded at 34 in the morning hours. Today, the Ministry of Treasury and Finance will realize the re-issuance of 12-month coupon-free government bonds and the first issuance of 4-year TLREF-indexed government bonds with quarterly coupon payments.
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