Global stock markets are following a mixed course with profit taking coming from record levels as a result of the slowdown in consumer inflation data in the US. Analysts state that the focus today is on producer inflation in the US.
US Consumer Price Index (CPI) Data
According to data released yesterday in the US, the Consumer Price Index (CPI) decreased by 0.1 percent on a monthly basis and increased by 3 percent on an annual basis in June. These data did not meet market expectations.
CBRT and Inflation Assessment
Making a presentation at JP Morgan’s investor meeting, Central Bank of the Republic of Turkey (TCMB) Governor Fatih Karahan stated that the decline in domestic swaps strengthened the monetary transmission mechanism and made the following assessments: “There is a growing consensus that inflation will decline in the second half of the year.” Central Bank officials also noted that the tight monetary policy stance positively affected inflation expectations.
Domestic and International Data Calendar
Today, the balance of payments in the country, and the Producer Price Index (PPI) and Michigan Consumer Confidence Index in the US and abroad will be monitored. Analysts state that technically, 11,100 and 11,200 points are resistance levels in the BIST 100 index, while 11,000 and 10,900 levels are support levels.
AA Finance Balance of Payments Expectations Survey
Economists participating in the AA Finance Balance of Payments Expectations Survey estimate that the current account had a deficit of 1 billion 347.5 million dollars in May.
