Yesterday, the BIST 100 index in Borsa Istanbul closed at 10,871.48 points, decreasing by 1.09 percent compared to the previous close. The search for direction continues in global stock markets with mixed data announced in the US. It is observed that the selling pressure in technology stocks has slowed down.
The US economy grew by 2.8% in the second quarter of this year, exceeding expectations. This supports the Fed’s prediction that it can end its fight against inflation with a “soft landing” and not harm the economy. However, the question of how much the Fed will cut interest rates this year continues to preoccupy investors.
In money markets, the prevailing prediction is that the Fed will cut interest rates three times starting in September. Announcements during the balance sheet season continue to increase stock and sector-based volatility.
Sectoral inflation expectations are being monitored domestically, and personal consumption expenditures, personal incomes and expenditures in the US and the University of Michigan consumer confidence index data are being monitored abroad. Technically, 10,800 and 10,700 points are support in the BIST 100 index, while 11,000 points are resistance.
