Global markets continue to fluctuate

Global markets continue to fluctuate

Fed hesitant to cut interest rates without better data, while ECB's future steps remain uncertain

By Muhammed Said Tanil

ISTANBUL (AA) - Global markets continued to follow a mixed course after the US Federal Reserve chair said that data for the first quarter of the year has not yet provided enough confidence.

"The latest inflation data again showed modest progress, and more good data will strengthen our confidence that inflation is moving toward 2 percent in a sustainable manner," said Jerome Powell, presenting a monetary policy report to the US Senate on Monday.

On US markets Monday, the Nasdaq index rose 0.14% and the S&P 500 0.07%, while the Dow Jones lost 0.16%.

“Based on an updated assessment of inflation, it is now appropriate to moderate the degree of monetary policy restraint after holding interest rates steady for nine months,” the ECB Governing Council said Tuesday.

"The latest inflation data boosted confidence, and I continue to expect a few more rate cuts this year if the baseline scenario is confirmed," said Mario Centeno, an ECB member, in June.

The dollar index rose 0.2% to 105.1, just below its previous close, while the barrel price of Brent oil stabilized at $84, extending the downward trend to a fourth consecutive working day.

The US 10-year bond yield fell 0.2% to 103.2 after the Fed chairman's speech, while the price of gold was trading up 0.2% at $2,367 an ounce.

In the UK, the FTSE 100 index fell 0.66%, the CAC 40 index in France 1.56%, the DAX 40 index in Germany 1.28%, and the MIB 30 index in Italy 0.53% on Monday.

Index futures contracts in Europe began Tuesday mixed.

In Türkiye, the BIST 100 index in Borsa Istanbul completed the day at 10,796.57 points, down 0.62% compared to the previous close, while the USD/TL traded at 32.9090 at the opening of the interbank market on Tuesday.

In French election results last weekend, the left-wing New People's Front came first with 178 deputies, while political uncertainty negatively affected the country's credit rating as coalition talks are needed.

Near the close, the Nikkei 225 index in Japan rose 0.3%, the Kospi index in South Korea gained 0.1%, and the Hang Seng index in Hong Kong climbed 0.2%, while the Shanghai composite index in China lost 0.4%.

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