Daily Bulletin

Good morning. Following yesterday’s much weaker-than-expected U.S. employment data, market expectations for the Fed’s next rate hike have shifted further into the future, with some commentators even beginning to discuss the possibility of a rate cut. In our view, the current inflation outlook does not support a rate cut. However, a postponement of further tightening remains a plausible scenario, which would likely...
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Good morning. Brent crude oil prices have retreated to around USD 70 in the active contract, returning to levels seen before the outbreak of the U.S.–Iran conflict. Although negotiations remain challenging, they are continuing, and optimistic remarks from the U.S. side are providing support to market sentiment. U.S. and European equity futures are trading modestly higher this morning, while Asian markets are...
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Good morning. U.S.–Iran negotiations continue to make slow, albeit gradual, progress. Iran’s statement that it will not engage in direct talks but will continue diplomacy through mediators is drawing attention this morning. Oil prices are trading flat, while pressure on gold persists as expectations for further Fed rate hikes continue to weigh on the precious metal. U.S. and European equity futures are broadly...
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Good morning. As geopolitical tensions continue to ease, buying interest in U.S. technology stocks drove gains of up to 2% yesterday. Despite the improved risk sentiment, expectations regarding the Fed's interest rate outlook remain in focus, while institutions such as Bank of America continue to warn that U.S. equity markets could face corrections of as much as 8%. Looking at this morning's markets, U.S....
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Good morning. Global markets are starting the new week on a calm and optimistic note despite the heightened tensions between the U.S. and Iran over the weekend. U.S. and European futures are trading in positive territory, while Asian equities are presenting a mixed performance. Following a brief spike, oil prices are easing again this morning. Another notable development is JP Morgan’s upward revision of its...
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Good morning. Market pricing in Asia is setting the tone for global markets this morning. Apple’s decision to raise product prices due to increasing chip costs, speculation that OpenAI’s IPO may be postponed until 2027, and higher-than-expected inflation data from Japan have triggered sharp selling across Asian equities. U.S. and European equity futures are also trading noticeably lower. In Borsa Istanbul, despite...
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Good morning. Vessel traffic through the Strait of Hormuz and the volume of oil shipments from the region continue to increase. Although diplomatic negotiations between the United States and Iran are progressing with occasional setbacks, the approval by the U.S. Senate of legislation aimed at reducing the likelihood of renewed military confrontation is helping to ease geopolitical tensions. On the other hand,...
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Good morning. As geopolitical tensions continue to ease, oil prices are also extending their decline. Meanwhile, expectations for Fed rate hikes are being brought forward, with market participants increasingly pricing in a series of rate increases beginning as early as September or October. This outlook is weighing on U.S. technology stocks as well as precious metals such as gold and silver. In the U.S., the Dow...
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