BIST100 starts week with gains

BIST100 starts week with gains

With the US employment report triggered concerns for the economy in May, the the possibility of Fed’s cutting the interest rates at the July 30-31 FOMC meeting climbed to 78.7 percent. Non-farm payrolls figure is well below the expectations with 75 thousand people, while the average hourly earnings remain weak. With this expectation, the buying movement in the global stock markets gained momentum and we have seen that the BIST100 index was testing upward movements to reach level of 94000.After Fed President Powell’s speech last week which left questions unanswered about the interest rate cuts strengthened that possibility. In terms of domestic developments, the growing expectation that President Erdogan and US President Trump will hold talks on the S-400 will also have a positive impact on the index. Also this week, the Central Bank of the Republic of Turkey will hold (CBT) Monetary Policy Committee meeting which is of great importance in terms of the index pricing.