Category: Market

ISTANBUL: Turkish building manufacturer Karmod exported polyethylene water tanks to Uruguay, the company said in a statement on Monday.

“This is our first export of water tanks to the American continents. We are proud to introduce our high-quality, rotationally molded polyethylene tanks to this new market,’ said Talay Ozturk, general manager of Karmod Plastic Group.

Made from high-density polyethylene that undergoes specialized thermal processing, the tanks were designed in blue color to prevent algae growth.

Ozturk said the shipment includes 160 tanks varying in capacity from 100 liters to 3,000 liters, ‘all manufactured to our exacting standards that come from years of experience and planning.’

The tanks were exported to a company which specializes in agricultural and forestry machinery in the city of Rio Negro, Uruguay.

“These tanks will be integrated into machinery used for irrigation and spraying, aiding local agricultural practices with efficient water storage solutions,” Ozturk said.

Source: Ana
dolu Agency

ISTANBUL: Commodity markets experienced a turbulent week of sharp fluctuations as geopolitical risks, sanctions, and uncertainties surrounding central banks created a challenging environment for pricing.

Macroeconomic data from the US has fueled expectations that the Federal Reserve might maintain high policy rates longer than expected. Additionally, ongoing tensions in the Middle East have added to uncertainties, particularly affecting commodity prices.

The global battle against inflation is far from over, with concerns that Middle Eastern conflicts may amplify inflationary pressures by impacting commodity markets. An additional factor complicating pricing is the potential escalation in tensions between Israel and Iran, which could influence central bank decisions.

Precious metals see mixed course

Geopolitical risks and demand from central banks and Chinese consumers contributed to rising gold prices.

Investors have been cautious due to US economic data and Fed Chairman Jerome Powell’s hawkish stance, a
nalysts suggest.

Silver prices increased due to reduced production in global mines and rising industrial demand.

As a result, the price of an ounce of gold rose by 2%, and silver by 2.9%, while platinum dropped by 4.3%, and palladium by 2% over the past week.

US President Joe Biden’s remarks on China, including his call to triple tariffs on Chinese steel and aluminum, also drove base metal prices up. US and UK sanctions on Russian metals remain in place.

Copper prices increased on the back of expectations for strong global economic activity and a move toward green energy. The price per pound of copper soared 4.6%, aluminum 6.9%, lead 1.9%, nickel 9.4%, and zinc 1%. The price of copper per pound reached its highest point in two years at $4.51.

Energy group sees downward pressure

Oil prices fell due to a projected increase in US commercial crude oil stocks, indicating weaker demand. The American Petroleum Institute predicted that US crude oil stocks would rise by 3-4 million barrels.

Predictions of above
-average spring temperatures in the US also contributed to lower natural gas prices. As a result, Brent crude oil dropped 3.4%, and natural gas on the New York Mercantile Exchange (measured in British thermal units or MMBtu) fell by 0.6%.

Higher crop yields in the US led to lower prices for corn and soybeans. Conversely, rising costs for seeds, fertilizers, irrigation, and labor worldwide have driven rice prices higher. Wheat prices on the Chicago Mercantile Exchange fell 0.6%, corn by 1%, and soybeans by 1.8%, while rice prices rose by 10.3%.

Higher cotton yields in Australia and India caused a drop in prices. However, concerns over the global supply of cocoa and coffee persist.

Reflecting these trends, the price of cotton on the Intercontinental Exchange dropped by 4.4%, sugar by 2.8%, while coffee rose by 5.2% and cocoa by 9.4%.

The price of cocoa reached a record high of $11,722 per ton, and coffee prices peaked since February 2022, reaching $2.4540 per pound.

*Writing by Emir Yildirim

Source: Anad
olu Agency

ISTANBUL: US stocks opened with gains on Monday.

The Dow Jones was up 140 points, or 0.37%, to 38,126 at 10.11 a.m. EDT (1411GMT). The S and P 500 rose 27 points, or 0.54%, to 4,994.

The Nasdaq increased 111 points, or 0.73%, to 15,393 at the time.

The VIX volatility index, also known as the fear index, fell 4.6% to 17.84. The 10-year US Treasury yield rose 0.5% to 4.635%.

The US dollar index added 0.15% to 106.31, while the euro shed 0.15% to $1.0638 against the greenback.

Precious metals were on the decline, with gold losing 2.3% to $2,336 per ounce and silver decreasing 4.2% to $27.48.

Oil prices fell around 0.5% with global benchmark Brent crude at $86.83 per barrel and US benchmark West Texas Intermediate at $81.84.

Source: Anadolu Agency

ISTANBUL: The People’s Bank of China (PBoC) has decided to keep loan prime rates constant, according to a statement on Monday.

The bank has kept unchanged one-year and five-year loan prime rates at 3.45% and 3.95%, respectively.

The PBoC has lowered the one-year rate from 3.55% in August 2023 and has been keeping the rate at the same level for the last eight monetary policy meetings.

Five-year rate, which was at 4.2% in January 2024, dropped to 3.95% in February, and stayed at the same level for the last two meetings.

Source: Anadolu Agency

ISTANBUL: Oil prices retreated on Monday as global markets refocused on market fundamentals after the easing of Middle East tension.

International benchmark Brent crude traded at $85.85 per barrel at 10.22 a.m. local time (0722GMT), a 1.65% decline from the closing price of $87.29 per barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $80.75 per barrel at the same time, a 1.79% drop from the previous session that closed at $82.22 per barrel.

Following news of Israel carrying out a retaliatory attack on Iran, both benchmarks surged on Friday. The Brent crude price approached the $91 threshold amid concerns that a wider conflict would disrupt oil supplies in the Middle East, home to the majority of the world’s oil reserves. However, later on Friday, crude prices clawed back most of the gains after both sides downplayed the severity of the attack.

As concerns of a wider conflict eased despite unprecedented direct strikes by both sides, the oil market refocu
sed on market fundamentals on the first day of the new week.

Demand concerns stemming from uncertainties regarding the global economy continue to weigh on prices. Weak demand worries were also sparked by the rise in crude oil stocks in the US, the largest oil consumer in the world.

While uncertainty regarding the timing of the Fed’s interest rate cuts continues, the dollar index reached 106. The rise in the value of the US dollar makes oil expensive for buyers using other currencies, leading to reduced purchases and downward pressure on prices.

Meanwhile, renewed US sanctions on Venezuela, which has an export capacity of around 600,000 barrels per day, fueled supply concerns.

Source: Anadolu Agency

ANKARA: Trkiye’s benchmark stock index ended Tuesday at 9,548.09 points, falling 1.36% from the previous close.

Borsa Istanbul’s BIST 100 lost 131.71 points from 9,679.80 points at Monday close.

The total market value of the BIST 100 was around 8.2 trillion liras ($252.3 billion) by market close, with a daily trading volume of 101 billion liras ($3.13 billion).

The price of an ounce of gold was $2,401.85, while Brent crude oil sold for around $90.15 per barrel as of 6.14 p.m. local time (1514GMT).

The US dollar/Turkish lira exchange rate was at 32.4905, the euro/lira exchange rate was at 34.5925, and a British pound traded at 40.4218 liras.

Source: Anadolu Agency

ANKARA: Germany’s economic morale this month rose to its highest level since February 2022, according to data released on Tuesday.

The ZEW Indicator of Economic Sentiment for Germany this month surged 11.2 points month-on-month to 42.9 in April, beating market forecasts.

“A recovering global economy is boosting expectations for Germany, with half of the respondents anticipating the country’s economy to pick up over the next six months,” said ZEW head Achim Wambach.

This upbeat mood stemmed from a much-improved assessment of the economic situation and expectations for its top export destinations, besides the strengthening of the dollar and euro, said Wambach.

The ZEW indicator of economic sentiment for the euro area increased 6 points from a month ago to 48.8 in April.

Source: Anadolu Agency

ISTANBUL: The International Monetary Fund (IMF) on Tuesday warned about financial fragilities in the global economy before central banks start easing monetary policies.

The financial agency said investors and central banks are expecting monetary policies to ease in the coming quarters, as rate hikes in the last two years have created conditions to bring inflation back to central banks’ targets.

“So far, cracks in the financial system-unmasked by high interest rates during the monetary tightening cycle-have not ruptured further,” the IMF said in its Global Financial Stability Report for April 2024. “The last mile of disinflation, however, may be complicated by several salient near-term financial fragilities.”

Some of the near-term risks include a decline in commercial real estate prices, a decrease in real house prices that has been driven by higher mortgage rates and some sizable inflation surprises that could abruptly change investor sentiment.

Medium-term risks include rising public and private debt in
advanced economies and emerging markets, eroding cash liquidity buffers for firms and a downturn in China’s housing market where policies are critical to restoring confidence in the countries’ real estate sector, according to the agency.

The IMF said central banks should avoid premature monetary easing and appropriately push back against overly optimistic market expectations for interest rate cuts that could add to the easing of financial conditions and complicate the last mile of disinflation.

“Where progress on disinflation is enough to suggest that inflation is moving sustainably toward the target, central banks should gradually move to a more neutral stance of policy,” it said.

“Supervisory and regulatory authorities should use appropriate tools, including stress tests and early corrective action, to ensure that banks and nonbank financial institutions are resilient to strains in commercial and residential real estate and to the credit cycle downturn,” it added.

Source: Anadolu Agency

ISTANBUL: The total market capitalization of cryptocurrencies was down 4.5% on Tuesday, as investors are worried about the escalation of Iran’s attack on Israel.

The value of the market was at $2.29 trillion at 10.20 a.m. EDT, according to data from CoinMarketCap, a digital asset price-tracking website.

Bitcoin fell almost 3.9% to $62,960, while the world’s largest cryptocurrency saw its price dive to below 62,000 again after Saturday.

Bitcoin’s price plummeted to as low as $60,725 on Saturday when Iran launched a barrage of drones and missiles at Israel in response to an April 1 attack on the Iranian Consulate in Syria, where at least 13 people were killed, including seven military advisers.

Ethereum, the world’s biggest altcoin by market cap, was down 3.7% to $3,074 at 10.23 a.m. EDT.

Some altcoins saw their daily prices plummet as much as 16%.

Source: Anadolu Agency

ISTANBUL: The Dow Jones closed lower Monday for the sixth consecutive trading day, recording its longest losing streak since last June.

The blue-chip index declined 248 points, or 0.65%, to finish the day at 37,735. The S and P 500 fell 61 points, or 1.2%, to 5,061.

The Nasdaq plummeted 290 points, or 1.79%, to end the session at 15,885.

The VIX volatility index, also known as the fear index, soared 11.1% to 19.23. The 10-year US Treasury yield jumped 2.46% to 4.610%.

The US dollar index climbed 0.16% to 106.20, while the euro gained 0.02% to $1.0625 against the greenback.

Precious metals were on the rise, with gold adding 1.6% to $2,383 per ounce and silver rising 3.5% to $28.87.

Oil prices were flat with global benchmark Brent crude at $90.38 per barrel and US benchmark West Texas Intermediate at $85.65.

Source: Anadolu Agency