Sales pressure prevails in global markets

Uncertainties regarding technology stocks continue to dampen risk appetite in global markets. Selling pressure increased in global markets as mixed signals from the balance sheets announced by US technology companies increased question marks regarding the return of artificial intelligence investments to profitability.

The US 10-year bond interest rate, which decreased by 10 basis points to 4.94 percent yesterday as investors turned to safe haven assets due to concerns about technology companies, is at 4.93 percent today. With the decrease in bond interest rates and the appreciation of the yen against the dollar, the dollar index decreased by 0.1 percent to 101.8.

The barrel price of December term Brent oil rose by 1.1 percent to 116.1 dollars, as the possibility of a new military operation by the USA against Iran overshadowed the hopes of a diplomatic breakthrough between the parties and increased concerns about supply disruptions again.

On the other hand, macroeconomic data announced in the USA are also followed closely. The US economy grew above expectations with 3.4 percent in the third quarter of this year. The core personal consumption expenditures price index, which the Fed closely monitors as an inflation indicator and excludes food and energy items, increased by 0.3 percent on a monthly basis and 3.1 percent on an annual basis in September, in line with expectations.

Following the announced data, while inflationary risks still remain strong in the USA, the possibility of the Fed's interest rate increase in December has increased. With the strengthening of expectations that the Fed will increase interest rates in December, gold is traded at 4 thousand dollars per ounce, with a decrease of 0.5 percent.

On the other hand, cryptocurrency exchange Binance reported that the estimated size of the security breach on its platform was 6.3 billion dollars and that approximately 3 billion dollars of assets were frozen.

With this development, bitcoin decreased by 0.8 percent to 78 thousand 99 dollars, and ethereum decreased by 0.6 percent to 2 thousand 242 dollars.

The New York stock market was negative yesterday on concerns about artificial intelligence infrastructure spending. Profits of Google's parent company Alphabet fell 25 percent in the third quarter, below market expectations.

Source: TRT Haber Ekonomi RSS (Open Press / Translated Full Text)