The agenda of the economy and markets as we start the day (November 25, 2021)


On the new day when the US markets are closed, the summary text of the last domestic Monetary Policy Committee meeting will be followed. Another important agenda of the day will be the meeting of Central Bank Governor Şahap Kavcıoğlu with the members of the Banks Association of Turkey (TBB).

..::LATEST SITUATION IN MARKETS::.

Fluctuating between 11.60 and 13.20 in the domestic foreign exchange markets, where sharp movements were experienced throughout the week, the dollar/TL ended the day at 11.88. This morning, the dollar/TL is 11.95; Euro/TL is traded around 13.40.

Asian stocks continued their decline, driven by the rising dollar as investors expected US interest rates to rise faster than other major economies such as Japan and the euro area. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent to a six-week low after posting minor losses in each of the past six sessions. Japan’s Nikkei index rose 0.8 percent.

.::NEWS FROM TURKEY AND THE WORLD::.

In the presence of President Recep Tayyip Erdoğan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, 10 agreements covering important cooperation in many fields were signed.

Mohamed Hasan Al Suwaidi, Chairman of Abu Dhabi Development Holding (ADQ), announced that the United Arab Emirates has set aside and allocated a $10 billion fund to invest in Turkey.

CBRT Chairman Kavcıoğlu will meet with bankers to evaluate the developments in the economy. The meeting is scheduled for the afternoon.

Fed members discussed how long inflation would stay high and how soon they would need to raise rates to cool the economy.

The US Department of Commerce’s Industry and Security Administration (BIS) announced that it has blacklisted 27 foreign organizations, 12 of which are from China, due to US national security and foreign policy concerns.

Swedish Prime Minister Magdalena Andersson announced that she has decided to resign from her position after her coalition partner Green Party withdrew from the government, approximately 7 hours after the Swedish Parliament elected her as the country’s new Prime Minister.

Silvana Tenreyro, a member of the Bank of England’s Monetary Policy Committee, said she would decide when the BoE should start raising interest rates based on data.

Isabel Schnabel, member of the Executive Board of the European Central Bank, said that the Eurozone economy is not facing a combination of stagflation, high inflation and economic recession.

Gabriel Makhlouf, member of the Governing Council of the European Central Bank, said that an increase in the interest rate is not necessary at the moment, but that policymakers should be ready to respond promptly if conditions change.

AGENDA OF THE DAY

The Central Bank of the Republic of Turkey (CBRT) will publish the summary of the Monetary Policy Committee (PPK) meeting dated November 18 (14.00). The CBRT lowered the interest rate by 100 basis points at the meeting, as expected.

Banking Regulation and Supervision Agency (BDDK) and CBRT money and bank statistics weekly data will be published. In the weekly bulletin of the Central Bank, movements of non-residents, reserves and foreign exchange position of residents will be monitored primarily (14.30).

The 2022 budget of the Ministry of Health will be discussed in the Planning and Budget Committee of the Grand National Assembly of Turkey.

Trade Minister Mehmet Muş will attend the Trade Ministers’ Working Breakfast of the Preferential Trade System Between the Organization of Islamic Cooperation (OIC) Member Countries (TPS-OIC).

-Overseas Agenda..

GKF Consumer Confidence Index data will be released in Germany (10.00). The index was very close to negative territory with 0.9 in November.

The Swedish Central Bank (Riksbank) will announce its interest rate decision. The Riksbank keeps the interest at 0.00 percent (11.30). The market expectation was that the interest rate would remain at the same level.

US markets will be closed for “Thanksgiving”.


Source: Dünya Gazetesi by www.dunya.com.

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