Solid Q3 earnings reports from big US banks boosted sentiment in the second half of the week. Next week, investors will focus on reports from large US tech companies like Tesla or Intel. Apart from that, equity indices may also get a chance to move on Friday when flash PMI indices for October are released. Last but not least, CBRT is set to announce the rate decision on Thursday. Be sure to watch DE30, US100 and USDTRY next week.
DE30
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Create account Try a demo Download mobile app Download mobile appWhile hard data releases are scarce next week, investors will be offered a fresh set of preliminary PMI releases from Europe and the United States on Friday (France - 8:15 am BST, Germany - 8:30 am BST, US - 2:45 pm BST). Survey data for October is expected to show weaker readings in services and manufacturing sectors in Europe. Data from the United States is forecast to be little changed compared to September. DE30 reached the highest levels since late-September last week and beat in PMI data could further improve sentiment.
US100
First week of the US Q3 earnings season was dominated by big banks as usual. The second week is usually dominated by tech companies and things are no different this time. Among next week's earnings reporters investors can find Netflix (Tuesday), Tesla (Wednesday), IBM (Wednesday) as well as Intel (Thursday). Tech stocks usually report after the close of the Wall Street session. Nasdaq-100 (US100) outperform S&P 500 this week and reports from major index' members will set direction next week.
USDTRY
In spite of inflation running wild in Turkey, CBRT unexpectedly decided to cut interest rates at its latest meeting. To make things worse, the Turkish President Erdogan has fired 3 CBRT members who opposed rate cuts. Lira sank to record lows against US dollar and euro and actions by Erdogan do not hint that relief will come anytime soon. CBRT will announce the next monetary policy decision this Thursday at 12:00 pm BST. Market expects the main rate to be cut from 18 to 17% but everything can happen in the crazy world of Turkish monetary policy.
