NextGen Day

ISTANBUL, Turkey – The enhanced risk perception in global markets over worries of a Russian invasion of Ukraine has been maintained at the start of the new week.

The diplomatic initiatives taken over the weekend were not enough to bolster investor confidence after US officials’ statements on Friday addressing the issue between Russia and Ukraine.

On Sunday, US Vice President Joe Biden told his Ukrainian colleague Volodymyr Zelensky that the US will “act swiftly and firmly” to any future Russian assault against Ukraine.

Biden was thanked for America’s “unwavering support” and asked to visit Ukraine by Zelensky.

Following rising tensions, commodity prices have increased to their greatest levels in recent years, with the situation projected to have an impact on the economy’s recovery.

The likelihood of a 50-basis-point interest rate hike by the US Federal Reserve in March has reduced as a result of rising inflation pressures in the US.

Brent oil, which jumped by more than $3 to $93.9 a barrel on Friday, is now trading at $94.4, up 0.5 percent, at the start of the new week.

Energy prices, according to economists, already play a significant role in rising inflation pressures around the world, and heightened price volatility in these assets could affect monetary policy uncertainty as well.

After rising geopolitical threats spurred investor demand for safe-haven assets, the gold ounce price closed Friday at $1,859, up 1.76 percent, after hitting $1,865, a new high since November 2021.

The price of one ounce of gold fell slightly at the start of the week before stabilizing at $1,853.

On Friday, the US 10-year bond rate fell 15 basis points to 1.94 percent.

S&P 500, Nasdaq, and Dow Jones indices decreased 1.9 percent, 2.78 percent, and 1.43 percent, respectively.

Markets will be paying close attention to European Central Bank Governor Christine Lagarde’s address on Monday.

Uncertainties about the monetary policy path persist following the bank’s aggressive tone at its latest monetary policy meeting.

According to observers, Lagarde’s words last week shifted away from her aggressive attitude. They also stated that the European Central Banks’ assessments of the potential economic impact of the Russia-Ukraine situation on the area will be crucial.

On Friday, European stock markets took a sales-weighted trend, with falls in all major indices.

On Monday, European indices are also trending south.

On Monday, stock markets in Asia showed a negative trend, owing to an increase in coronavirus disease 2019 (Covid-19) infections, a decrease in global risk appetite, and concerns about China’s real estate industry.

At Friday’s close, all major Asian indices were also down.

The BIST 100 index in Turkiye ended last week with a 0.61 percent gain at 2,051, but it began this week with a loss.

According to analysts, the key global agenda subject will continue to be Russia-Ukraine tensions.

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