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While nothing was resolved in Turkey overnight with the vague plans announced to fight inflation by the finance minister, global markets rebounded after yesterday's panic conditions. US stocks have undoubtedly led the way even higher, as the Lira, which has come to mainstream media in recent days have increased by more than 7%, with USDT / TRY which returns to 6.50 from a maximum of 7, and risk assets are higher at the global level, especially those organizing a rally [19659002] USD / TRY, Daily chart analysis

The other emerging market currencies that are devalued are also correcting, with the Argentine weight, the Brazilian Real and the Russian ruble that are all out of their minimums. Despite the positive signs today, the underlying trend is still bearish in the FX segment, and the strength of the dollar does not seem to diminish, with even stable short-term Treasury yields.

DAX Index, daily chart analysis

While the main European indices are slightly green, aimed at the closing bell, European banks that are exposed to Turkey do not show much enthusiasm, and we expect risk sentiment return in the next few days, until the Turkish authorities take significant action.

The currencies of emerging markets are certainly feeling the effects of the contagion, with the Argentine weight, the Brazilian Real and the Russian ruble that are all down in the last few days. So far, the Turkish leadership failed to calm the market, rather fueled the fire with aggressive rhetoric and the apparent ignorance of basic macroeconomic rules.

In the economic news, China was all the rage today, and the country that has been targeted by Trump's tariffs is experiencing pain. It would be foolish to think that the only trade war should be blamed for the weaker indicators than expected, but the skirmish between the two mega-powers has certainly triggered a slowdown in the economy based on credit.

Shanghai Composite, Daily Chart Analysis

Industrial production, retail sales and investments have all been well below consensus estimates, and the Shanghai Composite is already in a bear market, and the Yuan Chinese hovers near the 13-month low against the Greenback, everyone seems ready for a hard recovery in China.

United States still the island of Caolm

In the United States all eyes are focused on the relationship of tomorrow's retail sales, while today only two less important economic releases have come out. The indicator of small NFIB companies was higher than expected and the prices of imports remained unchanged, as the increase in the dollar would probably offset the first effects of the new tariffs.

Nasdaq, analysis of the 4-hour chart

The Nasdaq rebounded strongly during the night, bringing again the highest indexes higher, and with this it approached its historical maximum, surpassing by a mile the rest of the world. With Apple and Amazon power plants continuing to push towards new highs, even if the more balanced portfolios are left behind, the technology index could set a new record as soon as today, if there is a change in risk otherwise.

Copper Futures, 4-hour chart analysis

Raw materials today are mixed, as copper fell back below $ 2.70 after being hit hard after dumping Chinese data oil continued to rise, rising above $ 68 per barrel, as far as the WTI contract is concerned.

Gold also rebounded above $ 1200, despite the dollar rally against its major peers, and we have to wait and see if the peak below $ 1200 has finally marked the long bearish trend of the precious metal.

Close-up image of Shutterstock


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