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Inflation data was released in the USA yesterday; Headline inflation was 3.1%, which was 3.3%, while core inflation was 5% and 4.8%. As I mentioned yesterday, the noticeable drop in core inflation created an upward wave in the markets. We will see the importance of this data at the FED meeting next week. We may see a dovish FED especially for the projection of the coming months. As of next month, I do not expect an increase in interest rates unless there is a jump in the inflation data.
Today, PPI will be announced at 15:30 CET in the USA, and it will remain as a supporting data if it comes in parallel with inflation. Also, Q2 balance sheets will start coming this week. The fact that the balance sheets meet the expectations can maintain the positive atmosphere.
Turning to the domestic market, industrial production in Turkey in May increased by 1.1% on a monthly basis, while it decreased by 0.2% on an annual basis. This gave the stock market an excuse to take a breather. I see the correction here as a buying opportunity. Banks that remained discounted on the uptrend look strong.
Foreign policy has been quite active in the last week. We have seen the positive effects of the positive developments to be experienced here on the market. I think that Turkey also needs political normalization for economic normalization and I hope that the necessary steps will continue to be taken to remove the barrier we have drawn between us and the West.
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