Türkiye New Updates

ANKARA: Oil prices declined on Tuesday amid a strong US dollar index and ahead of key US inflation data and speeches from Federal Reserve (Fed) officials. International benchmark Brent crude traded at $83.16 per barrel at 11.19 a.m. local time (0819 GMT), a decline of 0.24% from the closing price of $83.36 per barrel in the previous trading session. American benchmark West Texas Intermediate (WTI) traded at $78.92 per barrel at the same time, a 0.25% fall from the previous session that closed at $79.12 per barrel. Market players are awaiting inflation data from the US, the world's largest oil-consuming country. US consumer short-term inflation expectations rose in April, according to a survey released Monday by the Federal Reserve Bank of New York. The median one-year inflation expectation increased to 3.3% in April from 3% in March. Analysts expect that the inflation increase projections and the cautious stance of US Federal Bank officials could negatively affect the risk appetite in global markets. F ed Vice Chairman Philip Jefferson said interest rates should be kept at their current "restrictive" levels until there are signs of clear progress in reducing inflation. Comments from Fed officials have weakened hopes of interest rate cuts in the country, fueling concern about a slowdown in economic growth and energy consumption. The rise of the US dollar against other currencies aided the decline in oil prices. The US dollar index increased by 0.14% to 105.25, signaling reduced demand by making oil more expensive for foreign currency users. Meanwhile, wildfires in Canada that are spreading toward oil and gas-rich regions in the country are threatening supply and limiting the fall in oil prices. Last year, a daily production cut of 300,000 barrels emerged due to forest fires in Canada. Market players are also awaiting the OPEC oil market report, scheduled for publication later in the day. The report is expected to reveal demand and supply data for this year and 2025. Source: Anadolu Agency

ISTANBUL: China on Tuesday warned that the latest US tariff hikes on Chinese goods will affect wider bilateral cooperation between the world's two top economies, urging Washington to roll back the new decision. This came after the US administration led by President Joe Biden increased tariffs on Chinese imports worth $18 billion. In an apparent reference to the upcoming US presidential elections in November, China's Commerce Ministry said 'out of domestic political considerations,' Washington was 'abusing and politicizing' economic and trade issues. However, Beijing warned that tariff hikes can 'seriously affect the atmosphere of bilateral cooperation' with the US. The increase in tariffs 'violates President Biden's commitment to 'not seek to suppress and contain China's development' and 'not to seek to decouple and break links with China',' said the ministry. "It is also not in line with the spirit of the consensus reached by the two heads of state,' the ministry said, referring to the meeting between B iden and Chinese President Xi Jinping in San Francisco last November. The White House said the move to raise the tariffs was to 'protect American workers and businesses.' 'China's unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers,' the White House said in statement, adding that Beijing was 'flooding global markets with artificially low-priced exports.' On semiconductors and solar cells, the statement said: 'The tariff rate on semiconductors will increase from 25% to 50% by 2025.' Targeting China's electric vehicles, Washington will increase tariffs from 25% to 100% this year, it added. It added that the tariff rate on lithium-ion electric vehicle batteries will increase from 7.5% to 25% this year. ?Such moves 'violate' international trade norms The Chinese Commerce Ministry said Beijing 'firmly opposes and will make solemn representations' with the US. 'This is a typical political manipulation,' said the ministr y, adding Beijing was 'strongly' dissatisfied with the move. It said the World Trade Organization (WTO) had 'already ruled' that such moves on tariffs violate the international trade norms. 'Instead of correcting the situation, the United States insists on going its own way and makes mistakes again and again,' said the ministry. Calling on Washington to 'immediately correct its wrongdoing and cancel the additional tariffs imposed on China,' the ministry said Beijing will 'take resolute measures to defend its rights and interests.' China's Foreign Ministry spokesman Wang Wenbin told reporters in Beijing that Beijing 'opposes unilateral tariffs that violate WTO rules.' Beijing 'will take all measures necessary to defend our legitimate rights and interests,' Wang said. Source: Anadolu Agency

ISTANBUL: US producer inflation in April rose 2.2% annually and 0.5% on a monthly basis, as both figures came above the market estimates, according to official figures released on Tuesday. The producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, was expected to show an annual gain of 2.1%. "On an unadjusted basis, the index for final demand moved up 2.2 percent for the 12 months ended in April, the largest increase since rising 2.3 percent for the 12 months ended April 2023," the Labor Department said in a statement. The annual figure for March, on the other hand, was revised down to a gain of 1.8% from an increase of 2.1%. On a monthly basis, the PPI increased 0.5% in April, also above the market expectation of a 0.3% gain. The monthly figure for March, meanwhile, was significantly revised down to a decline of 0.1% from an increase of 0.2%. Core producer prices, which exclude food, energy and trade, increased 0.4% in April, following a gain of 0.2% in March. Core PPI in April increased 3.1% on an annual basis, after a 2.8% year-on-year increase recorded in March. Source: Anadolu Agency

ISTANBUL: US stocks opened higher on Tuesday despite producer prices in April picking up pace and coming above market estimates. The Dow Jones was up 41 points, or 0.11%, to 39,472 at 9.59 a.m. EDT (1359GMT). The S and P 500 rose by four points, or 0.08%, to 5,225. The Nasdaq, meanwhile, increased 20 points, or 0.12%, to 16,408 at the time. US producer inflation in April rose 2.2% annually and 0.5% on a monthly basis, as both figures came above the market estimates, according to the Labor Department figures released earlier. The annual and monthly figures were expected to come in at 2.1% and 0.3%, respectively, according to the market estimates. The VIX volatility index, also known as the fear index, rose 1.4% to 13.79. The 10-year US Treasury yield lost 0.54% to 4.457%. The dollar index shed 0.16% to 105.05, while the euro added 0.3% to $1.0819 against the greenback. Precious metals were in the green, with gold rising 0.82% to $2,355 per ounce and silver increasing 1.8% to $28.71. Oil prices were dow n around 0.45% with global benchmark Brent crude at $83.03 per barrel and US benchmark West Texas Intermediate crude at $78.72. Source: Anadolu Agency

ISTANBUL: Optimism among small businesses in the US rose slightly in April, bouncing back from its lowest in more than 11 years, according to a report released Tuesday. The National Federation of Independent Business (NFIB) said its Small Business Optimism Index increased by 1.2 points in April to 89.7, from 88.5 in March when it recorded its lowest since December 2012. The index came in higher than estimates of 88.1. Although the index marked its first increase this year, it is the 28th consecutive month it was below the 50-year average of 98, according to the NFIB. The report showed that 22% of owners said inflation was their single most important problem, which is down three points from March but remains the top problem for small business owners. "Cost pressures remain the top issue for small business owners, including historically high levels of owners raising compensation to keep and attract employees," NFIB Chief Economist Bill Dunkelberg said in a statement. "Overall, small business owners remain historically very pessimistic as they continue to navigate these challenges," he added. The index provides an indication of the health of small businesses in the US, which account for approximately 50% of the nation's private workforce. Source: Anadolu Agency

ISTANBUL: Wholesale sales in Canada decreased 1.1% in March, compared to the previous month, to $81.4 billion, according to the statistics office on Tuesday. The market expectation for wholesale sales, a leading indicator of consumer spending, was to show a decline of 0.9%. The figure for February was revised up to a gain of 0.2% from no change. "Sales declined in three of the seven subsectors, with the largest decline coming from the motor vehicle and motor vehicle parts and accessories subsector," Statistics Canada said in a statement. Wholesale sales in Quebec decreased 2% to $14.7 billion, while British Columbia saw a decline of 2.5% to $7.7 billion. On an annual basis, wholesale sales, excluding petroleum, petroleum products, other hydrocarbons, oilseed, and grain, were 0.4% lower, compared to the same month of last year. Source: Anadolu Agency

ISTANBUL: Wholesale sales in Canada decreased 1.1% in March, compared to the previous month, to $81.4 billion, according to the statistics office on Tuesday. The market expectation for wholesale sales, a leading indicator of consumer spending, was to show a decline of 0.9%. The figure for February was revised up to a gain of 0.2% from no change. "Sales declined in three of the seven subsectors, with the largest decline coming from the motor vehicle and motor vehicle parts and accessories subsector," Statistics Canada said in a statement. Wholesale sales in Quebec decreased 2% to $14.7 billion, while British Columbia saw a decline of 2.5% to $7.7 billion. On an annual basis, wholesale sales, excluding petroleum, petroleum products, other hydrocarbons, oilseed, and grain, were 0.4% lower, compared to the same month of last year. Source: Anadolu Agency