Global stocks advanced on Friday and were on track to post their best week since December after strong earnings and an optimistic outlook by software giant Oracle fueled hopes that a resurgence in technology spending remained intact. Despite rises seen in global stock exchanges, the İMKB closed Friday with a slight loss of 0.17 percent, falling to 64,247 points. However, on a weekly basis, the bourse was up by 0.64 percent.
It is expected that the İMKB will need to open positive on Monday as international developments -- positive world stock data -- have a direct impact on the bourse. But, a huge jump in radioactivity -- levels 10 million times the norm -- in water in one reactor unit at a tsunami-damaged nuclear plant on Sunday, could place pressure on investors’ risk appetite that would lead to a fall in the İMKB.
Separately, investors will need to closely watch the economic calendar for this week as many important data will be announced. Today, the US personal consumption expenditures, personal income and home sales will be made public. All three are a crucial indicator of the level of US consumer confidence and a high reading could have a positive effect both on the US dollar against other currencies and stock exchanges.
The most important data to be announced on Tuesday are the fourth quarter gross domestic product (GDP) figure of the UK, which is currently struggling to get the country’s large budget deficit under control. US consumer confidence will also be released on the same day. FX investors, especially those who have or will open any positions in the euro/dollar parity, will closely watch the eurozone consumer confidence survey as a low reading could push the euro downwards against the dollar.
Thursday will be the big day for Turkey’s economy as the fourth quarter of last year’s GDP will be made public. Turkish Central Bank Governor Durmuş Yılmaz said last week that he expects Turkey’s 2010 year-end economic growth to surpass the Medium-term Economic Plan (OVP) target of 6.8 percent and to reach 8-9 percent.
