Finance Brief: Oil whipsaws, Istanbul climbs, and the lira tests 50
Finance Brief: Oil whipsaws, Istanbul climbs, and the lira tests 50
Markets spent Tuesday torn between war headlines and deal hopes, and the session still ended with Turkish stocks higher. For anyone holding lira or watching fuel prices, the message was simple: the Gulf, not company results, is setting prices right now.
The Istanbul benchmark closed Tuesday at 11,023.55, up 0.56 percent, after dipping to 10,843 in early trade. Banks lagged, falling 1.27 percent, while holding companies and industrials carried the advance. Trading volume reached 117 billion lira.
Oil is the swing factor. Brent traded around 104.17 dollars overnight, after plunging more than 7 percent on Monday to about 104.96 on hopes for a diplomatic breakthrough, then rebounding on reports of a fresh strike on Iran's Qeshm Island. Gold traded near 3,929 dollars an ounce, down about 1 percent, as bond yields and the dollar firmed. The dollar stood at 49.98 lira in November 3 indicators, close to the psychologically important 50 line. In the US, chip shares lifted the Nasdaq 1.1 percent on election day.
Levels to watch: 11,200 to 11,300 as resistance for the Istanbul benchmark, with 10,900 and 10,700 as support. For Brent, one commodity desk puts the near-term range at 100 to 110 dollars, and the price is likely to stay headline-driven. A genuine US-Iran agreement would knock oil lower and ease pressure on Turkiye's import bill and inflation. A renewed strike campaign would do the reverse, lifting oil and testing the lira at 50.
Information only, not financial advice.
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