USA
Cautious optimism dominated markets on Tuesday. The 10-year US Treasury yield was flat around 4%, while investors continued to assess the impact of the prolonged government shutdown, trade uncertainties, and the monetary policy outlook on the economy. White House Economic Council Director Kevin Hassett indicated that the shutdown could end this week, raising hopes for a resolution in markets. President Donald Trump said he expects to reach a fair trade agreement with the Chinese president during their meeting in South Korea this month. With limited data flow this week, all eyes are on the September CPI report, due on Friday and delayed due to the shutdown. Markets are anticipating a 25 basis point rate cut from the Fed next week, with further cuts expected through the end of the year.
Although the price of gold fell to around $4,340 per ounce on Tuesday, it remained close to the record high it set in the previous session. Safe-haven demand and expectations for an interest rate cut supported gold, while new contacts in US-China relations were also closely watched. Treasury Secretary Scott Bessent is expected to meet with Chinese Vice Prime Minister He Lifeng in Malaysia this week. The dollar index rose to 98.7, approaching a one-week high, as investors priced in the economic impact of the lockdown and uncertainties surrounding trade policies. Stock futures traded sideways as markets awaited earnings reports from Netflix, Coca-Cola, and General Motors. Market performance later in the week will also be a key driver of market direction. On Monday, Apple shares rose 3.9%, leading the Dow Jones Industrial Average to 1.12%, the S&P 500 to 1.07% and the Nasdaq to 1.37%. However, the ongoing government shutdown continues to cast uncertainty over the economic outlook.

Eurozone
ABD-Çin ticaret gerilimlerinin yumuşaması ve güçlü şirket bilançoları, küresel risk iştahını desteklerken, Avrupa tarafında bölgesel endeksler rekor seviyelere yakın seyrediyor. Pazartesi günü özellikle Thyssenkrupp, Hensoldt ve Rheinmetall gibi savunma hisselerindeki yükselişler dikkat çekti. Bugün yatırımcıların odağında L’Oreal, UniCredit ve Assa Abloy gibi önde gelen Avrupa şirketlerinin bilanço açıklamaları bulunuyor; önemli bir makroekonomik veri açıklaması ise beklenmiyor. Öte yandan, AB enerji bakanları Pazartesi günü, Rusya’dan petrol ve gaz ithalatını 2028 Ocak ayına kadar tamamen sonlandırmayı hedefleyen yeni bir planı onayladı. Lüksemburg’daki toplantıda kabul edilen tasarıya göre, yeni Rus gaz sözleşmeleri 2026 Ocak’tan itibaren yasaklanacak, kısa vadeli sözleşmeler 2026 Haziran’da sona erecek ve uzun vadeli anlaşmalar 2028 itibarıyla tamamen bitecek. Yasanın yürürlüğe girmesi için Avrupa Parlamentosu ile müzakereler sürdürülmesi gerekiyor. Bu adım, Rusya’nın Ukrayna’daki savaşını finanse eden enerji gelirlerini azaltmayı amaçlıyor. 2022 öncesinde AB’nin gaz ithalatının %45’i Rusya’dan yapılırken, bu oran şu anda %12’ye kadar düşmüş durumda. Macaristan ve Slovakya’nın çekincelerine rağmen tasarı, nitelikli çoğunluk oyu ile kabul edildi ve kara ile çevrili ülkeler için bazı esneklikler tanındı. Ayrıca, AB’nin Rus LNG ithalatını 2027 başında tamamen yasaklamayı öngören yeni bir yaptırım paketini de hazırladığı bildiriliyor.

Türkiye
Yesterday was a quiet data release, with the exchange rate showing a slight upward trend, almost flat. The dollar index rose slightly. US President Donald Trump stated that he and Chinese President Xi Jinping will reach a very fair agreement and forge a very strong trade agreement. US-China trade talks are continuing to be closely monitored. Domestically, all eyes will be on Thursday's Central Bank of the Republic of Turkey (CBRT) interest rate decision and the messages to be conveyed in the decision text. Markets will closely monitor the Central Bank's communication following the September inflation data, which exceeded expectations. As of 8:00 this morning, the USD/TRY exchange rate was trading around 41.95, while the dollar index was around 98.72.

EUR/USD
The euro continues to hold above $1.16 despite France's credit rating being downgraded by S&P. Global risk appetite is weakened by US-China trade tensions.
rebounded on signs of softening and stability at U.S. regional banks. Investors are now looking ahead to Friday's Fed interest rate cut, which will provide clues about the path
Focused on the inflation data to be released. Intraday technical levels:
Supports: 1.1626 – 1.1613 – 1.1589
Resistances: 1.1663 – 1.1680 – 1.1700

GBP/USD
Sterling remained stable around $1.34 after the UK's August GDP data came in line with expectations. The economy grew by 0.1% on a monthly basis.
While supported by a recovery in the manufacturing sector, the annual increase of %1.3 was insufficient to prevent tax increases. Faced with rising borrowing costs
As the remaining government considers revenue-raising measures ahead of the budget, markets are looking ahead to the UK, which is expected to have its highest inflation rate until 2026.
The BoE is pricing in a rate cut next year. Intraday technical levels:
Supports: 1.3387 – 1.3372 – 1.3344
Resistances: 1.3430 – 1.3457 – 1.3473

XAU/USD
Gold fell to $4,320 an ounce on Tuesday on profit-taking after reaching a record high in the previous session. Investors were looking ahead to the US-China trade talks.
While the precious metal remains cautious ahead of the pandemic, expectations of a Fed rate cut this month and in December are keeping it attractive. The ongoing government shutdown is creating uncertainty.
While inflation continues to build, Friday's inflation data will be a new direction determinant for the markets. Intraday technical levels:
Supports: 4256 – 4156 – 4093
Resistors: 4418 – 4481 – 4581

XAG/USD
Silver fell nearly %5 from record highs last week, falling to $51.50 an ounce on Tuesday. Investors are looking for profit-taking and
Rising risk appetite has weakened safe-haven demand. Easing US-China trade tensions, expectations of an end to the government shutdown, and strong corporate
While the Fed's balance sheets supported the markets, investors focused on Friday's inflation data release ahead of the Fed's expected interest rate cut.
as levels;
Supports: 51.39 – 50.57 – 49.90
Resistances: 52.89 – 53.56 – 54.38

Brent Crude Oil
Brent crude prices fell to $60.8 per barrel on Tuesday, continuing a decline that began in the previous session. Concerns about a global supply glut and the US-China
Uncertainty surrounding trade talks has put pressure on markets. The amount of crude oil stored at sea has reached a record level, creating a supply imbalance.
As the market deepens, investors are closely watching diplomatic meetings in Malaysia ahead of this month's summit between Trump and Xi Jinping. Intraday technical levels
aspect;
Supports: 60.23- 59.57 – 59.09
Resistances: 60.37 – 61.85 – 62.51

Crude Oil
Crude oil prices continued their downward trend, falling to $56.8 per barrel on Tuesday, amid concerns about a global oversupply and the US-China trade
Uncertainties in the negotiations increased selling pressure in the markets. The amount of crude oil stored at sea reached a record level, causing a supply-demand imbalance.
As the price strengthened, investors focused on the talks in Malaysia between Trump and Xi Jinping ahead of the critical summit this month. Intraday technical levels;
Supports: 56.10- 55.30 – 54.65
Resistances: 57.56 – 58.21 – 59.01

Nasdaq Near Term
Nasdaq futures were flat on Tuesday, with investors focused on new earnings reports from tech giants. On Monday, Apple shares
Thanks to a rally of %3.9, the Nasdaq %1.37 started the week strong, outperforming other indices. However, the government shutdown created
As uncertainty continues, markets are also eagerly awaiting the financial statements of giants like Netflix, Tesla and Intel this week, as well as the news flow from the US-China talks.
Watching carefully. Intraday technical levels:
Supports: 24898 -24644 – 24501
Resistors: 25394 – 25437 – 25691

Dow Jones Near Term
Dow Jones futures were flat on Tuesday, with investors focusing on major corporate earnings. Apple shares rose sharply on Monday.
The Dow Jones Industrial Average started the week with its most notable gain, rising by 1.12%. However, as the uncertainty created by the government shutdown continues, markets
The focus is on the potential developments from the US-China talks, as well as the balance sheets of Netflix, Coca-Cola and General Motors, which will be released next week.
internal technical levels;
Supports: 46319 – 45889 – 45671
Resistors: 46967 – 47185 – 47615

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