USA
US stock markets had a quiet start to the week after last week's losses. The slowdown in the artificial intelligence rally on Wall Street and increasing uncertainty about the Fed's interest rate outlook were noteworthy. Last week, the S&P 500 fell 0.31, the Nasdaq Composite 0.65, and the Dow Jones Industrial Average 0.15. Nvidia's $100 billion partnership with OpenAI raised questions about the sustainability of AI infrastructure investments. However, the better-than-expected US data weakened the likelihood of further sharp interest rate cuts from the Fed. Jobless claims fell short of forecasts, and second-quarter GDP was revised down to 3.8. However, the three major indices are on track to close September positive. Since the beginning of the month, the Dow has gained 1.5%, the S&P 500 1.2%, and the Nasdaq 1.4%. This week, markets will be focused on US employment data. Nonfarm payrolls are expected to increase by 39,000 in September. While this figure is higher than the 22,000 increase in August, it remains significantly weaker than earlier in the year. The unemployment rate is expected to remain steady at 4.3%, while average hourly earnings are expected to increase by 0.3%, matching August's performance. Furthermore, the decline in JOLTS job postings to 7.1 million, the ADP private sector employment increase of 30,000, below the previous 54,000 level, and layoff data will also be closely watched. Markets will also be monitoring messages from Fed officials and budget discussions regarding a potential government shutdown on October 1st.

Eurozone
Avrupa borsalarının haftaya yükselişle başlaması bekleniyor. Yatırımcılar, bölge ekonomisinin seyrini şekillendirebilecek verileri yakından takip edicek. Bugün açıklanacak önemli veriler arasında Euro Bölgesi ekonomik güven endeksi, tüketici enflasyon beklentileri ve İspanya enflasyon rakamları öne çıkıyor. Ayrıca, Avrupa Merkez Bankası yetkililerinin farklı etkinliklerde yapacağı konuşmalar para politikası görünümüne dair yeni ipuçları sunabilir. Öte yandan, ABD Başkanı Donald Trump’ın ilaç ürünlerine %100 gümrük vergisi getirmesi ve ağır kamyon ile mobilyalara ek vergi uygulamasına piyasalardan kayda değer bir tepki gelmedi. Vadeli işlemlerde Euro Stoxx 50 ve Stoxx 600 endeksleri yaklaşık %0,5 artıda seyrediyor. Bu hafta Avrupa piyasalarının gündeminde öncü enflasyon verileri öne çıkacak. Euro Bölgesi’nde Eylül ayı TÜFE’sinin %2,3 seviyesinde gerçekleşmesi bekleniyor. Bu artışa en büyük katkıyı İspanya (%3,1), Almanya (%2,3), İtalya (%1,7) ve Fransa (%1,3) sağlayacak. İsviçre’de ise yıllık enflasyonun hafif yükselişle %0,3’e çıkması tahmin ediliyor. Emek piyasasına dair veriler de takip edilecek; Almanya’da işsizlik oranının %6,3’te sabit kalması, İtalya’da %6,2’ye ve İspanya’da %6,1’e yükselmesi bekleniyor. Almanya’da perakende satışların son iki yılın en sert düşüşünden toparlanması, İtalya’da ise ikinci ay üst üste yatay seyretmesi öngörülüyor. Fransa sanayi üretiminin toparlanması beklenirken, İtalya ve İspanya’da açıklanacak PMI verilerinin hem imalat hem hizmet sektörlerinde daha yumuşak büyümeye işaret etmesi bekleniyor. İngiltere’de ise Pazartesi günü Maliye Bakanı Rachel Reeves’in İşçi Partisi konferansındaki konuşması ön planda olacak.

Türkiye
We've just completed a week of low volatility and a gradual upward trend in the exchange rate. Released data and news flows had limited impact on pricing. Domestic data flow was quiet on Friday. In the US, the Fed's favorite inflation indicator, core personal consumption expenditures, increased in line with expectations in August, rising 0.2 percent monthly and 2.9 percent annually. While the data's impact on pricing was limited, the dollar index depreciated on Friday. Under current circumstances, the Fed continues to price in two additional interest rate cuts by the end of the year. This is the week of domestic inflation data releases. The impact of Friday's inflation data on the CBRT's interest rate decision will be significant. Data flow is quiet today both domestically and in the US.

EUR/USD
The euro fell below $1.17 at the end of September, showing a tendency to close September flat. Strong data from the US suggests the Fed will continue with two interest rate cuts this year.
beklentilerini sınırlarken, Avrupa’da ECB’nin gevşeme döngüsünü sonlandıracağı öngörülüyor. Ticaret cephesinde Trump’ın ilaç ürünlerine %100 vergi
açıklamasına karşılık AB, ABD tarafında %15’lik tavan sağlarken; Çin çeliğine %25-50 arası gümrük vergisi hazırlığı yapıldığı bildirildi. Gün içi teknik seviyeler
aspect;
Supports: 1.1670 – 1.1638 – 1.1620
Resistances: 1.1720 – 1.1739 – 1.1770

GBP/USD
Sterling fell below $1.335, nearing a seven-week low. Differences remain among BoE officials over whether to cut interest rates.
High inflation and political uncertainty are increasing the pressure. Strong growth data from the US, coupled with a stronger dollar, have also deepened the pound's losses. Intraday technical
as levels;
Supports: 1.3351 – 1.3298 – 1.3267
Resistances: 1.3434 – 1.3465 – 1.3517

XAU/USD
Gold prices broke records for the first time, exceeding $3,800 per ounce. The weakening dollar and expectations that the Fed will continue to cut interest rates are rising.
Investors will be closely watching this week's release of significant US data and a potential government shutdown. Intraday technical levels:
Supports: 3735 – 3710 – 3686
Resistors: 3785 – 3809 – 3834

XAG/USD
Silver rose more than %1 to reach a 14-year high above $46.50 an ounce. A weak dollar, a potential US government shutdown, and supply and demand
imbalances supported prices. The market continues to expect at least two interest rate cuts from the Fed this year. Intraday technical levels;
Supports: 44.90- 43.72 – 42.86
Resistances: 46.93 – 47.79 – 48.97

Brent Crude Oil
Brent crude oil fell below $70 a barrel as the Kurdish Regional Government resumed exports and OPEC+ planned to increase production.
Under the agreement between the two companies, 180,000-190,000 barrels of oil will flow into Ceyhan daily, with an expected increase to 230,000 in the future. This development was confirmed last week by the Russian energy
Brent crude, which gained more than %5 in value due to attacks on its infrastructure, has once again raised concerns about oversupply. Intraday technical levels are as follows;
Supports: 68.62 – 67.96 – 67.26
Resistances: 69.50 – 70.00 – 70.60

Crude Oil
WTI crude fell to $65.2 a barrel as the Kurdish Regional Government resumed exports and OPEC+ planned to increase production.
In the first phase, 180,000-190,000 barrels of oil will flow into Ceyhan daily, with the volume expected to rise to 230,000. Concerns about supply increases are pushing prices
While the pressure was on, Brent rose above %5 last week. As intraday technical levels;
Supports: 64.38 – 63.64 – 62.64
Resistances: 66.12 – 67.12 – 67.86

Nasdaq (Near Term)
Despite falling 0.65% last week, the Nasdaq index remains strong, rising 4.8% in September. The slowdown in the AI rally and Nvidia-OpenAI
The partnership has fueled sustainability discussions in the markets. Investors will be keeping an eye on this week's nonfarm payroll data. Intraday technical levels
aspect;
Supports: 24572 – 24429 – 24347
Resistors: 24653 – 24796 – 24884

Dow Jones (Near Term)
While the Dow Jones Industrial Average fell by 0.15% last week, it managed to stay in positive territory with a rise of 1.5% throughout September. Uncertainties regarding the Fed's interest rate outlook and
Strong US data has shaped market sentiment. Investors are awaiting new signals from this week's nonfarm payrolls report. Intraday technical levels include:
Supports: 45999 – 45746 – 45570
Resistors: 46428 – 46604 – 46856

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