Market Information Friday 4 March 2022

The annualized inflation rate in Turkey has risen to 54.4%. This was reported by the Turkish statistical office Turkstat yesterday. With this, the height of inflation in Turkey in the past 20 years has been reached. Inflation in Turkey has, just like many other countries, been moving at record highs for months caused by the sharp rise in energy prices. In addition, President Erdogan structurally revised down the Turkish central bank’s interest rate for 2021, which also pushed up inflation.

Between February 19 and February 26, 215,000 initial jobless claims were filed in the United States. The number of new applications fell by 18,000 from a week earlier, a larger decline than analysts had predicted. They were expecting a decline of 8,000. As a result, the total number of applications remains around the level of before the corona pandemic.

The price of oil (West Texas Intermediate) rose 21 percent this week to its highest level since 2011, but yesterday this advance appears to have been halted. On Thursday, the price for a barrel of crude oil didn’t close higher for the first time this week. This could be explained by the fact that the International Energy Agency reported that 60 million barrels will be released from their reserves and OPEC+ also reiterated its plan to increase production. According to analysts, however, the price drop is mainly due to a temporary “pause” in oil demand and oil prices are expected to continue to rise in the coming period.

The 6M Euribor is unchanged at -0.50% compared to previous business day. The 10Y Swap increased with 3 basis points to 0.74% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.