British News Agency

Trive Yatırım’s daily forex analysis stated that on the final trading day of the week, all attention in global markets is focused on U.S. nonfarm payroll data for September.

The analysis noted that Fed Vice Chair Jefferson, while acknowledging that inflation has remained high for a long period, emphasized that more time is needed to make an assessment regarding interest rates. It was stated that these remarks further weakened expectations for another rate hike in October.

The analysis stated that long-term yields had retreated from their highest levels in more than 20 years, while the yield on the U.S. 10-year Treasury note had fallen to 5.24 percent. It also noted that Jefferson sees upside risks to inflation due to geopolitical developments and strong demand, and is concerned that high energy prices could lead to a sustained increase.

In U.S. stock markets, the S&P 500 rose 0.19 percent in the previous session to 7,666.45 points, while the Dow Jones closed broadly flat. The analysis also noted that S&P 500 futures were up 0.18 percent in morning trading, while Nasdaq 100 futures were up 0.36 percent.

Trive Yatırım’s analysis stated that nonfarm payroll data, due to be released at 3:30 p.m. Türkiye time, is expected to show an increase of 89,000 jobs, a 0.3 percent rise in average hourly earnings, and an unemployment rate remaining unchanged at 4.1 percent. ADP data released on Wednesday showed that private-sector employment rose by 90,000, exceeding expectations. It was noted that stronger-than-expected wage growth in particular could revive discussions about an interest rate hike.

Regarding energy markets, the analysis noted that December Brent crude closed 4.4 percent higher at 102.31 dollars, while WTI rose 2.7 percent to 92.87 dollars. The increase was attributed to the United States sending a third aircraft carrier group to the Middle East and Chinese refiners suspending fuel exports until further notice.

The analysis stated that crude oil flows from the region had largely recovered to pre-war levels, and that the rise in oil prices indicated the market was pricing in the possibility of renewed escalation in the conflict rather than current supply conditions.

The analysis also stated that discussions in Washington over whether Trump could seek to remove three members of the Federal Reserve Board of Governors continued to keep the risk premium associated with monetary policy independence on the agenda. It added that the development is also being monitored in terms of the inflation premium in long-term bonds.

The analysis noted that the SEC had published a proposed rule on crypto-asset custody for registered investment advisers and funds, and that the regulation will undergo a 60-day consultation period.