While the macroeconomic data announced throughout the week gave mixed signals regarding the economies, especially the verbal guidance of Fed Chairman Jerome Powell about the final interest rate was the main reason for the volatility in the markets. Analysts stated that the selling pressure in the global stock markets increased due to the inability to provide sufficient verbal guidance regarding the final interest rate and the macroeconomic data released presenting a mixed framework. Stating that inflation data will be announced in the USA next week before the Fed’s monetary policy decisions, analysts said that the volatility in the markets may increase with the data. The U.S. Producer Price Index (PPI) rose 0.3 percent month on month and 7.4 percent year on year in November, above expectations, according to data released on Friday. Pointing out that the macroeconomic data announced during the week already increased the uncertainties, analysts reported that the increase in PPI made pricing more difficult. In the pricing in money markets, it is predicted that the Fed will increase interest rates by 50 basis points with a 77 percent probability next week, while it is estimated that it will continue to increase interest rates by 75 basis points with a 23 percent probability. In the country, the difference between the 10-year bond yield of the US, which is considered as a recession signal for the next period, and the 3-month treasury bill yield, continues to be at the peak of the last 22 years with minus 75 basis points. While the ounce price of gold followed a fluctuating course during the week, it closed the week at $1,797 with a flat course. The barrel price of Brent oil, on the other hand, decreased by 10.6 percent to $ 76.9 last week, after increasing recession concerns around the world. Uncertainties ahead of the busy week in the USA remained at the forefront While the US stock markets followed a sales-heavy course this week, next week’s eyes were turned to the statements of Fed Chairman Jerome Powell with the inflation rate on Tuesday and the Fed’s interest rate decision on Wednesday. While the macroeconomic data announced in the country continues to give mixed signals regarding the economy, analysts said that the changes in the Fed’s monetary policy decision text and the statements of Fed Chairman Jerome Powell will be decisive on the direction of the markets. Analysts emphasized that the point graph, which includes the final interest rate expectations of the Fed members, will be announced at the meeting to be held next week, and noted that the change in expectations here is important. The ISM non-manufacturing Purchasing Managers Index (PMI) announced in the US rose to 56.5, while factory orders increased by 1 percent, beating expectations. While the weekly unemployment benefit applications in the country were 230 thousand, the ongoing unemployment benefits increased to 1 million 671 thousand. In the New York stock market last week, the S&P 500 fell 3.37 percent, the Nasdaq index fell 3.99 percent and the Dow Jones index fell 2.77 percent. In the data calendar of the week starting with December 12, the treasury budget balance on Monday, the New York Fed industrial index on Thursday, the Philadelphia Fed manufacturing index, industrial production and capacity utilization, and the Purchasing Managers Index (PMI) for the manufacturing industry and services sector on Friday will be followed. Europe eyes on ECB and BoE While the European stock markets followed a sales-heavy course last week, the eyes in the region were turned to the interest rate decisions of the European Central Bank (ECB) and the Bank of England (BoE) and the statements of the central bank governors after the meeting. While it is predicted that the ECB and BoE will likely raise interest rates by 75 basis points in the pricing in money markets, the possibility that the ECB may increase interest rates by 50 basis points and the BoE by 100 basis points still remains important. Analysts reminded that ECB President Christine Lagarde was not guided by a word on the subject despite the softening signals in the latest inflation data announced in Europe, and stated that the macroeconomic data to be announced before the meeting is likely to increase the volatility in asset prices. Stating that the verbal guidance of both central bank governors will be followed closely, the analysts stated that the clues regarding the final interest rate expectations of both banks are important. German Chancellor Olaf Scholz, who met with Putin this week after Russian President Vladimir Putin expressed the growing threat of nuclear war, said that Russia has dropped the threat to use nuclear weapons. According to the data announced in the region, industrial production in Germany decreased by 0.1 percent in October due to the pressure of high energy prices on the manufacturing sector. Seasonally adjusted Gross Domestic Product (GDP) in the Euro Area rose 0.3 percent in the third quarter of 2022 compared to the second quarter, and 2.3 percent on an annual basis. According to the ECB’s Survey of Consumer Expectations, consumers in the Eurozone expect higher inflation and stronger economic contraction, while consumers’ average 12-month inflation expectation increased from 5.1 percent to 5.4 percent. Last week, the FTSE 100 index in the UK decreased by 1.05 percent, the CAC 40 index in France by 0.96 percent, the DAX index in Germany by 1.09 percent and the MIB 30 index in Italy by 1.4 percent. Next week, industrial production in England on Monday, CPI in Germany on Tuesday, unemployment rate in England and ZEW expectation surveys in Germany, CPI in England on Wednesday and industrial production in the Euro Zone, and manufacturing industry and service sector PMI across the region on Friday CPI data will be followed in the Euro Zone. Asia is positively differentiated by China’s steps that abandoned its “zero Kovid-19” policy While the Asian stock markets followed a buying-heavy course last week, the South Korean stock market diverged negatively. Analysts stated that the Chinese government’s steps that softened the epidemic measures throughout the week supported the stock markets. On the other hand, the possibility of the epidemic spreading at a great speed caused uncertainties in the region to increase. Analysts noted that with the rapid increase in the number of cases in the country, concerns about economic activity have strengthened, and that the news flow on the subject may have an impact on the direction of the markets. It has been announced that the obligation to show the health code and test results, which has become a part of daily life in China, will be removed. It has been reported that the health code and test result requirements will be removed in travels and public places, and they will only be used at the entrance to hospitals, schools and elderly care homes. During the week, the European Union (EU) launched a panel process at the World Trade Organization (WTO) against China, citing trade restrictions it imposes on Lithuania and preventing European companies from protecting their high-tech products’ patents. According to the macroeconomic data announced in the region, Japan’s economy contracted by 0.2 percent quarterly and 0.8 percent annually in the third quarter of the year. While the CPI in China decreased by 0.2 percent in November compared to the previous month, it increased by 1.6 percent on an annual basis. On the other hand, the PPI in the country decreased by 1.3 percent on an annual basis. With these developments, the Nikkei 225 index increased by 0.44 percent in Japan, the Shanghai composite index increased by 1.61 percent and the Hang Seng index in Hong Kong increased by 6.56 percent on a weekly basis, while the Kospi index in South Korea increased by 1.85 percent. declined. In the data calendar of the week that started with December 12, Japan’s PPI on Monday, industrial production and capacity utilization rate on Wednesday and foreign trade balance data on Thursday will be followed. Domestically, the eyes turned to the balance of payments and industrial production. Although the BIST 100 index followed a fluctuating course in Borsa Istanbul last week, it managed to break the weekly closing record. The index, which declined to 4,711 points during the week, finished the week at 5,005.30 points with an increase of 0.85 percent, thanks to the recovery in the last two trading days of the week. As the eyes turn to the balance of payments data on Monday and industrial production data on Tuesday, economists who participated in the expectations surveys of AA Finans stated that the current account deficit in October of 1 billion 869 million dollars, the calendar adjusted industrial production index was 0 percent compared to the same period of the previous year. It expects a decrease of .3. Dollar/TL closed the week at 18.6434, 0.06 percent above the previous weekly closing. Analysts said that in the BIST 100 index, technically, 5.050 and 5.090 levels could stand out as resistance, while 4.900 and 4.870 points could stand out as support. In the next week, unemployment on Monday, housing sales and budget balance on Thursday, and the housing price index will be followed by the Central Bank of the Republic of Turkey (CBRT) Market Participants Survey on Friday.