Global markets started the new week with sales as US bond yields declined sharply and the reversal of the US Treasury yield curve, which was seen as an indicator of economic recession, increased concerns. Following losses in Asian markets yesterday, all of the leading European indices ended the first day of the week with losses, Wall Street closing horizontally / minus.

LME copper tested its lowest level since Feb. 19 with $ 6295 yesterday with growth concerns. However, it closed the day at $ 6335 with support from low stocks and the approach to peak season for industrial metals. Copper continues to trade horizontally at $ 6335 in the narrow band of $ 40 due to weak news flow.

With the rise in US bond yields, markets are relieved to some extent today. European stock exchanges were dominated by purchases, while Wall Street started the session with premiums. The dollar index remains flat.

Macro data will be followed by US consumer confidence index, new housing starts, GDP final, retail sales and ISM manufacturing PMI data and official manufacturing PMI data to be announced in China. Throughout the week, the ECB members will be in the forefront as well as the Brexit process.
There were concerns about the Fed meeting and the Brexit process, which ended on Wednesday, on the agenda of the global markets last week.

In an environment of signs of economic slowdown, the Fed did not anticipate an interest rate hike this year and ended the three-year tightening of its monetary policy. President Powell said the Fed would stop the downsizing in September, saying the policy interest rate will remain at its current level of 2.25 - 2.50% at least during this year. Investors turned to interest rate cut pricing at the end of this year, while US Treasury bond yields fell to their lowest level since early 2018.

Although the dollar index lost 0.65% after the Fed meeting, it closed the week horizontally by compensating the losses rapidly. Fed President Powell said the risks to Britain's exit from the EU, US-China trade talks and even the outlook for the US economy continue.

Following the meeting, tough gains were spearheaded by leading technology stocks on Wall Street, with US indices reaching a five-month high.

On the European side, indices were mostly negative due to Brexit uncertainty. European Union leaders decided to postpone Brexit until May 22, otherwise April 12, if May’s Brexit agreement is approved in the British parliament next week.

Concerned that the US would enter recession, investors fled from risky assets and turned to safe harbors and the weather reversed on Friday.

The ongoing uncertainty regarding the Brexit process and the ongoing trade negotiations between the US and China strengthened the demand for safe haven.
As a result of the decline in the dollar following the FOMC meeting, copper has tested the highest level since July 2018 at $ 6555.5. After the weakening of the Dollar after the Fed's rapid recovery, European and US PMI figures on Friday, especially on the weak side of the production was faced with a sharp decline in copper prices. LME copper closed Friday at $ 6325 with a 1.67% loss, the largest weekly loss since December with 1.66%.