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Weekly Market Analysis / 12- 16 December

by Buse Kozok
Weekly Market Analysis /  12- 16 December

Last week, with the Euro Zone growth in global markets, producer price index data in the USA came to the fore. The Eurozone grew by 0.3% in the third quarter compared to the previous quarter. Producer price index (PPI) in the USA increased by 0.3% monthly, 7.4% annually, above the expectations. This signaled that the Fed's rate hikes could continue in 2023. European Union sanctions on Russian oil came into effect. EU countries have decided to impose a $60 ceiling price on Russia's oil transported by sea, according to the law that came into force on Monday. Russian Deputy Prime Minister Alexander Novak warned that his country may cut oil production slightly in response. While oil prices fell due to demand concerns, the barrel of Brent oil decreased to 75.7 dollars.

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