Nvidia’s rise to the top as the world’s most valuable company marked a significant shift in the global market, while Turkiye saw a notable upward revision in Fitch’s growth forecast and a decline in consumer confidence. Here are the top seven headlines:
1. Nvidia Becomes the World’s Most Valuable Company
California-based chip manufacturer Nvidia surpassed Microsoft in market value, securing its position as the most valuable company globally.
2. Eurozone Economy Sends Negative Signals
The Eurozone’s private sector activity unexpectedly lost momentum due to pressures from the early election results in France and the region’s manufacturing sector experiencing its worst month of the year.
3. France Loses Title of Europe’s Largest Stock Market
Following President Emmanuel Macron’s unexpected call for early elections, Paris lost its nearly two-year-long title of Europe’s largest stock market by market value to London.
4. Bank of England Keeps Interest Rates Steady
The Bank of England (BoE) maintained its policy rate at 5.25% in June, in line with expectations.
5. Fitch Raises Turkiye’s Growth Forecast
International credit rating agency Fitch Ratings revised Turkiye’s economic growth forecast for this year from 2.8% to 3.5%. The agency also raised its global economic growth expectation from 2.4% to 2.6%.
6. Turkiye’s Net Reserves Continue to Increase
The Central Bank of the Republic of Turkiye’s (CBRT) net reserves, excluding swaps, rose to $11.4 billion as of the week of June 14.
7. Consumer Confidence Hits Yearly Low in Turkiye
According to the Turkish Statistical Institute, the Consumer Confidence Index decreased by 2.7% in June, reaching its lowest level of the year at 78.3.
Source: Egirisim / Prepared by Irem Yildiz