US stock market closes Monday with losses

The Dow Jones was down almost 35 points, or 0.1%, to end the day at 33,891. The S&P 500 fell 25 points, or 0.61%, to 4,111.

The tech-heavy Nasdaq decreased 119 points, or 0.1%, to finish at 11,887.

The VIX volatility index, also known as the fear index, jumped 6% at 19.43, while the 10-year US Treasury yield rose 3.3% to 3.649%.

The dollar index added 0.7% to 103.61, while the euro lost 0.7% to $1.0727 against the greenback.

Precious metals were mixed, with gold increasing 0.1% to $1,867 per ounce but silver trimming 0.4% to $22.26.

Crude oil prices were up more than 1.4%, with global benchmark Brent crude at $81.34 per barrel and US benchmark West Texas Intermediate crude at $74.43.

Source: Anadolu Agency

Oil up over China’s demand outlook, supply worries

Oil prices rose on Tuesday on sustained expectations of recovering demand in the world's largest oil importer, China, as well as supply concerns following two major earthquakes in Türkiye.

International benchmark Brent crude traded at $82.14 per barrel at 09.48 a.m. local time (0648 GMT), up 1.4% from the closing price of $80.99 a barrel in the previous trading session.

At the same time, American benchmark West Texas Intermediate (WTI) traded at $75.27 per barrel, a 1.6% rise after the previous session closed at $74.11 a barrel.

The positive market sentiment was extended after the head of the International Energy Agency, Fatih Birol, stated in an interview on Sunday that China is expected to account for roughly half of the growth in global oil demand this year.

"If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies," Birol was quoted as saying.

A powerful magnitude 7.7 earthquake struck Kahramanmaras province's Pazarcik district early Monday morning and shook several other provinces, including Gaziantep, Sanliurfa, Diyarbakir, Adana, Adiyaman, Malatya, Osmaniye, Hatay, and Kilis.

Then, at 13.24 p.m. (1024 GMT), a 7.6 magnitude earthquake centered in Kahramanmaras' Elbistan district hit the region once again.

Orhan Tatar, the risk reduction general manager of the Disaster and Emergency Management Presidency (AFAD), explained that the Turkish Petroleum Pipeline Company (BOTAS) halted the flow of crude oil in the region as a precaution, adding to demand concerns and pushing prices higher.

Meanwhile, markets are anticipating US Federal Reserve Chair Jerome Powell's speech on Wednesday. Powell stated last week that he expects rate hikes to continue, signaling a stronger dollar in the coming period while fueling lower demand on the global oil market.

Source: Anadolu Agency

Türkiye’s BIST 100 index down at Tuesday’s open

Türkiye's benchmark stock index opened at 4,903.85 points on Tuesday, down 0.53%, or 26.33 points, from the previous close.

On Monday, Borsa Istanbul's BIST 100 index dropped 1.35% to close at 4,930.18, with a daily trading volume of 21 billion Turkish liras ($1.1 billion).

The US dollar/Turkish lira exchange rate was at 18.8257 as of 9.56 a.m. local time (0656GMT), the euro/lira exchange rate stood at 20.2165, while a British pound traded for 22.6808 Turkish liras.

Brent crude oil was selling for around $82.18 per barrel, while the price of an ounce of gold was $1,887.10.

Source: Anadolu Agency

Germany’s industrial output falls more than expected

Germany’s industrial output declined far more than market estimates in December 2022, according to official data released on Tuesday.

Production in the industry fell 3.1% month-on-month in December, following an upwardly revised 0.4% hike in November, German statistical authority Destatis said in a statement.

The market forecast for December was a 0.7% monthly decline.

Production of consumer goods increased by 0.3% and remained unchanged for capital goods compared to a month earlier.

The output of intermediate goods, on the other hand, dove 5.8% from November.

Outside the industry, energy production slipped 2.3% in December, and production in construction tumbled 8.0%.

On an annual basis, Germany’s industrial production shrank 3.9% in December, much more than the market forecast of a 1.6% drop.

In 2022, production fell 0.6% compared to 2021 and was down 5.0% from the pre-pandemic year 2019.

Source: Anadolu Agency

Anadolu Agency’s Morning Briefing – Feb. 7, 2023

Anadolu Agency is here with a rundown of the latest developments around the world.

At least 2,921 people were killed and 15,834 others injured in 10 provinces of Türkiye due to two strong earthquakes that jolted the southern part of the country, an official from the nation’s disaster agency said early Tuesday.

In Syria, government and rescue officials reported that nearly 1,300 people were killed and over 2,400 others were wounded in the quakes.

Türkiye will observe seven days of national mourning after deadly earthquakes hit several southern provinces, President Recep Tayyip Erdogan announced Monday.

Many world leaders including US President Joe Biden, Russian President Vladimir Putin, Israeli President Isaac Herzog and French President Emmanuel Macron conveyed their condolences to Turkish President Recep Tayyip Erdogan on Monday in the wake of powerful earthquakes in the country's southern region.

The UN General Assembly held a minute of silence for the victims of the deadly earthquake in Türkiye and Syria on Monday.

In addition to NATO and the EU, Türkiye received offers for aid from 45 countries after the deadly powerful earthquake, the Turkish President said Monday.

White House National Security Council spokesman John Kirby said the US is "in the process of deploying" two 79-person teams in addition to personnel already on the ground "to support Turkish search and rescue efforts and to help address the needs of all those who have been hurt or displaced by the earthquake."

Seventeen European nations are providing search and rescue teams to Türkiye after a series of earthquakes caused widespread destruction in the country’s south and east.

Several Balkan countries announced that they would be sending search and rescue parties to Türkiye in the wake of powerful earthquakes.

The UN Office for the Coordination of Humanitarian Affairs (UNOCHA) said Monday that its emergency teams are ready to be deployed to the quake-hit regions in Türkiye and Syria.

Sports organizations, leagues, clubs and players sent messages of sympathy to Türkiye on Monday after strong earthquakes hit the country's southern region.

Source: Anadolu Agency

North Korean leader orders military to increase combat exercises

ANKARA (AA) – North Korean leader Kim Jong Un ordered his military to increase combat exercises amid ongoing tension in the region, state-run media reported on Tuesday.

Presiding over the fourth enlarged meeting of the Eighth Central Military Commission of the Workers' Party of Korea (WPK) on Monday, Kim discussed the situation in the region, Korean Central News Agency reported.

“The issue of constantly expanding and intensifying the operation and combat drills of the KPA (Korean People's Army) to cope with the prevailing situation and more strictly perfecting the preparedness for war (was discussed and) relevant decisions were adopted," said the state-run media.

The meeting was attended by senior military and civilian officials, the agency reported.

However, the state-run media didn't share more details about the decisions taken in the meeting.

The latest development came after a meeting between US Defense Secretary Lloyd Austin and his South Korean counterpart Lee Jong-sup in Seoul last week, during which the two sides agreed to bolster the level and scale of this year's combined military exercises and training.

Washington and Seoul also agreed to work closely together in the future to ensure that US strategic assets are deployed in a timely and coordinated manner.

Tensions on Korean Peninsula escalated late last year when North Korea launched at least 60 missiles while South Korea and the US held joint military drills.

This month, the US and South Korea will also hold the Deterrence Strategy Committee table-top exercises.

Source: Anadolu Agency

Aid campaign launched in Berlin for quake-hit Türkiye

An aid campaign was launched Monday in the German capital Berlin after two powerful earthquakes struck southern Türkiye, leaving thousands dead and injured and causing massive destruction.

Organized by various Turkish non-governmental organizations in the city, volunteers began collecting materials and items such as diapers, clothing and blankets, which are urgently needed for those affected.

Aid materials brought to the Berlin Turkish Music Conservatory in Kreuzberg district will be delivered to the earthquake zone as soon as possible.

In a statement to Anadolu, one of the aid volunteers, Zuleyha Kafkas Ozturk, said they were deeply saddened by the earthquakes, adding: "People in Berlin have been mobilizing to help since the morning."

Blankets, overalls, winter clothes, gloves, boots and children's food were needed the most, Ozturk added.

She stressed that they aim to deliver the collected materials to the earthquake zone "as soon as possible."

At least 2,379 people were killed and 14,483 others were injured in 10 provinces of Türkiye due to two strong earthquakes that jolted the southern part of the country Monday, said Vice President Fuat Oktay.

Early Monday morning, a powerful magnitude 7.7 earthquake struck Pazarcik district of Kahramanmaras province and strongly shook several other provinces, including Gaziantep, Sanliurfa, Diyarbakir, Adana, Adiyaman, Malatya, Osmaniye, Hatay and Kilis.

Then at 13.24 p.m. (1024GMT), a 7.6 magnitude quake centered in Kahramanmaras’s Elbistan district struck the region.

Source: Anadolu Agency

Turkish Airlines carries over 11,000 volunteers earthquake zone in southern Türkiye

Turkish Airlines has carried over 11,000 volunteers to southern Türkiye after the region was hit by powerful earthquakes, the national flag carrier said on Tuesday.

Turkish Airlines CEO Bilal Eksi said: "11,780 of our volunteer citizens who came to our airports to go to the earthquake zone following the invitation of AFAD (the Disaster and Emergency Management Presidency), were taken to Adana, Gaziantep, Adiyaman, and Urfa with a total of 80 flights this morning until 7.00."

Pointing out that there could be disruptions in transfers to the region due to density, Eksi underlined that flights to the earthquake zone would continue without interruption.

At least 3,419 people were killed and 20,534 others injured in 10 provinces of Türkiye after two strong earthquakes on Monday jolted the southern part of the country, an official from Türkiye's disaster agency AFAD said Tuesday.

Early Monday morning, a 7.7 magnitude tremor struck the Pazarcik district of Kahramanmaras province, then about nine hours later, a 7.6 magnitude quake centered in Kahramanmaras’ Elbistan district rocked the region, affecting several other provinces.

The earthquakes were also felt in several countries in the region, including Lebanon and Syria.

Source: Anadolu Agency

Under President Erdogan’s leadership, ‘Türkiye will overcome earthquake disaster,’ says China’s Xi

China's President Xi Jinping on Monday expressed condolences to Türkiye after powerful earthquakes rocked the country that he said would overcome the disaster under the leadership of its President Recep Tayyip Erdogan.

Xi said he believed that under the leadership of the Turkish president, the "government and people of Türkiye will surely overcome the disaster and rebuild their homes."

His comments came in a condolence message to Erdogan after 1,760 people lost their lives and 12,068 were injured by two strong earthquakes early on Monday in southern Türkiye that reduced over 5,000 buildings to rubble.

The Chinese president said he was "saddened" to hear that the earthquakes "caused heavy casualties and property losses."

Public broadcaster CGTN quoted the Chinese president as saying that he extended "condolences over the deceased and expressed sincere sympathy to the bereaved families and the injured," on behalf of the Chinese government and people.

Xi sent a similar message to the leader of the Syrian regime, Bashar al-Assad, over the deadly earthquakes that shook parts of the conflict-hit nation where at least 968 people were killed and hundreds injured, according to figures compiled from the Syrian regime's Health Ministry and Syrian Civil Defense.

Early Monday morning, a strong 7.7 earthquake, centered in the Pazarcik district, jolted Kahramanmaras and strongly shook several provinces, including Gaziantep, Sanliurfa, Diyarbakir, Adana, Adiyaman, Malatya, Osmaniye, Hatay, and Kilis.

Later, at 13.24 p.m. (1024GMT), a 7.6 magnitude quake centered in Kahramanmaras’s Elbistan district struck the region.

Neary 9,700 search and rescue personnel have been assigned to the region, according to the Disaster and Emergency Management Presidency (AFAD).

Türkiye declared seven-day national mourning in view of the heavy damages of life and property caused by the earthquakes and issued a level-4 alarm, which includes a call for international aid.

Source: Anadolu Agency