Selling pressure in global markets

While the selling pressure created by the increase in US bond yields is being observed in global markets, the US June employment data to be announced today is awaited. Stock indices in the US decreased yesterday. The Dow Jones fell 1 percent, the S&P 500 fell 0.8 percent, and the Nasdaq 100 fell 0.75 percent. Losses continue in futures this morning. Asian indices are also selling. Japan's Nikkei 225 is down 0.53 percent, Hong Kong's Hang Seng is down 1 percent, and China's CSI 300 is down 0.55 percent. The Bloomberg Dollar Index is flat at 1,234 points. Bond yields in the US rose rapidly Following the announcement of the June ADP private sector employment data in the US yesterday, which increased by 497 thousand, well above expectations of 225 thousand, inflation concerns have escalated, while bond yields have also increased. The yield on 2-year US bonds, which are most sensitive to policy rate hikes, reached a 16-year high at one point before closing at around 5 percent. As of 07:07 this morning, transactions are taking place just above 5 percent. The yield on 10-year US bonds has also increased by more than 10 basis points in two days, jumping above 4 percent. Swap markets have priced in the Fed raising interest by 25 basis points at its meeting on July 26 and making another increase by the end of the year. All eyes will be on the US June employment data to be released today at 15:30 Turkish time. A 230,000 increase in non-farm payrolls and a decrease in the unemployment rate from 3.7 percent to 3.6 percent are expected.