US Markets

Stock futures are down overnight after a significant market rally on Wednesday.

• Despite the gains on Wednesday, the Nasdaq is down 6.5% this month, the S&P 500 has lost 5.9%, and the Dow has dropped 5.8%.
• Despite the decline in futures, analysts say that the current bounce in stock prices is due to the widespread belief that stocks have been oversold.
• The current 10 Year U.S. Treasury yield is set at 3.75240%

Canadian Markets

A private report by Re/Max Canada forecasts that home prices in Canada will fall by 2.2% in the last three months of 2022.

• The report predicted that 23 of the 30 markets analyzed will fall in the last quarter, while seven markets will appreciate.
• St. John’s is expected to rise the most, gaining 7%, while Calgary and Edmonton are the two major markets that are forecasted to rise.
• Other major markets are expected to decline, including Vancouver (-3%) and Toronto (-6.3%).

European Markets

European stocks saw gains on Wednesday after recovering from a downturn earlier in the trading session.

• The Stoxx 600 finished up 0.3% after falling around 2% earlier.
• Banks fell 2.2% to lead losses but healthcare stocks led gains with a 1.8% increase.
• Thyssenkrupp was down 11% as JPMorgan listed the stock as underweight.

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Asian Markets

Shares in Asia are up on Thursday morning after a mixed day on Wednesday.

• Onewo and Zhejiang Leapmotor Technology have their initial public offerings in Hong Kong today.
• Stocks rebounded after the Bank of England announced that it would intervene in the bond market to help stabilize the British pound.
• The Bank of China has warned investors against betting on the Chinese yuan, which has seen a decline this week.

Commodities

Oil prices rose on Wednesday after the U.S. reported low stocks, which caused pressure on the supply side.

• Brent crude rose 3.5%, and U.S. West Texas Intermediate was up 4.65%.
• U.S. crude oil stocks fell by 215,000 barrels and gasoline inventories declined by 2.4 million barrels.
• Production in the Gulf of Mexico is down 11% due to Hurricane Ian.
• OPEC+ will meet next week to discuss potential output decreases.

Currency Exchange Rates

The U.S. Dollar fell as other countries took aggressive measures to prop up their currencies.

• The Bank of England announced it would purchase U.K. government bonds, increasing the pound’s value.
• The Bank of China explicitly warned that the recent increase of the U.S. Dollar against the Yuan was not indicative of future performance.
• The Australian Dollar gained almost 1.5%.

Cryptocurrency

Bitcoin was up on Wednesday and its trade continues to be above average. The currency gained 2.4% but failed to rise above the $20,000 price point.

• Ethereum was also up slightly. Since the Merge, Ethereum is down 21% relative to Bitcoin.
• Crypto.com has obtained regulatory approval to operate its exchange in France.
• Analysts say that cryptocurrency prices may rise if the Chinese Yuan continues falling and cryptocurrencies become a safe haven.

Good trading,
Chris Svorcik