US Markets

Stocks were down on Friday to close a week in which all the major indexes lost ground.

• U.S. markets suffered their worst week in over two months.
• The Nasdaq lost 3.99%, the S&P fell 3.37%, and the Dow dropped 2.77% on the week.
• The Producer Price Index shows that wholesale prices rose 0.3% from October to November and 7.4% on an annual basis.
• Lululemon plunged 13% after announcing lower-than-expected revenues.
• The current 10 Year U.S. Treasury yield is set at 3.58380%

Canadian Markets

Some economists believe the federal government should review the stress mortgage test amid rising interest rates.

• The Office of the Superintendent of Financial Institutions will release an update this week for its minimum qualifying rate for the stress test.
• The test aims to ensure that future homeowners can afford their homes even if interest rates raise.
• At present, the minimum qualifying rate is either 5.25% or the contract rate plus two percentage points.
• Economists expect interest rates to rise by two percentage points next year, further impacting homeowners’ ability to pay their mortgages.

European Markets

European markets rose on Friday as investors have become more optimistic about the European economy following the lifting of COVID-19 restrictions in China.

• The Stoxx 600 was up 0.8% on the day, led by construction stocks, which gained 1.8%.
• Oil and gas stocks were down on Friday, one of the few sectors to finish in the red.
• Carl Zeiss Meditec lost more than 10% and was one of the worst-performing stocks.

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Asian Markets

Stocks in Asia were mixed on Friday as markets in the region were impacted by local news and data.

• China’s Consumer Price Index gained 1.6% in November on an annual basis.
• However, the Producer Price Index in China lost 1.3% in November, year over year.
• Credit Suisse forecasts that China’s annual inflation rate will stay below 3%.
• Taiwan Semiconductor Manufacturing Company’s revenues surged by 50% in November from a year earlier.

Commodities

Oil prices were down on Friday for their largest weekly decline in three months as investors are concerned about the health of the global economy.

• Brent crude lost 1.08% on Friday and U.S. West Texas Intermediate crude dropped 1.61%.
• The benchmark crudes both lost more than 10% last week.
• The shutdown of the Keystone Pipeline initially pushed up prices on Thursday night but those gains were quickly lost amid fears that oil demand will slow down in the U.S., China, and Europe.

Currency Exchange Rates

The U.S. Dollar rose slightly on Friday, following the release of the Producer Price Index.

• The European Central Bank and the Federal Reserve are expected to raise rates this week.
• The Japanese Yen moved in line with the USD on Friday.
• The USD has regained most of its losses from two weeks ago over the past 10 trading sessions.

Cryptocurrency

Crypto markets were stable last week after weeks of volatility following the FTX collapse.

• Michael McCaffrey, CEO of The Block, has resigned and will be replaced by Bobby Moran, the current Chief Revenue Officer.
• Crypto.com released proof-of-reserves data reviewed by an independent auditing firm showing that its customers’ assets are backed.
• Former FTX CEO Sam Bankman-Fried agreed to testify to the U.S. House Financial Committee this week.

Good trading,
Chris Svorcik