US Markets

U.S. stock futures were up slightly overnight after markets saw small gains on Wednesday following a significant drop a day earlier.

• Investor sentiment improved slightly following the release of the Producer Price Index, which fell 0.1% from July to August.
• Today will be a key day in determining investor sentiment until the Fed’s meeting next week as key economic data (including retail sales, employment, import/exports, and manufacturing numbers) will be released this morning.
• The current 10 Year U.S. Treasury yield is set at 3.41220%

Canadian Markets

TMX Group, which operates the Toronto Stock Exchange, said the exchange will be open next Monday despite the national holiday announced yesterday to honor Queen Elizabeth II.

• The Canadian Banker’s Association said that all banks will remain open and operate with normal hours.
• All federal workers will get the day off. Federally regulated industries such as banking and aviation were urged to give their workers the day off but are not obliged to do so.
• No province has mandated the holiday for private sector workers, but British Columbia, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador have all announced that the provincial governments and the institutions they regulate, including public schools and universities, will be closed for the day.

European Markets

European Stocks were down on Wednesday as they were heavily impacted by the negative sentiment in the U.S. a day earlier.

• The Stoxx 600 was down 0.8%, with only oil and gas stocks gaining on the day.
• Mining stocks dragged down markets, falling by 2.3%.
• British retailer Ocado was the worst-performing stock with a 7% drop after announcing that it expects grocery sales to fall this quarter for the first time ever.

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Asian Markets

Asian stocks are up slightly on Thursday morning after an overwhelmingly negative trading day on Wednesday as investors reacted to U.S. inflation figures.

• New Zealand said that its GDP grew 1.7% in Q2 after contracting 0.2% in Q1.
• The growth was largely due to the rise in logistics industries including the delivery, transportation, and warehouse industry, which surged by 19.7%,
• The arts and recreation industry rose 9% last quarter after the government eased COVID-19 restrictions for foreign tourists.

Commodities

Oil prices rose on Wednesday amid concerns about lower supply and higher demand during winter months in the Northern Hemisphere.

• The International Energy Agency forecasts that global oil demand between October and March will double compared to last winter.
• Global crude oil inventories were down by 25.6 million barrels in July.
• Brent crude gained 1.8%, while U.S. West Texas Intermediate crude rose 2.1%.

Currency Exchange Rates

The U.S. Dollar rose significantly overnight on Tuesday before falling slightly during U.S. trading hours on Wednesday.

• During trading hours, the U.S. Dollar Index fell by 0.3% after gaining over 1% during Asian trading hours.
• The 24-hour period before the opening of U.S. markets on Wednesday was the best such period for the U.S. Dollar in 30 months.
• Investors have now fully priced in a 75-basis point interest rate hike from the Federal Reserve, meaning that they expect this to be the minimum amount the Fed will increase rates next week.

Cryptocurrency

Ethereum was flat on Wednesday ahead of today’s Merge, which has been in the works for a couple of years.

• Bitcoin fell again and has now dropped by 70% from its all-time high, including 58% this year.
• Ethereum is 67% below its all-time high and down 57% this year.
• Starbucks said it plans to launch a Web 3.0-based loyalty program, which will allow customers to purchase NFTs using their credit/debit cards.

Good trading,
Chris Svorcik