US Markets

Stock futures are up slightly after a negative start to the week for U.S. equities.

• Futures indicate that all three indexes will likely open Tuesday up 0.1%.
• Despite the decline in stock price on Monday, there are positive indications that the market will get back on track. Approximately 66% of stocks were negative on Monday compared with 86% on Friday, which was an irregularly high amount.
• The current 10-year U.S. Treasury yield is set at 3.09310%

Canadian Markets

TD Bank predicts that the average house price will fall 20-25% from Q1 2022 to Q1 2023.

• Last month, housing prices nationwide were down 5% on average.
• This prediction is the most negative of all the major financial institutions, with RBC predicting a 15-20% decline and Desjardin predicting a 15% decline. All other predictions are less than 15%.
• Home sales in Canada were also down 5.3% last month.

European Markets

European markets were down on Monday as the negative sentiment from Friday continues to impact stocks worldwide.

• Tech stocks led losses, falling 2% as the major indexes in Germany, France, and Italy all fell more than 1% on the day.
• Markets in the U.K. were closed for a national holiday.
• Uniper was the worst performing stock in the Stoxx 600 as the energy company fell 6% on the day.

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Asian Markets

Stocks in Asia are mixed on Tuesday morning after suffering significant losses on Monday.

• New data from Japan shows that the unemployment rate stayed steady at 2.6% in July.
• Honda and LG are up after announcing a joint venture to build a new battery factory.
• Australian stocks are up despite fears that high-interest rates could restrict economic growth.

Commodities

Oil prices saw a significant rise on Monday due to potential cuts in production by OPEC+.

• Saudi Arabia has been discussing the possibility of cutting production to keep costs high.
• OPEC will be meeting on Sept. 5 to set its policy.
• Brent crude gained 4.1% on Monday, while U.S. West Texas Intermediate gained 4.2%.

Currency Exchange Rates

The U.S. dollar hit a new 20-year high on Monday as the hawkish tone from Fed Chairman Jerome Powell boosted the dollar.

• The dollar index hit 109.48 before falling later in the day to finish at 108.78.
• The Euro rose significantly on the day while the Pound Sterling continued to fall and is now at a 2.5-year low.
• The odds of a 0.75% rate hike increase to 70%.

Cryptocurrency

Bitcoin traded below $20,000 for much of Monday before rising late in the day to regain the crucial price point.

• Bitcoin’s price has been volatile since falling 5% in the hours after Jerome Powell’s speech on Friday.
• Bitcoin’s price has decreased in three of the last four weeks.
• Bitcoin’s price continues to be heavily tied to stock prices as it has failed to differentiate itself and act as a hedge against inflation.

Good trading,
Chris Svorcik