Key Market Insights December 6

8 min read

US Markets

Stocks closed nearly flat on Friday after taking a dip earlier in the session following the release of higher-than-expected labor figures in the morning.

  • All three major indexes were up on the week. The Nasdaq rose 2.1%, the S&P 500 gained 1.1%, and the Dow was up 0.2%.
  • However, they were mostly flat on Friday, when the Nasdaq lost 0.2% and the S&P 500 and the Dow both fell 0.1%.
  • The unemployment rate was steady at 3.7% in November, and wages rose 0.6% compared to a month earlier.
  • The current 10 Year U.S. Treasury yield is set at 3.53440%
Market Price Move
Dow Jones 34,429.88 0.10%
S&P 500 4,071.70 -0.12%
Nasdaq 11,461.50 -0.18%
Russell 2000 1,892.84 0.59%

 

Canadian Markets

The unemployment rate in Canada decreased to 5.1% in November, from 5.2% a month earlier, as the labor market remains strong.

  • The economy added 108,000 jobs in October and 10,000 in November.
  • Statistics Canada said that the employment rate of women aged 25 to 54 reached 81.6% in November, a record high.
  • Wages were up 5.6% year over year in November, which is below the annual inflation rate of 6.9%.
Market Price Move
TSX 20,485.66 0.19%

 

European Markets

European markets were down on Friday as investors continued to react to Covid related news in China and the release of positive employment data in North America.

  • The Stoxx 600 lost 0.2% on the day, with declines led by oil and gas stocks, which dropped 1.1%.
  • The retail sector led gains with a 0.7% increase.
  • Hexatronic, a Swedish fiber optic firm, was the best-performing stock, gaining 8%, after announcing plans to acquire KNET, a telecommunications firm.
Market Price Move
Euro STOXX 50 3,977.90 -0.17%
UK (FTSE 100) 7,556.23 -0.03%
Germany (DAX) 14,529.39 0.27%
France (CAC 40) 6,742.25 -0.17%

 

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Asian Markets

Markets in Asia were down on Friday amid ongoing uncertainty about China’s plans to ease Covid restrictions as cases continue increasing in the country.

  • The Economist Intelligence Unit published its Cost of Living Survey, which ranks Singapore and New York as the world’s most expensive cities.
  • S&P and Morgan Stanley believe that India will be the world’s third-largest economy by 2030, overtaking Japan and Germany.
  • South Korea recorded an inflation rate of 5% in November, slightly below expectations.
Market Price Move
S&P Asia 50 4,423.85 -0.57%
Japan (Nikkei 225) 27,777.90 -1.59%
South Korea (KOSPI) 2,434.33 -1.84%
China (Hang Seng) 18,675.35 -0.33%
India (SENSEX) 62,868.50 -0.66%

 

Commodities

Oil prices decreased on Friday, ahead of the EU’s Russian crude ban coming into effect today.

  • Brent crude and U.S. West Texas Intermediate crude both lost 1.5%.
  • On the week, Brent was up 2.5% and U.S. West Texas Intermediate gained 5%.
  • Russian oil output is expected to decline by 500,000 to 1 million barrels per day in 2023 due to the EU’s ban.
Market Price Move
Oil (NYSEARCA:OIL) 30.33 -1.01%
Gold (NYSEARCA:GLD) 167.26 -0.35%
Silver (NYSEARCA:SLV) 21.29 1.48%
Corn (NYSEARCA:CORN) 25.85 -1.26%
Lumber (NASDAQ:WOOD) 76.57 -0.43%

 

Currency Exchange Rates

The U.S. Dollar was down on Friday as Federal Reserve officials again indicated that rate hikes will likely decline.

  • The U.S. Dollar Index lost 0.19% on the day.
  • The Fed is currently expected to raise interest rates by 50 basis points at its next meeting.
  • The Personal Consumption Expenditures Price Index rose 0.3% in September.
Market Price Move
UK(GBP) £0.81 -0.31%
Europe (EURO) €0.95 -0.09%
Canada (Canadian Dollar) $1.35 0.48%
Japan (Yen) ¥134.32 -0.63%

 

Cryptocurrency

Crypto markets were flat over the weekend after suffering from volatility on Friday.

  • Celsius has started putting assets up for sale after filing for bankruptcy over the summer.
  • $35.6 million in capital has been seized from Three Arrows Capital’s accounts in Singapore after the firm entered liquidation with $3.5B in debt.
  • Hackers took $15M from Helio on Friday, only hours after Ankr was attacked, with $5M taken.
Market Price Move
Bitcoin $16,934.90 -0.14%
Ethereum $1,263.71 -2.46%
Litecoin $75.92 -2.59%
Bitcoin Cash $110.90 0.46%

 

Good trading,
Chris Svorcik

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