Key Market Insights January 13

8 min read

US Markets

Stocks were up on Wednesday as investors gained confidence that the CPI figures due out later today will show that the inflation rate is falling.

  • According to a Dow Jones poll, economists expect a 6.5% annual inflation rate year for December and a 0.1% drop in prices from the previous month.
  • The Nasdaq gained 1.76%, the S&P 500 rose 1.28%, and Dow Jones was up 0.80% on Wednesday.
  • Bed Bath & Beyond surged 68% as meme stocks rose on the day.
  • The current 10 Year U.S. Treasury yield is set at 3.54100%
Market Price Move
Dow Jones 33,630.61 2.13%
S&P 500 3,895.08 2.28%
Nasdaq 10,569.29 2.56%
Russell 2000 1,792.80 2.26%

 

Canadian Markets

Stocks in Europe rose to their highest point since May 2022 as market sentiment remains high across the continent.

  • The Stoxx 600 gained 0.9%, led by technology stocks which rose 3.4%
  • The Swiss National Bank lost $143B in the fiscal year 2022, the largest loss in its 116-year history.
  • Unemployment in the Eurozone was still at a record-low level in December despite a decline in economic activity.
Market Price Move
TSX 19,814.51 1.58%

 

European Markets

Stocks in Europe rose to their highest point since May 2022 as market sentiment remains high across the continent.

  • The Stoxx 600 gained 0.9%, led by technology stocks which rose 3.4%
  • The Swiss National Bank lost $143B in the fiscal year 2022, the largest loss in its 116-year history.
  • Unemployment in the Eurozone was still at a record-low level in December despite a decline in economic activity.
Market Price Move
Euro STOXX 50 4,017.83 1.47%
UK (FTSE 100) 7,699.49 0.87%
Germany (DAX) 14,610.02 1.20%
France (CAC 40) 6,860.95 1.47%

 

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Asian Markets

Asian markets are up as China continues to reopen its economy and remove COVID-19 restrictions.

  • All quarantine requirements for those traveling to Hong Kong and mainland China were lifted over the weekend.
  • Casino stocks rose as a result, with MGM China gaining 4.52%, Wynn Macau rising 4.25%, and Sands China up 3.89%.
  • Alibaba gained 5.8% after reports that Jack Ma had given up control of the company.
Market Price Move
S&P Asia 50 4,695.73 0.29%
Japan (Nikkei 225) 25,973.85 0.59%
South Korea (KOSPI) 2,289.97 1.12%
China (Hang Seng) 20,991.64 0.29%
India (SENSEX) 59,900.37 -0.75%

 

Commodities

Oil prices rose on Monday due primarily to investors’ belief that oil demand will increase as China reopens.

  • Brent was up 1.37% on Monday and U.S. West Texas Intermediate crude gained 1.17%.
  • Both benchmarks were down more than 8% last week, their worst week in seven years.
  • According to a government estimate, there will be 2 billion trips during China’s Lunar New Year celebrations, a two-fold increase from last year.
Market Price Move
Oil (NYSEARCA:OIL) 28.10 0.46%
Gold (NYSEARCA:GLD) 173.71 1.87%
Silver (NYSEARCA:SLV) 21.92 2.48%
Corn (NYSEARCA:CORN) 25.93 0.00%
Lumber (NASDAQ:WOOD) 75.43 2.67%

Currency Exchange Rates

The US dollar lost 0.07% on Wednesday, a day with little movement in the FX market.

  • The Euro is currently at a seven-month high against the U.S. Dollar.
  • The USD has fallen 12% against the Euro since September, when it reached a 20-year high.
  • The Chinese Yuan is at a 5-month high as the country continues to benefit from its reopening and the lifting of COVID-19 restrictions.
Market Price Move
UK(GBP) £0.83 0.07%
Europe (EURO) €0.94 0.21%
Canada (Canadian Dollar) $1.34 -0.01%
Japan (Yen) ¥131.95 -0.10%

 

Cryptocurrency

Crypto markets remained stable on Wednesday but have seen upward movements since the start of the year as markets stabilize and equities rise.

  • FTX’s attorneys said they have recovered $5B in assets, including cash, cryptocurrency, and liquid securities.
  • In December, FTX said it had only ~$1B in assets and up to $10B in liabilities.
  • The Justice Department is investigating Solana-based blockchain projects and has requested information from Saber Labs.
Market Price Move
Bitcoin $16,955.70 0.04%
Ethereum $1,269.83 0.47%
Litecoin $76.44 0.10%
Bitcoin Cash $102.24 0.61%

 

Good trading,
Chris Svorcik

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