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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