US Markets

Stock futures were flat overnight as investors continue to await election results.

• Political uncertainty in the United States caused the markets to suffer significant losses.
• CPI data to be released today is expected to show that consumer prices rose 0.6% from September to October and 7.9% year over year.
• The current 10 Year U.S. Treasury yield is set at 4.09040%

Canadian Markets

Romspen Investment Corp, one of the largest mortgage funds in Canada, has halted payouts after some borrowers stopped making payments.

• Romspen had $2.8B invested in over 134 mortgages as of the end of June.
• Rompsen’s investments are distributed between the U.S. and Canada – 22% are in Ontario, 14% in British Columbia, and 13% in other parts of Canada, with the rest in the U.S.
• The fund tends to lend at a 65% loan-to-value, meaning that a 30% decline in the value of the assets would cause the fund to start losing money.

European Markets

European markets were down on Wednesday as investors continued to await midterm election results.

• The Stoxx 600 fell 0.3% on the day. Travel stocks led losses with a 2% drop.
• Utilities were up 0.7% to lead markets, while healthcare stocks rose 0.6%.
• Commerzbank slumped 8.2% after the bank announced that its net profit fell by 52% last quarter.

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Asian Markets

Stocks in Asia were mixed but continue to face downward pressure due to political uncertainty in the U.S.

• The Hang Seng was down, led by losses in the tech sector, and stocks in mainland China also fell despite the Yuan weakening.
• A potential GOP victory in the House of Representatives is causing concerns in China because Republicans could seek to further restrict the ability of U.S. companies to work with Chinese technology firms.
• Nintendo shares were down after Switch sales fell.

Commodities

Oil prices fell on Wednesday due to reports that U.S. crude stockpiles rose higher than expected last week.

• Brent crude lost 1.7%, while West Texas Intermediate crude fell 3%.
• COVID-19 cases are surging in numerous Chinese cities, which undermines the narrative that the world economy is rebounding from the pandemic.
• The U.S. Energy Information Administration will release official inventory data today that could confirm that stockpiles are increasing above expectations, which could put downward pressure on oil prices.

Currency Exchange Rates

The U.S. Dollar rose on Wednesday against other major fiat currencies.

• The British Pound was down significantly as investors were concerned about the fiscal plan that British finance minister Jeremy Hunt is set to announce next week.
• The Euro and the Yen both fell despite the political instability in the U.S.
• Clarity about election results and CPI data due out today will influence the U.S. Dollar’s movement.

Cryptocurrency

Crypto prices fell again on Wednesday as the markets continued to react to FTX’s liquidity issues.

• The price of Bitcoin is now at a two-year low after falling below $16,300.
• FTT lost another 50% after falling 80% earlier this week, and is now trading at under $3.00.
• The crypto market as a whole lost more than 8% on Wednesday.

Good trading,
Chris Svorcik