Key Market Insights November 18

8 min read

US Markets

Stock futures rose overnight after the markets fell on Monday.

  • Stocks were up slightly on Monday morning but fell after Amazon announced plans to lay off 10,000 people.
  • Walmart and Home Depot will release earnings today, which will give insights into the health of the retail industry.
  • The current 10 Year U.S. Treasury yield is set at 3.87320%
Market Price Move
Dow Jones 32,513.94 -0.63%
S&P 500 3,748.57 -0.89%
Nasdaq 10,353.17 -1.12%
Russell 2000 1,760.40 -1.14%

 

Canadian Markets

Ontario has cut its deficit forecast for the fiscal year 2022-2023.

  • Inflation has caused a boost to both individual and corporate tax revenue for the province.
  • Canada’s largest province expects to have a deficit of $12.9B by March 31, 2023, $7B less than the forecast it issued at the start of the fiscal year.
  • The province expects to have a revenue of $186.8B and is set to spend $198.8B.
Market Price Move
TSX 19,921.81 -0.94%

 

European Markets

Stocks in Europe suffered losses overnight after rising slightly on Monday.

  • The Stoxx 600 was up 0.1% on Monday, led by technology stocks, which gained 1%, while travel stocks fell by 1.3%.
  • Germany’s DAX stock market index has gained 20% since reaching a two-year low in September.
  • Rheinmetall, a German arms manufacturer, was up 8.2% on the day, making it the best-performing stock in Europe, after the company announced that it would take over Spain’s Expal systems.
Market Price Move
Euro STOXX 50 3,887.51 0.49%
UK (FTSE 100) 7,385.17 0.92%
Germany (DAX) 14,313.30 0.62%
France (CAC 40) 6,609.17 0.22%

 

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Asian Markets

Stocks in Asia were down slightly on Tuesday morning following a meeting between President Biden and President Xi.

  • Japan’s GDP contracted 1.2% from July to September, more than the 1.1% expected.
  • President Biden objected to China’s aggressive approach to maintaining control over Taiwan.
  • China’s decision to ease some “Zero Covid” measures is still creating positive momentum.
Market Price Move
S&P Asia 50 4,141.75 0.92%
Japan (Nikkei 225) 27,963.53 0.00%
South Korea (KOSPI) 2,481.43 0.27%
China (Hang Seng) 17,619.71 1.70%
India (SENSEX) 61,624.15 -0.28%

 

Commodities

Oil prices dropped on Monday after gaining earlier in the day as a surge in COVID-19 cases in several Chinese cities negatively impacted markets.

  • Brent crude was down 3.6% on the day, with West Texas Intermediate Crude falling 4.3%.
  • The U.S. Dollar stabilized after falling late last week, which put downward pressure on oil prices.
  • U.S. Treasury Secretary Janet Yellen said that India will be allowed to continue buying Russian oil at any price as long as it doesn’t use insurance, finance, or maritime services from countries that are bound by a G-7 price cap on Russian oil.
Market Price Move
Oil (NYSEARCA:OIL) 31.28 -4.02%
Gold (NYSEARCA:GLD) 164.92 0.22%
Silver (NYSEARCA:SLV) 20.24 1.45%
Corn (NYSEARCA:CORN) 26.22 -0.64%
Lumber (NASDAQ:WOOD) 76.09 -0.99%

 

Currency Exchange Rates

The U.S. Dollar rose on Monday after a steep decline last week.

  • The Euro saw gains during Asian trading hours before falling during European and North American trading hours.
  • The British Pound was down after gaining over 4% in the last two days of last week.
  • The Yuan saw gains after Chinese equities rose on Monday.
Market Price Move
UK(GBP) £0.85 0.78%
Europe (EURO) €0.97 0.51%
Canada (Canadian Dollar) $1.33 6.05%
Japan (Yen) ¥140.47 1.19%

 

Cryptocurrency

Most cryptos have stabilized following a downfall last week caused largely by the FTX bankruptcy.

  • Solana Foundation has revealed that it was heavily invested in FTX, which has caused SOL to fall by 56% in the last seven trading days.
  • Visa has officially ended its partnership with FTX, which would have seen crypto debit cards released in 40 cities.
  • Bitfarms has paid down $27M in debt as crypto companies attempt to limit their liabilities and improve liquidity.
Market Price Move
Bitcoin $16,546.70 -1.38%
Ethereum $1,238.71 1.50%
Litecoin $56.80 -0.84%
Bitcoin Cash $102.48 -0.05%

 

Good trading,
Chris Svorcik

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