US Markets

Stock futures are flat overnight after a negative day for U.S. markets on Monday.

• Uber, Pfizer, Fox, AMD, and Airbnb will report their earnings today.
• The Federal Reserve will start its November meeting today and is expected to announce a 75-basis point interest rate hike by the end of the week.
• The current 10 Year U.S. Treasury yield is set at 4.05020%

Canadian Markets

According to a survey by Nanos Research, confidence in personal finances is at its lowest level since the 2008 recession.

• 47% of Canadians say that their finances have declined in the last year.
• 13% said their finances improved in the last year.
• 64% expect the Canadian economy to worsen in the next six months.
• 9% believe that the Canadian economy will improve in the next six months.
• 40% of Canadians anticipate that home prices will fall over the next six months.
• 13% are concerned about losing their job in the short term.

European Markets

European markets rose on Monday after new data showed that inflation in the Eurozone hit a new high in October.

• The Stoxx 600 was up 0.4%, with travel and leisure stocks leading the markets, gaining 1.5%.
• Retail stocks were the worst performing, as they fell by 0.5% on the day.
• The Stoxx 600 gained 6% in October.

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Asian Markets

Stocks in Asia rose slightly on Monday and Tuesday morning.

• Stocks in Australia were down slightly as analysts now expect that the Reserve Bank of Australia will raise interest rates by 25 basis points.
• The manufacturing PMI in China was at 49 in October, meaning that manufacturing activity is contracting.
• The Japanese government has spent $42.7B to prop up the value of the Japanese Yen in the last month.
• The Hang Seng lost 37.1% in October.

Commodities

Oil prices were down on Monday as investors were concerned about the decline in Chinese manufacturing.

• Brent crude lost 1% on the day, while U.S. West Texas Intermediate dropped 1.9%.
• Oil output in the U.S. has increased to 12 million barrels per day, a pandemic record.
• The U.S. government released another 1.9 million barrels from the Strategic Petroleum Reserve.

Currency Exchange Rates

The U.S. Dollar was up on Monday, gaining against all major currencies except for the Canadian Dollar.

• Eurozone inflation hit 10.7% in October, a 40-year high, which caused the Euro to fall.
• The Real in Brazil was down after President Jair Bolsonaro was defeated in a run-off election.
• The Bank of England will meet on Thursday and is expected to raise rates by another 75 basis points.

Cryptocurrency

Doge was the best-performing altcoin, gaining 8% as it continued to surge following Elon Musk’s acquisition of Twitter.

• Bitcoin was down slightly but remained relatively stable over the past week.
• Trading volumes were slightly lower for all cryptos on Monday.
• Ether was up 16% last week, its biggest weekly gain since July.

Good trading,
Chris Svorcik