Key Market Insights November 2

8 min read

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%
Market Price Move
Dow Jones 32,732.95 -0.39%
S&P 500 3,871.98 -0.75%
Nasdaq 10,988.15 -1.03%
Russell 2000 1,846.86 -0.00%

 

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.
Market Price Move
TSX 19,426.14 -0.23%

 

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.
Market Price Move
Euro STOXX 50 3,617.54 0.13%
UK (FTSE 100) 7,094.53 0.66%
Germany (DAX) 13,253.74 0.08%
France (CAC 40) 6,266.77 -0.10%

 

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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.
Market Price Move
S&P Asia 50 3,505.92 0.78%
Japan (Nikkei 225) 27,600.48 0.05%
South Korea (KOSPI) 2,308.75 0.66%
China (Hang Seng) 14,687.02 -1.18%
India (SENSEX) 60,746.59 1.31%

 

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.
Market Price Move
Oil (NYSEARCA:OIL) 31.08 -1.65%
Gold (NYSEARCA:GLD) 151.91 -0.82%
Silver (NYSEARCA:SLV) 17.62 -0.68%
Corn (NYSEARCA:CORN) 27.41 1.18%
Lumber (NASDAQ:WOOD) 70.39 -1.61%

 

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.
Market Price Move
UK(GBP) £0.87 1.15%
Europe (EURO) €1.01 0.79%
Canada (Canadian Dollar) $1.36 -0.21%
Japan (Yen) ¥148.73 0.87%

 

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.
Market Price Move
Bitcoin $20,463.10 -1.72%
Ethereum $1,570.85 -1.26%
Litecoin $55.02 -0.67%
Bitcoin Cash $115.34 -2.67%

 

Good trading,
Chris Svorcik

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