Key Market Insights November 22

8 min read

US Markets

Markets were up on Friday as investors continued to analyze statements from the Federal Reserve and the impact of retail earnings reports.

  • The major indexes were down for the week, with the Dow losing 0.01%, the S&P 500 losing 0.69%, and the Nasdaq down 1.57%.
  • All the major indexes are still up in November despite last week’s negative performance.
  • The current 10 Year U.S. Treasury yield is set at 3.82700%
Market Price Move
Dow Jones 32,403.22 1.26%
S&P 500 3,770.55 1.36%
Nasdaq 10,475.25 1.28%
Russell 2000 1,799.87 1.13%

 

Canadian Markets

The CRA announced that Canadians’ tax-free savings account contribution limit would be increased by $500 to $6,500.

  • The limit only applies to those already at the maximum contribution for past years.
  • The latest estimates from the Canada Revenue Agency show that only 10% of TFSA holders contribute to their maximum.
  • The total space allowable now for those that were 18 or older in 2009 is $88,000.
Market Price Move
TSX 19,449.81 1.08%

 

European Markets

European markets were up on Friday as investors reacted to the U.S.’s potential changes in monetary policy.

  • The Stoxx 600 was up 1.1% on Friday after losses earlier in the day.
  • Retail and automotive stocks led the markets, gaining 2% as all industries were up on the day.
  • Verbund was the best-performing stock in Europe, gaining 8.2%.
  • Fuchs was the worst-performing stock losing 4.6%.
Market Price Move
Euro STOXX 50 3,688.33 2.65%
UK (FTSE 100) 7,334.84 2.03%
Germany (DAX) 13,459.85 2.51%
France (CAC 40) 6,416.44 2.77%

 

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Asian Markets

Stocks in Asia were mixed on Friday in response to local economic data.

  • Japan’s core consumer price index was 3.6% higher than last year. This is Japan’s fastest consumer price increase in over 40 years.
  • Alibaba’s biggest sales day, Singles Day, was disrupted by COVID-19 suggest, which caused delivery issues. Alibaba also announced $15B in share buybacks.
  • Defence stocks in South Korea were up after North Korea confirmed they launched an inter-continental ballistic missile.
Market Price Move
S&P Asia 50 3,717.97 3.68%
Japan (Nikkei 225) 27,199.74 -1.68%
South Korea (KOSPI) 2,348.43 -0.83%
China (Hang Seng) 16,161.14 5.39%
India (SENSEX) 60,950.36 0.19%

 

Commodities

Oil prices were down by more than $2 a barrel on Friday, leading to a second straight weekly loss for oil prices.

  • Brent crude was down 3.1%, and U.S. West Texas Intermediate crude was down 3.2% on Friday.
  • Last week, Brent crude fell by 9%, and U.S. West Texas Intermediate crude was down 10.5%.
  • The EU’s ban on Russian Crude will come into effect in three weeks, creating pressure on markets.
Market Price Move
Oil (NYSEARCA:OIL) 33.47 4.95%
Gold (NYSEARCA:GLD) 156.47 3.07%
Silver (NYSEARCA:SLV) 19.26 7.36%
Corn (NYSEARCA:CORN) 27.25 0.37%
Lumber (NASDAQ:WOOD) 71.93 3.53%

 

Currency Exchange Rates

The U.S. dollar was down slightly over the weekend after gaining on Friday.

  • The U.S. dollar had its largest weekly gain over a month last week.
  • The U.S. dollar appears to be trending back upwards after losing more than 4% last week after better-than-expected inflation figures.
  • British retail figures showed that consumers were spending more despite the country’s 41-year high inflation rate, which helped boost the currency.
Market Price Move
UK(GBP) £0.88 0.04%
Europe (EURO) €1.01 -0.93%
Canada (Canadian Dollar) $1.35 -1.69%
Japan (Yen) ¥146.61 -0.86%

 

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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