Key Market Insights November 23

8 min read

US Markets

Stocks were down on Monday after a volatile trading session to start the holiday-shortened week.

  • Disney shares rose 6.3% on the news that Bob Iger will return to the company as CEO.
  • Apple has delayed deliveries of the new iPhone 14 Pro and 14 Pro Max phones.
  • The current 10 Year U.S. Treasury yield is set at 3.81850%
Market Price Move
Dow Jones 33,700.28 -0.13%
S&P 500 3,949.94 -0.39%
Nasdaq 11,024.51 -1.09%
Russell 2000 1,839.14 -0.57%

 

Canadian Markets

Monthly rent in Canada increased by 12% on average from October 2021 to October 2022.

  • House rent rose 2.2% from September despite declining house prices.
  • Rental prices were the highest in Vancouver, with the average at $2,576, followed by Toronto at $2,478.
  • Prices in Vancouver have declined slightly in the past two months, while those in Atlantic Canada are rising the most, gaining 32.2% in the last year.
Market Price Move
TSX 19,997.13 -0.02%

 

European Markets

European markets were down slightly on Monday due to continued inflationary pressures.

  • The Stoxx 600 fell 0.01%. Oil and gas stocks led losses with a 2.6% drop.
  • Food and beverage was one of the few sectors to gain on the day, rising 1.3%.
  • Virgin Money was the top-performing company. It gained 15% after announcing higher-than-expected profits and a share buyback program.
Market Price Move
Euro STOXX 50 3,911.17 -0.35%
UK (FTSE 100) 7,376.85 -0.12%
Germany (DAX) 14,379.93 -0.36%
France (CAC 40) 6,634.45 -0.15%

 

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Asian Markets

Shares in Asia were down on Monday due to concerns about the ongoing COVID-19 surge in China.

  • Stocks in China were down across the board. The Hang Seng fell 2.02%, the Shanghai Composite lost 0.39%, and the Shenzhen dropped 0.4%.
  • Malaysia had an election last weekend, which has led to a hung parliament and some political instability.
  • Airlines and casino operators were the worst-performing stocks in China, while beer companies fell significantly in Malaysia.
Market Price Move
S&P Asia 50 4,190.93 -1.90%
Japan (Nikkei 225) 27,944.79 0.16%
South Korea (KOSPI) 2,419.50 -1.02%
China (Hang Seng) 17,655.91 -1.87%
India (SENSEX) 61,144.84 -0.84%

 

Commodities

Oil prices were volatile on Monday amid fears that COVID-19 outbreaks will put downward pressure on China’s oil demand.

  • Brent lost 0.39%, while U.S. West Texas Intermediate dropped 0.42%.
  • Goldman Sachs has cut its forecast for oil prices due to the lack of clarity by G-7 nations on a Russian oil price cap.
  • Early in the day, oil prices dropped by over 5% after it was reported that OPEC+ would be increasing production.
Market Price Move
Oil (NYSEARCA:OIL) 29.96 -0.10%
Gold (NYSEARCA:GLD) 161.77 -0.56%
Silver (NYSEARCA:SLV) 19.20 -0.26%
Corn (NYSEARCA:CORN) 26.34 -0.79%
Lumber (NASDAQ:WOOD) 75.19 -0.32%

 

Currency Exchange Rates

The U.S. Dollar rose on Monday as it continues to recover from the losses it suffered two weeks ago, following the release of positive inflation data.

  • A Federal Reserve Governor said that the U.S. central bank may push the overnight lending rate, which is now at between 3.75% and 4%, to over 5% to fight inflation.
  • The U.S. Dollar Index has lost more than 4.7% so far this month but has gained over 12% in the past year.
Market Price Move
UK(GBP) £0.85 0.55%
Europe (EURO) €0.98 1.02%
Canada (Canadian Dollar) $1.34 0.30%
Japan (Yen) ¥142.12 1.26%

 

Cryptocurrency

Bitcoin was down to a 1.5-year low on Monday as the industry as a whole fell significantly.

  • FTX’s new CEO John Ray said that the company will either restructure its global entities or sell off business assets.
  • Blockchain data shows that 180,000 ETH was moved after being stolen from FTX.
  • According to a new estimate by blockchain analytics firm IntoTheBlock, 51% of all Bitcoin addresses are currently at a loss (in U.S. Dollars).
Market Price Move
Bitcoin $15,623.00 -6.35%
Ethereum $1,096.08 -3.86%
Litecoin $60.28 -2.74%
Bitcoin Cash $102.31 -2.23%

 

Good trading,
Chris Svorcik

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