US Markets

Stocks rose on Tuesday, ahead of today’s release of the Federal Reserve meeting minutes, which should provide some insights into future interest rate hikes.

• Nordstrom stocks fell by more than 8% after the retailer lowered its growth forecast.
• The S&P 500 rose 0.17%, finishing above 4,000 for the first time since September.
• The current 10 Year U.S. Treasury yield is set at 3.83620%

Canadian Markets

The Bank of Canada said that the country’s financial system will be able to sustain the risks associated with increasing interest rates.

• Senior Deputy Governor Carolyn Rogers said that many of the risks that concern investors are being mitigated by financial reforms passed after the Great Recession.
• The Bank of Canada is not expecting Canada to see a significant job market downturn during this recession.
• The government estimates that 13% of all mortgages in Canada have reached the point where additional payments are needed.

European Markets

European markets rose on Tuesday, as investors continue to reassess the economic outlook in the continent.

• The Stoxx 600 rose 0.8% to close at a three-month high.
• Oil and gas stocks led markets, gaining 4.7%, after Saudi Arabia denied that OPEC+ plans to raise oil production.
  Mining stocks rose 2.7%.
• Telecom, household goods, and financial services turned negative on the day, each losing around 0.1%.

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Asian Markets

Stocks in Asia were mixed on Wednesday morning, as local news impacted markets in different countries.

• New Zealand’s central bank raised interest rates by 75 basis points.
• Singapore said that it projects 3.5% GDP growth this year.
• Markets in Japan were closed for a public holiday.
• Stocks in Australia were up despite the Reserve Bank of Australia hinting at more rate hikes.

Commodities

Oil prices rose on Tuesday after Saudi Arabia said that OPEC+ is not planning to increase oil output.

• Brent was up 1.2%, and U.S. West Texas Intermediate gained 1.4%.
• Data shows that U.S. crude inventories decreased by 2.2 million barrels last week.
• Concerns that Covid shutdowns in China will lead to lower demand for oil continue.

Currency Exchange Rates

The U.S. Dollar was flat on Tuesday after gaining the past few days.

• The Euro was up to break its three-day losing streak, as investors seem to be moving into other markets, ahead of the U.S. holiday.
• The Australian and New Zealand dollars also rose as investors moved into higher-risk assets.
• The British Pound rose later in the day after new data showed that the government had borrowed less than expected last month.

Cryptocurrency

Bitcoin regained the $16,000 support level after Cathie Wood said that Ark had purchased $1.5M in Grayscale’s Bitcoin Trust.

• Altcoins were up. Ethereum gained 2.6%, Solana rose 3%, and Curve surged 25%.
• CRV was down 17% to a two-year low on Tuesday morning before jumping to finish the day up 25%.
• Saudi Arabia’s NFTs surged 387% after the country’s victory against Argentina in the World Cup.

Good trading,
Chris Svorcik