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%
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 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%.
|Euro STOXX 50
|UK (FTSE 100)
|France (CAC 40)
Award Winning Momentum TradingPromo
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.
|S&P Asia 50
|Japan (Nikkei 225)
|South Korea (KOSPI)
|China (Hang Seng)
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.
|Canada (Canadian Dollar)
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.
Leave a Reply