US Markets

Stock futures were down slightly overnight as investors await the Federal Reserve’s interest rate decision today.

• Last month’s JOLTS report shows that there are currently 1.9 jobs available in the U.S. for each available worker.
• The ISM Manufacturing Index reached 50.2 in October, signaling that manufacturing in the U.S. is growing.
• The current 10 Year U.S. Treasury yield is set at 4.02460%

Canadian Markets

The Canadian Dairy Commission has approved a 2.2% increase in the price of milk that will go into effect on Feb. 1, 2023.

• The Commission approved two hikes this year; 8.4% in February and 2.5% in September.
• In the last 12 months, the price of milk in Canada has increased by 13.1%.
• The increase in the price of milk, a major industry in Canada, is indicative of higher consumer prices this year.

European Markets

European markets rose on Tuesday as investors prepared for the Federal Reserve’s announcement today.

• The Stoxx 600 was up 0.5%. Mining stocks led the markets with a 3.3% gain.
• Jyske Bank was the worst-performing stock in Europe, falling 6.5% after reporting lower-than-expected earnings in Q3.
• Delivery Hero and HelloFresh rose amid wider gains in the food delivery sector.

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Asian Markets

Asian markets were mixed on Wednesday morning amid concerns about how a stronger U.S. Dollar would impact Asian currencies.

• South Korea’s inflation reached 5.7% in October, slightly above the 5.6% estimate.
• The Hang Seng gained more than 5% on Tuesday after reports that the Chinese government was considering reducing COVID-19 restrictions.
• Goldman Sachs predicts that there could be a 20-30% upside in stocks in Asia.

Commodities

Oil prices rose more than 2% yesterday, regaining some of the losses from Monday.

• Brent crude gained 1.8%, and U.S. West Texas Intermediate was up 2% on Tuesday.
• Oil benchmarks rose in October for the first time since May after OPEC+ announced production cuts.
• Analysts believe that oil prices are likely to continue rising this week.

Currency Exchange Rates

The U.S. Dollar was down slightly on Tuesday as investors expect the Fed to raise interest rates by 75 basis points again today before slowing the pace of hikes next month.

• Investors estimate a 57% chance of a 50-basis point interest rate hike next month.
• The British Pound rose slightly on Tuesday after falling on Monday.
• The U.S. Dollar Index has gained 15% so far this year.

Cryptocurrency

Bitcoin was stable again on Tuesday despite the decline in the U.S. stock markets.

• Uniswap rose more than 10% in the last week and 5% yesterday.
• A new series of Dogecoin-based coins have been released in response to Elon Musk’s purchase of Twitter.
• CoinFund wants to raise a $250M seed fund.

Good trading,
Chris Svorcik