US Markets
U.S. stock futures were flat overnight after falling on Monday amid protests in China over Beijing’s “Zero Covid” policy.
- The S&P CoreLogic Case-Shiller Home Price Index will be released this morning, showing the change in home prices in September. In August, the index showed that home prices rose 13% year over year.
- Investors are betting against the crypto industry, with MicroStrategy having a 40% short interest as a percentage of total float.
- The current 10 Year U.S. Treasury yield is set at 3.69770%
Market |
Price |
Move |
Dow Jones |
33,849.46 |
-1.45% |
S&P 500 |
3,3963.94 |
-1.54% |
Nasdaq |
11,049.50 |
-1.58% |
Russell 2000 |
1,830.96 |
-2.05% |
Canadian Markets
Shopify reported that its sales on Black Friday were up 17% compared to last year.
- Shopify reported $3.36B in transactions on its platform on Black Friday.
- There was strong demand for apparel, beauty, and home and garden products, Shopify said.
- Data from Sensormatic Solutions shows that foot traffic in retail stores in the U.S. fell by 2.9% compared to 2021.
Market |
Price |
Move |
TSX |
20,220.49 |
-0.80% |
European Markets
European markets fell on Monday amid concerns over political unrest in China over Covid restrictions.
- The Stoxx 600 fell 0.7%, with the oil and gas market leading losses with a 1.4% drop.
- There was strong demand for smartphones, Christmas decorations, sweaters, and jewelry on Black Friday but European retailers forecast that sales will fall this holiday season.
- Data from Zoopla, a property website, shows that demand for real estate in the U.K. fell by 44% year over year in the four weeks to Nov. 20.
Market |
Price |
Move |
Euro STOXX 50 |
3,935.51 |
-0.68% |
UK (FTSE 100) |
7,474.02 |
-0.17% |
Germany (DAX) |
14,383.36 |
-1.09% |
France (CAC 40) |
6,665.20 |
-0.70% |
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Asian Markets
Shares in Asia were down on Tuesday morning after falling on Monday.
- Youth unemployment in China is close to 20% due to the economic issues caused by restrictive COVID-19 policies over the past three years.
- China is considering setting up COVID-19 “bubbles” for business and sports events.
- Chinese airlines saw gains on Monday, with China Eastern Airlines rising 6% and Cathay Pacific up 3%.
Market |
Price |
Move |
S&P Asia 50 |
4,156.78 |
-1.36% |
Japan (Nikkei 225) |
28,034.84 |
-0.45% |
South Korea (KOSPI) |
2,412.53 |
0.18% |
China (Hang Seng) |
17,579.64 |
1.63% |
India (SENSEX) |
62,504.80 |
0.34% |
Commodities
Brent crude fell on Monday but U.S. oil prices rose as the downward pressure is coming mainly from China.
- Brent crude lost 0.5% and U.S. West Texas Intermediate rose 1.3%.
- OPEC+ members will be meeting on Dec. 4 to discuss their production targets.
- The EU and G7 price cap on Russian crude, of between $65 to $70, is due to come into effect on Dec. 5.
Market |
Price |
Move |
Oil (NYSEARCA:OIL) |
29.18 |
0.35% |
Gold (NYSEARCA:GLD) |
161.93 |
-0.79% |
Silver (NYSEARCA:SLV) |
19.26 |
-2.33% |
Corn (NYSEARCA:CORN) |
26.63 |
-0.04% |
Lumber (NASDAQ:WOOD) |
74.56 |
-2.60% |
Currency Exchange Rates
The U.S. Dollar closed up on Monday after falling earlier in the day.
- The Australian Dollar was down since the currency is often influenced by data from China, which is struggling to contain social unrest over Beijing’s restrictive “Zero Covid” policies.
- The U.S. Dollar Index is currently at 106.67, below the 20-year high of 114.78 that it reached in September.
- The Chinese Yuan and Japanese Yen were also both down on the day.
Market |
Price |
Move |
UK(GBP) |
£0.83 |
0.85% |
Europe (EURO) |
€0.97 |
0.55% |
Canada (Canadian Dollar) |
$1.35 |
0.46% |
Japan (Yen) |
¥138.76 |
-0.26% |
Cryptocurrency
Despite negative news from major market players, Crypto prices were relatively stable on Monday.
- BlockFi filed for bankruptcy protection, saying that it has only $257M in cash on hand.
- FTX US is the company’s largest creditor and has a $275M debt claim that is unsecured. The SEC also has a $30M debt claim that is unsecured.
- Earlier this year BlockFi was reportedly planning to raise a down round to cover its financial obligations.
Market |
Price |
Move |
Bitcoin |
$16,253.20 |
-1.21% |
Ethereum |
$1,177.96 |
-1.30% |
Litecoin |
$75.95 |
1.56% |
Bitcoin Cash |
$111.51 |
-0.74% |
Good trading,
Chris Svorcik
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