US Markets

Stocks were down early this morning after suffering losses on Wednesday.

• Qualcomm, Roku, Fortinet, Peloton, and Moderna declined after they released negative earnings reports.
• On Wednesday, the Dow lost 1.6%, the S&P 500 fell 2.5%, and the Nasdaq shed 3.4%.
• The current 10 Year U.S. Treasury yield is set at 4.19420%

Canadian Markets

In October, home sales in the Greater Toronto Area declined to the lowest level in over a decade.

• October sales were slightly lower than September but down 49.1% compared to last year.
• New listings decreased 11.6% from last year to 11,749, the lowest figure since October 2010.
• The average price of a house dropped 5.7% in the past 12 months but rose 0.2% on a month-on-month basis.

European Markets

Stocks in Europe were down on Wednesday as investors anticipated that the Fed would raise interest rates after the markets closed.

• The Stoxx 600 fell by 0.3%. The household goods sector led losses by shedding 1.7%.
• Healthcare stocks were the best performing, gaining 1.1%.
• European stocks were down significantly on Thursday morning as they reacted to interest rate hikes in the U.K. and the U.S.

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Asian Markets

Shares in Asia rose on Wednesday as investors anticipated another 75-basis point rate hike in the U.S.

• Stocks were up significantly in Hong Kong. The Hang Seng Index gained 2.41% early on Wednesday before trading was halted due to a cyclone warning.
• Stocks in mainland China dropped significantly on Wednesday morning before rebounding to gain 1.15% on the day.
• Asian markets are all negative on Thursday following the interest rate hike by the Fed.

Commodities

Oil prices were down on Thursday morning as a stronger U.S. Dollar and fears of a global recession caused concerns that fuel demand may decrease in the future.

• Before U.S. markets opened, Brent crude futures were down 1.1% and U.S. West Texas Intermediate futures had lost 1.4%.
• Most analysts are blaming the stronger dollar for higher prices, as it makes oil more expensive for most countries.
• The EU will start its embargo on Russian oil on Dec. 5 and plans to stop all oil product imports from Russia by February 2023.

Currency Exchange Rates

The U.S. Dollar rose on Wednesday and Thursday morning, following the Fed’s decision to raise the benchmark interest rate by 75 basis points for the fourth time in a row.

• The British Pound was down despite the Bank of England’s 75-basis point interest rate hike, the largest in 33 years for the U.K.
• As a result, the pound hit its lowest point since Rishi Sunak became Prime Minister on Oct. 25.
• The Bank of England forecasts that the U.K. will suffer five consecutive quarters of recession comprising all of 2023 and the first half of 2024.

Cryptocurrency

Bitcoin was down overnight after remaining stable following the Fed’s interest rate hike on Wednesday.

• Ether lost nearly 4% on the news before rallying later in the day.
• Dogecoin dropped 10% after the hike was announced, with the cryptocurrency market as a whole losing 2%.
• Citi forecasts that despite recent losses and increased volatility, Ethereum is moving toward a deflationary future as part of the Merge.

Good trading,
Chris Svorcik