US Markets

U.S. stocks rose on Friday after falling the first four days of last week.

• The Dow was down 1.4% on the week, its first negative performance in five weeks.
• The S&P 500 lost 3.35% to break its two-winning streak.
• The Nasdaq fell 5.65% for its first negative week in three.
• The current 10 Year U.S. Treasury yield is set at 4.16360%

Market Insight

Jobs growth in the U.S. was higher than expected in October – economists had been predicting that job growth would be at the lowest level in over two years.

• 261,000 jobs were added in October, the Bureau of Labor Statistics said on Friday, above analysts’ expectations of 205,000 new jobs.
• The healthcare industry (53,000 new jobs), professional and technical services industries (+43,000), and manufacturing (+32,000) sectors led the gains.
• The leisure and hospitality industry added another 35,000 jobs in October but is still down 1.1 million jobs since the start of the pandemic.
• Despite the holiday season coming up, the retail industry added just 7,200 jobs.

Canadian Markets

Canada also reported its jobs figures last Friday, which exceeded expectations.

• The country added 108,000 new jobs, accelerating the pace from the summer months.
• Unemployment remained at 5.2%, as the number of people entering the workforce balanced out the new jobs.
• The number of hours worked increased by 0.7% from September to October, which was the largest monthly gain since June.

European Markets

European stocks rose on Friday after falling earlier in the week due to the interest rate hikes in the U.S. and EU.

• The Stoxx 600 gained 1.9%, with basic resource stocks leading markets with a 5.7% increase.
• For the week, the Stoxx 600 lost 0.3%.
• All major sectors finished Friday in the green, creating strong positive momentum heading into Monday’s trading.

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Asian Markets

Hong Kong stocks were up over 7% at one point on Friday, following reports that the U.S. had already conducted inspections of Chinese companies’ financials, which would open them up to more foreign investment.

• Although the Hang Seng later lost some of its gains, it rose 5.36% in the day, while the Hang Seng Tech index surged more than 7.5%.
• Stocks in mainland China were also up, following positive statements from investors and the Chinese Communist Party.
• Stocks in Australia also rose on Friday after the Reserve Bank of Australia released its monetary policy statement.

Commodities

Oil prices rose on Friday as investors balanced numerous macroeconomic and geopolitical factors.

• There were renewed talks in China about potentially relaxing some Covid restrictions, which would increase oil demand.
• The EU’s ban on Russian oil is a major factor that is pushing oil prices up as investors anticipate a tighter market.
• Brent crude gained 4.99% while U.S. West Texas Intermediate crude rose 4.98% on Friday.

Currency Exchange Rates

The U.S. Dollar was down on Friday after the jobs report sparked concerns about the health of the U.S. economy.

• Despite the jobs report showing more jobs were added than expected, the rise in unemployment (from 3.5% in September to 3.7% in October) caused some worries for investors.
• After the data was released, the odds of a 75-basis point interest rate hike at the next Fed meeting jumped to 64% before settling at 51.5% at the end of the day.
• The U.S. Dollar Index lost 0.5% on the week.

Good trading,
Chris Svorcik