US Markets

Stock futures were flat overnight after a positive start of the week ahead of today’s midterm elections.

• Markets are often stable on election days before reacting to the results.
• Lyft lost 13% overnight, Take-Two Interactive dropped 15%, and Tripadvisor slumped 16% after they all missed their earnings expectations.
• The current 10 Year U.S. Treasury yield is set at 4.22440%

Canadian Markets

The Federal government in Canada aims to have 1.45 million new permanent residents over the next three years.

• The government hopes this new influx of immigrants will help Canada increase its workforce.
• Canada currently has over 80,000 job openings in manufacturing alone, and there are growing issues filling roles due to the aging population, with a record number of workers retiring.
• The government said it wants to recruit workers across all sectors, including doctors and nurses, and improve systems to have international credentials recognized in Canada.

European Markets

European markets were up slightly on Monday as investors held their positions while awaiting the results of the U.S. midterm elections.

• The Stoxx 600 was up 0.3% on the day, led by travel and leisure stocks, which gained 1.6%.
• Food and beverage stocks were the worst-performing, down 0.5% on the day.
• Millicom was up 10.2%, the most of all stocks in the Stoxx 600.

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Asian Markets

Stocks in Asia were up on Monday and early on Tuesday morning.

• The Bank of Japan published a summary of its board members’ views on the future of the country’s monetary policy, which includes leaving interest rates low despite issues with the value of the Yen.
• Stocks in China were down slightly after Apple warned of supply chain problems.
• New Zealand will release an inflation outlook later today.

Commodities

Oil prices were down on Monday but rose early on Tuesday to hit a two-month high.

• Brent crude lost 0.6% on Monday, while U.S. West Texas Intermediate dropped 0.8%.
• Refineries worldwide are ramping up production. U.S. oil refiners are expected to be operating at ~90% capacity this quarter.
• Despite the tight markets, the EU’s embargo on Russian seaborne crude will come into effect on Dec. 5.

Currency Exchange Rates

The U.S. Dollar fell again on Monday due to the risk-on sentiment in the market.

• Surveys show that European investors are becoming more optimistic about the Eurozone’s economy and the Euro’s strength.
• The U.S. Dollar Index lost 0.62% on Monday after falling by 2% last week.
• The Chinese Yuan is being negatively impacted by Beijing’s strict “Zero Covid” policies.

Cryptocurrency

Crypto markets were down on Monday as they suffered the first major widespread losses in nearly two months.

• Solana was the biggest loser among the major currencies, falling more than 6% in 24 hours.
• Bitcoin and Ethereum were both down on Monday, but Bitcoin was able to keep its $20,000 support level.
• LBRY, a crypto startup, was found guilty of violating securities laws by a judge in New Hampshire for failing to register with the SEC.

Good trading,
Chris Svorcik