US Markets

Stocks were down significantly on Friday as markets reacted negatively to the September jobs report. The numbers show that unemployment is falling, which led investors to believe that the Federal Reserve will continue to hike interest rates, negatively impacting the stock market.

• The unemployment rate was down from 3.7% in August to 3.5% in September, with 263,000 jobs added to the economy.
• The 2-year treasury yield jumped by six basis points amid the expectation of future interest rate hikes.
• The current 10 Year U.S. Treasury yield is set at 3.88950%

Canadian Markets

Canada added 21,000 jobs in September, more than the 20,000 expected by economists, Statistics Canada said on Friday.

• The unemployment rate fell from 5.4% in August to 5.2% in September.
• The number of hours worked by the average employee, however, fell by 0.6%.
• The two-year yield on Canadian bonds increased by four basis points in response to the news as the stock market also fell.

European Markets

Stocks in Europe lost ground on Friday after a downward move following the publication of the U.S. jobs report.

• The Stoxx 600 lost 1.1%. Every sector in the index finished the day in the red aside from oil and gas, which gained 1.1%.
• Tech stocks were the worst performing, losing 4.2% on the day. Tech companies are often impacted by higher interest rates as they need loans to invest in research and development.
• Credit Suisse gained 6% after offering a $3B buyback.

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Asian Markets

Shares in Asia were down on Friday, but since markets closed before the U.S. jobs report, they could react on Monday morning.

• The jobs report and further Fed rate hikes would speed up the devaluation of Asian currencies relative to the U.S. Dollar.
• Stocks in all major Asian markets were down on Friday. Tech stocks in Japan, South Korea, and Hong Kong led losses in those markets.
• Markets in mainland China and India were closed on Friday for national holidays.

Commodities

Gold prices fell in response to the U.S. jobs report. Spot gold lost 0.9%, and U.S. gold futures slipped 1%.

• Before Friday, gold had gained 2% on the week.
• Silver fell 2.7% on Friday after gaining 6.5% in the first four days of the week.
• Platinum (-1.1%) and Palladium (-3.1%) were also down on Friday.

Oil

Oil prices continued to climb on Friday after OPEC+ announced plans to lower production targets by 2 million barrels per day.

• Brent gained 3.7%, and U.S. West Texas Intermediate crude rose 4.7% on the day.
• U.S. heating oil futures were up 18% on the week, putting additional pressure on the government to lower prices before winter.
• In the EU, there are now disagreements over the Russian oil cap as many countries are struggling to meet energy demand amid falling temperatures.

Currency Exchange Rates

he U.S. Dollar was flat over the weekend after gaining on Friday, following the publication of the U.S. jobs report.

• The Dollar gained 0.7% against the Chinese Yuan on Friday.
• The U.S. Dollar Index rose 0.6% on Friday and is up 18% in 2022.
• Analysts believe that the Federal Reserve will continue with its plan to raise interest rates to 4.5% by 2023.

Good trading,
Chris Svorcik