US Markets

Stock futures are up overnight as investors continue to speculate about the latest inflation numbers, which will be released this morning.

• The minutes from last month’s Federal Reserve meeting will also be released later today.
• PepsiCo will announce its quarterly earnings today, which could set the tone for the rest of earnings season.
• The current 10 Year U.S. Treasury yield is set at 3.92990%

Canadian Markets

According to a report from HelloSafe, Canadians are expected to spend 28.4% more on Halloween celebrations this year than in 2021.

• The average Canadian will likely spend $87.60 on Halloween this year.
• Canadians spent an average of $97 on Halloween in 2019, before the pandemic started.
• Major expenses for the celebrations include candy, activities, and decorations.

European Markets

Markets in Europe lost ground on Tuesday as the International Monetary Fund (IMF) cut its projection for global growth.

• The IMF cut its 2023 global growth forecast to 2.7%, from 2.9%. Persistent inflation will likely undermine economic growth in many countries.
• The Bank of England bought up bonds again on Tuesday to restore “financial stability” amid increased volatility in the bond markets.
• European markets are expected to see more losses on Wednesday.

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Asian Markets

Stocks in Asia are down today due to the IMF lowering its global growth forecast.

Stocks in Hong Kong and mainland China were down, led by losses in tech, with the Hang Seng Tech index down more than 3% in the first hour of trading.
South Korea has raised interest rates by 50 basis points, bringing the benchmark rate to 3%.
Stocks in Japan and Australia were mostly flat with little national news influencing their movements.

Commodities

Oil prices dropped again due to concerns about the spread of COVID-19 in China.

• Brent was down 0.5% on Tuesday, while U.S. West Texas Intermediate fell by 0.8%.
• As infection numbers rise, major cities including Shanghai and Shenzhen announced tighter social restrictions and mass testing programs.
• The U.S. Energy Information Administration will release data about the country’s stockpiles later today.

Currency Exchange Rates

The U.S. Dollar continues to rise against other major currencies, with the U.S. Dollar Index gaining 0.16% on Tuesday.

• The U.S. Dollar hit a new 24-year high against the Yen as Japanese officials continue to discuss further intervention to stabilize the currency.
• The Australian Dollar hit a new 30-month low against the U.S. Dollar.
• The British Pound continues its decline despite fresh attempts by the Bank of England to purchase bonds and stabilize the currency.

Cryptocurrency

The crypto market has been largely stable this week, ahead of the U.S. inflation data due later today.

• Bitcoin and Ethereum’s trading volumes are both below expectations, signaling a lack of action.
• The SEC is investigating Yuga Labs, the creator of Bored Apes for offerings unregistered securities to the public.
• Alex Mashinskey the former CEO of Celsius, which is bankrupt and won’t allow customers to withdraw their crypto, has cashed out nearly $1M of his own funds from crypto to fiat.

Good trading,
Chris Svorcik