US Markets

Stock futures were up slightly on Wednesday night ahead of the release of more inflation data later today.

• The minutes of the Federal Reserve meeting in September, which were released yesterday, showed that the Fed intends to continue raising rates until inflation falls.
• The Consumer Price Index is expected to show a 0.3% increase from August to September.
• The current 10 Year U.S. Treasury yield is set at 3.92400%

Canadian Markets

The IMF has recommended that Canada tighten its fiscal policy to prevent further inflation as the government insists on continuing to spend at record rates.

• The IMF warned that the country’s failure to take steps to balance its budget and establish financial anchors is decreasing its international credibility.
• The Federal government forecasts a deficit of $53B in the fiscal year that ends March 31, 2023. This is after running a deficit of $100B in the previous 12 months.
• Canada’s economy is expected to grow at 3.3% this year and 1.5% in 2023.

European Markets

Stocks in Europe were down on Wednesday amid significant concerns about the health of the global economy.

• The Stoxx 600 finished down 0.1% after a volatile trading day.
• Retail stocks led the losses with a 1.9% drop. Retail stocks have been volatile ahead of the U.S. Consumer Price Index data being released today.
• Philips was down 9% after the company warned that it may not be profitable when it reports its Q3 earnings.

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Asian Markets

Stocks in Asia were mixed on Thursday morning after a negative day on Wednesday.

• Toshiba was up almost 10% in the first few hours of trading following reports that the company could be acquired.
• Tech stocks are down with the Hang Seng Tech Index dropping over 1% in the first hour of trading.
• Stocks in Australia are up slightly, adding to the upward trend they have seen so far this week.

Commodities

Oil prices continue their negative movements, with investors concerned about the outlook of the global economy.

• The U.S. Energy Department decreased its 2023 forecasts for both U.S. oil production and demand.
• It also lowered its global energy consumption forecasts from a 2% increase in 2023 to a 1.5% increase.
• U.S. crude oil reserves increased by another 7.1 million barrels last week, a further sign that demand is declining in the country.

Currency Exchange Rates

The Japanese Yen remains at a 24-year low against the U.S. Dollar as Japanese authorities prepare another intervention after jumping in to buy the yen last month, when it first hit a 24-year low.

• The British Pound was up as the Bank of England purchased billions worth of bonds to help inflate the value of the currency.
• The Australian and New Zealand Dollars both bounced yesterday after hitting multi-year lows earlier this week.
• The U.S. Dollar Index was unchanged but will be strongly impacted by the CPI data released today.

Cryptocurrency

Crypto markets were stable again on Wednesday, ahead of today’s CPI data release.

• Trading volumes remain lower than normal, with 12 consecutive days of trading volume below the 20-day average for both Bitcoin and Ethereum.
• Bitcoin is down 1.65% so far this month, despite October historically being one of the best months for Bitcoin, with an average gain of 0.57% per day during the month.
• Tron is teaming up with Dominica to issue a Fan Token for the Caribbean country that will be accepted for public payments such as taxes. Dominica said it will also accept payments in other cryptos, including Tron and USDT.

Good trading,
Chris Svorcik