US Markets

Markets were up again on Tuesday for a second straight day, and futures rose overnight, implying the positive momentum should continue.

• Netflix shares surged almost 15% overnight after the company reported stronger-than-expected earnings.
• Earnings so far have been slightly higher than expected for the S&P 500.
• The current 10 Year U.S. Treasury yield is set at 4.01200%

Canadian Markets

Economists in Canada expect that inflation will fall in September for the third consecutive month.

• The current estimate from economists is that the inflation rate will be 6.8% in September.
• In August, the Consumer Price Index was at 7%, a decline from 7.5% in July.
• Despite lower inflation, food prices are still rising at their fastest pace in over 40 years.

European Markets

European Markets were up on Tuesday as investors continued to react positively to efforts by the U.K. government to scrap the policies it announced in late September.

• The Stoxx600 was up 0.44% on Tuesday, with almost all major sectors gaining on the day.
• Basic resources and energy were the sectors ending in the red. Basic resources fell by 1.45% and energy stocks lost 1.42%.
• Construction stocks were the best-performing, gaining 1.9%.

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Asian Markets

Asian stocks are up on Wednesday morning, benefiting from the positive momentum in U.S. and European markets a day earlier.

• Then Hang Seng fell early in the day, losing more than 1% before regaining those losses.
• Indonesia’s central bank is starting its governors’ meeting today, which should lead to a policy announcement by the end of the week.
  China was supposed to publish home price data today, but the government delayed the release.

Commodities

Oil prices closed down on Tuesday due to increasing concerns about the demand for fuel in China.

• Brent fell by 1.7%, while U.S. West Texas Intermediate lost 3.1%.
• China has delayed the release of some economic indicators due out today, triggering concerns among investors and analysts.
• Beijing has been focussing on its “Zero Covid” policies, which have greatly impacted economic growth in China.

Currency Exchange Rates

The U.S. Dollar was up slightly on Tuesday after a negative day on Monday to start the week.

• The British Pound continues to outperform and recover its losses after the British government appointed a new chancellor of the exchequer and started rolling back its controversial tax plans.
• The Australian and New Zealand dollars were up due to better-than-expected CPI data.
• The Japanese Yen is at a 32-year low and a new government intervention seems increasingly likely.

Cryptocurrency

Cryptocurrency markets were down on Tuesday, with lower-than-expected trading volume again.

• ANKR gained 16% and was the top-performing altcoin. XYO also performed well, rising 15% yesterday.
• The European Union has urged member countries to end tax breaks on cryptocurrencies and ban crypto mining.
• BitKeep was hacked, with $1M stolen in BNB and POLY.

Good trading,
Chris Svorcik