Key Market Insights October 21

8 min read

US Markets

Markets were down on Wednesday, ending the two-day winning streak for U.S. stocks.

  • U.S. futures are also down, but all three major indexes are still on track for a positive week.
  • Rising treasury yields are largely to blame for the downturn in markets.
  • The current 10 Year U.S. Treasury yield is set at 4.14740%
Market Price Move
Dow Jones 30,423.81 -0.33%
S&P 500 3,695.16 -0.67%
Nasdaq 10,680.51 -0.85%
Russell 2000 1,725.76 -1.72%

 

Canadian Markets

Annual inflation in Canada reached 6.9% in September, down from 7% in August, Statistics Canada said on Wednesday.

  • Economists had estimated a 6.7% inflation rate.
  • Consumer prices rose 0.1% from August to September.
  • Economists now expect the Bank of Canada to raise interest rates by 75 basis points at its meeting next week.
Market Price Move
TSX 18,674.40 -0.66%

 

European Markets

Stocks in Europe were down slightly as investors reacted to new inflation data.

  • The U.K. Consumer Price Index rose 10.1% in September, led by increases in food and energy prices.
  • The Bank of England estimates that it would need ten years to unwind the bond-buying program that started a few weeks ago.
  • The Stoxx600 was down 0.5%, with losses led by financial stocks. Tech stocks led the gains, jumping by 1.2%.
Market Price Move
Euro STOXX 50 3,471.24 0.21%
UK (FTSE 100) 6,924.99 -0.17%
Germany (DAX) 12,741.41 -0.19%
France (CAC 40) 6,040.72 -0.43%

 

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Asian Markets

Stocks in Asia were down on Wednesday and early Thursday morning amid fears about the health of the global economy.

  • Stocks in Australia lost nearly 1% on Thursday.
  • The Chinese Yuan hit a record low against the U.S. Dollar, and the Japanese Yen is at a new 32-year low as currencies in Asia continue to fall due to economic uncertainty.
  • Beijing has not yet released the economic data it was scheduled to publish on Tuesday, which has triggered fears about the health of the Chinese economy.
Market Price Move
S&P Asia 50 3,716.89 -2.84%
Japan (Nikkei 225) 27,257.38 0.37%
South Korea (KOSPI) 2,237.44 -0.56%
China (Hang Seng) 16,511.28 -2.38%
India (SENSEX) 59,107.19 0.25%

 

Commodities

Oil prices were up on Wednesday as supply concerns overrode fears about a potential global recession.

  • Brent gained 2.6%, while U.S. West Texas Intermediate rose 3.3%.
  • U.S. crude inventories were down by 1.7 million barrels last week, whereas analysts expected an increase of 1.4 million barrels.
  • The U.S. government’s strategic crude stockpile is currently at its lowest level since May 1984.
Market Price Move
Oil (NYSEARCA:OIL) 30.58 1.90%
Gold (NYSEARCA:GLD) 151.69 -1.34%
Silver (NYSEARCA:SLV) 17.01 -1.28%
Corn (NYSEARCA:CORN) 27.10 -0.37%
Lumber (NASDAQ:WOOD) 68.81 -1.88%

 

Currency Exchange Rates

The U.S. Dollar had a strong performance on Wednesday, rebounding from a two-week low a day earlier.

  • The dollar gained 0.9% against the top six fiat currencies.
  • The British Pound fell over 1% after new data showed that U.K. annual inflation reached a 40-year high in September.
  • The Bank of Japan is still weighing up its options for intervening in the markets to prop up the yen. Policymakers could make a decision next week.
Market Price Move
UK(GBP) £0.89 1.20%
Europe (EURO) €1.02 0.76%
Canada (Canadian Dollar) $1.38 0.38%
Japan (Yen) ¥149.84 0.58%

 

Cryptocurrency

Crypto markets were down on Wednesday again and the trade volume of the major currencies has now declined for two weeks.

  • Ethereum is now below $1,300 as it continues to fall after the Merge.
  • Bitcoin seems to have settled into a price territory between $19,000 and $21,000.
  • Terra has revealed a new four-year plan to rebuild LUNA.
Market Price Move
Bitcoin $19,138.20 -2.12%
Ethereum $1,285.60 -2.01%
Litecoin $51.13 -1.58%
Bitcoin Cash $106.12 -4.05%

Good trading,
Chris Svorcik

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