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%

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.

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%.

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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.

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.

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.

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.

Good trading,
Chris Svorcik