Key Market Insights October 27

9 min read

US Markets

Stocks were up on Tuesday but fell overnight after poor earnings results from Alphabet after hours.

  • Alphabet stock is down over 6% after missing both top and bottom-line earnings expectations.
  • A major concern for the general markets is the decline in advertising revenue, which would indicate a drop in B2B spending and growth investments by companies.
  • The current 10 Year U.S. Treasury yield is set at 4.10310%
Market Price Move
Dow Jones 31,836.74 1.07%
S&P 500 3,859.11 1.63%
Nasdaq 11,199.12 2.25%
Russell 2000 1,796.16 2.73%

 

Canadian Markets

Stocks in Canada were up as politicians and banks disputed the merits of another interest rate hike, which is expected to be announced later today.

  • Finance Minister Chrystia Freeland supported the interest rate hike, claiming that the Bank of Canada should be free of political judgment and that its role as an independent body is fundamental to the functioning of the economy.
  • Her comments came after New Democratic Party Leader Jagmeet Singh claimed that the hike expected to be announced today was without merit. Of the three major parties in Canada (which together control 89% of the votes in parliament), the most left-wing party (New Democratic) and the most right-wing party (Conservative) are united in their criticism of the Bank of Canada, with only the governing center-left party (Liberal) defending the rate hikes.
  • The new Conservative Party leader Pierre Poliviere said he wants to fire the current Bank of Canada governor if elected and has promoted the use of cryptocurrencies as an alternative.
Market Price Move
TSX 19,097.01 0.94%

 

European Markets

Stocks in Europe were largely positive on Tuesday, with just the U.K. falling behind after seeing significant gains on Monday.

  • The Stoxx600 gained 1.4%, with tech companies leading markets as they surged by 4.2%.
  • Rishi Sunak was formally confirmed as U.K. Prime Minister on Tuesday. His first speech was not well received by the public or investors as he spent a significant portion discussing the good intentions of his predecessors, who are both unpopular.
  • Just Eat gained 8.2% after the company announced higher-than-expected earnings for Q3.
Market Price Move
Euro STOXX 50 3,585.58 1.64%
UK (FTSE 100) 7,013.48 -0.01%
Germany (DAX) 13,052.96 0.94%
France (CAC 40) 6,250.55 1.94%

 

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Asian Markets

Stocks in Asia saw losses on Tuesday and started the day down on Wednesday, despite positive movement in the U.S. and Europe.

  • HSBC lost more than 5%, dragging down the Chinese markets after it had lower-than-expected profits.
  • Chinese tech is hurting as foreign investors are concerned about the actions of the Chinese government, which delayed the publication of economic data last week. This caused tech companies, some of which are listed in foreign markets, to fall.
  • Annual inflation in Singapore hit 7.5% in September.
Market Price Move
S&P Asia 50 3,486.09 -0.05%
Japan (Nikkei 225) 27,250.28 1.02%
South Korea (KOSPI) 2,235.07 -0.05%
China (Hang Seng) 15,165.59 -0.10%
India (SENSEX) 59,543.96 -0.48%

 

Commodities

Oil prices were up on Tuesday after recovering from a volatile day on Monday.

  • Brent crude was up 0.28%, while U.S. West Texas Intermediate crude gained 0.87%.
  • U.S. crude inventories rose by 200,000 barrels last week.
  • Analysts are concerned that oil prices could continue rising if the interest rates in the U.S. go above 4.50%
Market Price Move
Oil (NYSEARCA:OIL) 30.84 0.85%
Gold (NYSEARCA:GLD) 154.00 0.23%
Silver (NYSEARCA:SLV) 17.86 1.02%
Corn (NYSEARCA:CORN) 27.31 0.37%
Lumber (NASDAQ:WOOD) 71.17 1.85%

 

Currency Exchange Rates

The British Pound Sterling was up again on Tuesday after Rishi Sunak was sworn in as prime minister and promised to prioritize stabilizing U.K. markets.

  • The U.S. Dollar Index lost 1% on the day and is near its lowest point this month.
  • The Euro is at a 20-day high as the European Central Bank is expected to raise rates later this week.
  • The Chinese Yuan hit its lowest point since the 2008 recession.
Market Price Move
UK(GBP) £0.87 -1.00%
Europe (EURO) €1.00 -1.03%
Canada (Canadian Dollar) $1.36 -0.19%
Japan (Yen) ¥148.04 0.09%

 

Cryptocurrency

Bitcoin rose 5% over a 24-hour period on Tuesday, breaking its long period of stability.

  • Ethereum gained more than 11% in the same 24-hour period.
  • Neither currency saw a significant increase in trading volume to accompany their price increases.
  • ADA was one of the best-performing currencies, surging 13%, while SOL gained 11%, and UNI (Uniswap) rose 8%.
Market Price Move
Bitcoin $20,100.60 2.70%
Ethereum $1,462.47 8.83%
Litecoin $56.20 6.95%
Bitcoin Cash $113.01 1.92%

 

Good trading,
Chris Svorcik

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