US Markets

The Nasdaq and S&P 500 were down on Wednesday, while the Dow was flat after tech stocks fell.

• Early in the day, markets were rallying after falling overnight, but the negative results from Microsoft and Alphabet eventually pushed tech stocks down.
• Microsoft lost 7.7% on the day, while Alphabet slumped 9.1%.
• The current 10 Year U.S. Treasury yield is set at 4.00590%

Canadian Markets

The Bank of Canada has raised interest rates by 50 basis points, to 3.75%.

• The hike was less than the 75-basis point increase that most economists were projecting early in the day.
• Canadian bonds rose due to the hikes, with the two-year yield rising to 3.879%
• The Bank of Canada has now joined Australia in slowing down the pace of rate increases in a bid to fight inflation and limit the impact on economic growth.

European Markets

European markets were up on Wednesday as they continued to benefit from positive momentum despite volatility in both the U.S. and Asia.

• The Stoxx600 was up 0.7%. Mining stocks led the markets with a 2.8% increase.
• Food and beverage stocks were the worst-performing, falling by 0.6%.
• New U.K. Prime Minister Rishi Sunak reinstated the country’s ban on fracking.

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Asian Markets

Shares in Asia were up on Wednesday after a negative start to the day as investors felt that a less aggressive approach by central banks in the U.S., EU, and Canada would benefit Asian countries.

• The Hang Seng Index was up for the first time in four days, led by the Hang Seng Tech Index.
• Indian markets were closed for a holiday.
• Australia’s Consumer Price Index rose 7.3% in the third quarter, the highest annual increase in the past 32 years.

Commodities

Oil prices were up 3% on Wednesday as U.S. crude exports hit record levels.

• Brent crude rose 2.3% and U.S. West Texas Intermediate gained 3%.
• According to new government data, U.S. crude stockpiles increased by 2.6 million barrels, well below the 4.5 million barrel increase expected by economists.
• U.S. crude exports reached 5.1 million barrels a day last week, an all-time record, while imports dropped to a historic low.

Currency Exchange Rates

The Euro made more gains against the U.S. Dollar, rising above parity for the first time in a month.

• The U.S. Dollar Index lost 0.6% in the first hours of trading on Wednesday.
• The Pound Sterling gained 0.79%, reaching its highest point since Sept. 14.
• The Canadian Dollar rose after the Bank of Canada increased interest rates.
• The Chinese Yuan gained more than 1.3%, jumping from its lows of last week.

Cryptocurrency

Bitcoin continued its upward momentum from Tuesday and Wednesday, rising 7%, to just under $21,000.

• Crypto markets saw their largest liquidation of short positions in the last 15 months.
• $170M of MC Tokens will be burned by DAO Merit Circle.
• Analysts believe that positive projections for the growth of the U.S. economy will be negative for the crypto markets.

Good trading,
Chris Svorcik