Key Market Insights October 6

8 min read

US Markets

U.S. stock futures were down slightly overnight after markets continued their upswing on Tuesday, helping the S&P 500 reach its best two-day period in 23 months.

  • Job opening data was weaker than expected, leading some investors to speculate that the Federal Reserve may ease its interest rate hikes, which would help businesses loan at lower costs and grow again.
  • There were 10.06 million job openings in August, down from 11.17 in July and approximately 1 million fewer than expected.
  • The private payroll data for September is being released this morning, and analysts expect a 200,000 increase
  • The current 10 Year U.S. Treasury yield is set at 3.63690%
Market Price Move
Dow Jones 30,316.32 2.80%
S&P 500 3,790.93 3.06%
Nasdaq 11,176.41 3.34%
Russell 2000 1,775.77 3.91%

 

Canadian Markets

A recent survey found that ~25% of Canadians want to sell their stocks because they are losing confidence in the long-term performance of markets.

  • The survey suggests that the negative perception of markets may be skewed by people’s need to fund their day-to-day lifestyles, as inflation has caused many to go into debt, liquidate assets or tap into savings.
  • So far this year, the TSX is down 10%. Given the relative stability of Canadian markets, this is an extreme loss for many Canadians.
  • For those planning on staying in markets, 41% said that the best strategy was to buy and hold, while 9% said they favored income investing, the second most popular strategy.
Market Price Move
TSX 19,370.99 2.59%

 

European Markets

The Stoxx 600 saw gains across the board on Tuesday, outpacing the increases seen a day earlier.

  • The Stoxx 600 gained just over 3%. Travel and leisure stocks led markets with a 6.1% increase, followed by technology stocks, which were up 5%, and industrial stocks, which gained 4.2%.
  • Tui, the German travel company was one of the best performers, gaining nearly 10%.
  • Greggs, the British bakery chain, rose 9.5% on higher-than-expected earnings.
Market Price Move
Euro STOXX 50 3,484.48 4.26%
UK (FTSE 100) 7,086.46 2.57%
Germany (DAX) 12,670.48 3.78%
France (CAC 40) 6,039.69 4.24%

 

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Asian Markets

Stocks in Asia are up Tuesday continuing the positive momentum from Monday’s significant gains in the U.S.

  • Stocks in Australia also jumped, gaining 3.75%, after a 25-basis point interest rate increase by the Reserve Bank of Australia.
  • The Jakarta index has gained 6% as of the end of Q3 2022, making it the best-performing major national index in the world so far this year.
  • Stocks in Japan and Korea rose while markets in China and Hong Kong were closed for a holiday.
Market Price Move
S&P Asia 50 3,868.23 1.50%
Japan (Nikkei 225) 26,992.21 2.96%
South Korea (KOSPI) 2,209.38 2.50%
China (Hang Seng) 17,079.51 -0.83%
India (SENSEX) 58,065.47 2.25%

 

Commodities

Oil prices were up again on Tuesday amid expectations that OPEC+ will announce production cuts today.

  • Brent crude gained 3.18% on the day, while U.S. West Texas Intermediate crude rose 3.28%.
  • Production in the Gulf of Mexico is still not at full capacity following Hurricane Ian.
  • According to a Reuters poll estimate, U.S. crude oil stocks increased by 2 million barrels last week.
Market Price Move
Oil (NYSEARCA:OIL) 30.52 3.18%
Gold (NYSEARCA:GLD) 160.70 1.43%
Silver (NYSEARCA:SLV) 19.36 1.36%
Corn (NYSEARCA:CORN) 27.23 0.37%
Lumber (NASDAQ:WOOD) 69.47 2.96%

 

Currency Exchange Rates

he U.S. Dollar continued to fall on Tuesday as the 10-year treasury yield decreased following the Reserve Bank of Australia’s interest rate hike.

  • The Australian Dollar was down on the day.
  • The British Pound continues to gain as the Bank of England said it plans to buy more long-dated bonds to stabilize markets.
  • The Yen fell again after the Japanese finance minister said the government would take “decisive” action to stabilize the currency.
Market Price Move
UK(GBP) £0.87 -2.61%
Europe (EURO) €1.00 -1.87%
Canada (Canadian Dollar) $1.35 -1.92%
Japan (Yen) ¥143.87 -0.67%

 

Cryptocurrency

Bitcoin was up as markets now expect the Fed will ease up on its interest rate hikes.

  • Bitcoin regained the $20,000 price point, a major psychological milestone for the currency.
  • Bitcoin trading volume in the U.S. on Tuesday was twice as high as the average.
  • Ether also climbed on regular trading volume.
Market Price Move
Bitcoin $20,200.60 5.99%
Ethereum $1,355.91 2.46%
Litecoin $54.83 1.20%
Bitcoin Cash $121.13 5.98%

 

Good trading,
Chris Svorcik

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