US Markets

Stock futures were flat overnight after markets saw further declines on Tuesday, extending the current losing streak to three days.

• Chewy shares fell nearly 10% after hours, when the company lowered its earnings forecast for the rest of 2022.
• All 11 sectors in the S&P 500 were down on Tuesday.
• Losses were led by energy and utility companies.
• The current 10 Year U.S. Treasury yield is set at 3.12120%

Canadian Markets

Bank of Montreal on Tuesday said that it missed its revenue target for the third quarter due to a decrease in loans taken by consumers and a slump in its capital markets division.

• Bank of Montreal’s net income fell 40% from Q3 2021 to Q3 2022.
• Earnings per share were below expectations, coming in at $3.09.
• While consumer loans fell, commercial loans were up by 16% year over year.

European Markets

European stocks were mostly down on Tuesday despite a rise in German markets.

• The Stoxx 600 fell 0.7% on the day. The index had climbed nearly 1% earlier in the session.
• Basic resource stocks were down 3%, leading the losses in the market.
• Goldman Sachs predicts that the UK’s annual inflation rate could hit 22.4% in 2023 due largely to soaring energy prices.

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Asian Markets

Stocks in Asia were mixed on Wednesday morning following a generally negative sentiment.

• China’s Purchasing Managers Index for August was at 49.4, showing that production is still decreasing.
• China’s Non-Manufacturing Purchasing Managers Index reached 52.6, which suggests that much of the contraction is coming from China’s manufacturing industry.
• Tech stocks are falling this morning, with Alibaba losing more than 3% as the Hang Seng Tech Index is down almost 2%.

Commodities

Oil prices were up slightly on Wednesday morning after seeing significant losses on Tuesday.

• In Asian trading, U.S. West Texas Intermediate crude is up ~1% as investors are concerned about aggressive interest rate hikes in the U.S.
• On Tuesday, U.S. West Texas Intermediate fell nearly 6%, while Brent Crude lost 5.9%.
• Data shows that gasoline, oil, diesel, and jet fuel reserves all fell in the U.S. last week.

Currency Exchange Rates

Currency Exchange Rates

The U.S. Dollar remained strong on Tuesday despite better-than-expected economic data from the US.

• The Euro rose despite new data showing that inflation in Germany hit a 50-year high.
• The U.S. Dollar Index is 108.71, just below its 20-year high of 109.48.
• Traders estimate a 69% chance of a 75-basis point interest rate hike in September by the Fed.

Cryptocurrency

Bitcoin prices were stable on Tuesday as the currency continued tracking equities.

• Binance’s BNB chain now allows liquid staking to provide more liquidity for long-term crypto holders.
• Fireblocks, a crypto custody company, has announced its expansion to the Solana network.
• Nexo said it plans to spend another $50M to buy back its token.

Good trading,
Chris Svorcik