US Markets

U.S. stock futures were largely flat overnight after finishing in the green on Thursday following a volatile session.

• Docusign is up nearly 20% overnight after significantly outperforming its earnings expectations.
• U.S. equities are on track to end a three-week losing streak. So far this week, the Dow has risen 1.45%, Nasdaq has gained 1.99%, and the S&P 500 is up 2.09%.
• The current 10 Year US Treasury yield is set at 3.32880%

Canadian Markets

Prime Minister Justin Trudeau was scheduled to present his plan to soften the impact of inflation on low-income citizens on Thursday but the event was postponed following the death of the Queen of the United Kingdom.

• One aspect of the plan that has been leaked is a six-month increase in GST rebates, which will see all GST checks doubled during that time.
• The Liberal government has already promised to provide a one-off payment of $500 to those participating in the Canadian House Benefit.
• The Liberal budget also included funds for a nationwide dental-care plan.
• Both measures were reportedly part of the plan that Trudeau was slated to announce on Thursday.

European Markets

European stock markets rose on Thursday following an interest rate hike from the European Central Bank.

• The Stoxx 600 finished the day up 0.5%. The index fell in early trading before picking up once U.S. markets opened.
• Banking stocks rose 2.3% to lead markets, while financial service stocks gained 1.2%.
• Retail stocks dragged down markets, falling 1.5%.

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Asian Markets

Stocks in Asia were up on Thursday, ahead of the release of China’s inflation data today.

• China recorded a 2.5% inflation rate for the month of August, down from 2.7% in July. Analysts expected the inflation rate to increase from the previous month.
• Economists are concerned about China’s growth and economic outlook, following negative news regarding its productivity and trade performance last month.

Commodities

Crude oil prices were up slightly on Thursday, rebounding from the seven-month low hit on Wednesday.

• According to the Energy Information Administration, U.S. crude oil stocks increased by 9 million barrels last week.
• A Reuters poll had forecasted a 250,000 barrel increase but a surge in imports caused the figure to be significantly higher.
• Brent crude was up 1.3% on Thursday and U.S. West Texas Intermediate gained 2%.

Currency Exchange Rates

The U.S. Dollar continued to rise on Thursday.

• Both the U.K. Pound and the Euro fell significantly after news of the Queen’s death.
• In a speech at the Cato Institute conference, Fed chairman Jerome Powell said he is committed to fighting inflation.
• The European Central Bank announced a 75-basis point interest rate hike.

Cryptocurrency

Cryptocurrencies were up on Thursday, moving in line with U.S. equities.

• A White House report expressed concerns about Bitcoin mining counteracting many of the environmental policies of the current administration.
• Bitcoin’s trading volume remains suppressed while Ether’s trading volume is higher than normal.
• QCP, a crypto trading firm, claims that while many expect a drop in the supply of Ether following the Ethereum Merge, low network usage may prevent such a reduction.

Good trading,
Chris Svorcik