US Markets

US stock futures were down overnight after markets closed August in the red.

• The Dow finished the month down 4.1%, the S&P 500 lost 4.2%, and the Nasdaq fell 4.6%.
• On Wednesday, Loretta Mester, the Federal Reserve President in Cleveland, said that she anticipates that interest rates will rise to 4%.
• The current 10 Year U.S. Treasury yield is set at 3.19930%

Canadian Markets

The Canadian economy grew in Q2 2022 as it continues to recover from the lows of the COVID-19 pandemic.

• The Canadian economy has now grown for two consecutive quarters.
• Growth has accelerated from 3.1% in Q1 to 3.3% in Q2, below the 4.4% rate expected by economists.
• The economy has benefited from the Canadian Dollar falling, which has made Canadian goods cheaper for foreign buyers.

European Markets

European markets were lower on Wednesday as they continued to be impacted by negative sentiment in the U.S.

• The Stoxx 600 finished the day down 1%. Oil and gas stocks led losses with a 2.7% drop.
• The only industry that saw gains on Wednesday was travel and leisure, which rose 0.6%.
• Oxford Nanopore was at the bottom of the Stoxx 600, losing 5.5%.

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Asian Markets

Shares in Asia were down on Thursday morning, as investors awaited the release of Chinese manufacturing data due later today.

• Economists expect a significant decline in manufacturing due to record heatwaves in China and Covid outbreaks.
• Stocks in Australia are down, losing more than 2% in the first hour of trading.
• Markets in mainland China are up while stocks in Hong Kong are losing ground.

Commodities

Oil prices were down again on Wednesday as investors continue to be concerned about the Chinese economy and rising interest rates.

• Brent crude was down 2.7%, while U.S. West Texas crude fell by 1%.
• Oil prices have been volatile since Russia invaded Ukraine in late February.
• U.S. gasoline stockpiles fell by 3.4 million barrels in the week ending Aug. 26, nearly three times more than what analysts had expected.

Currency Exchange Rates

Currency Exchange Rates

The Japanese yen hit a new 24-year low on Wednesday as it continues to struggle relative to other fiat currencies.

• Investors are now pricing in a 73% chance that the Federal Reserve will raise interest rates by 75 basis points.
• Annual inflation in Europe hit a record high of 9.1% in August, which has helped increase the value of the Euro as investors predict that the European Central Bank will raise interest rates.
• Investors are now pricing in a 40% chance that the ECB will raise interest rates by 75 basis points.

Cryptocurrency

Bitcoin was stable on Wednesday, even though its trading volume increased.

• Ethereum was up as investors prepared for the Merge, which is expected to increase the value of the network.
• Bitcoin is currently trading 11% below its 50-day moving average.
• Ethereum is currently trading 5% below its 50-day moving average.

Good trading,
Chris Svorcik