Key Market Insights September 2

7 min read

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%
Market Price Move
Dow Jones 31,510.43 0.88%
S&P 500 3,955.00 -0.78%
Nasdaq 11,816.20 -0.56%
Russell 2000 1,844.12 -0. 62%

 

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.
Market Price Move
TSX 19,330.81 -0.93%

 

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%.
Market Price Move
Euro STOXX 50 3,517.25 -1.25%
UK (FTSE 100) 7,284.15 -1.05%
Germany (DAX) 12,834.96 -0.97%
France (CAC 40) 6,125.10 -1.37%

 

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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.
Market Price Move
S&P Asia 50 4,524.12 -0.60%
Japan (Nikkei 225) 27,661.79 -1.53%
South Korea (KOSPI) 2,433.82 -1.55%
China (Hang Seng) 19,734.77 -1.10%
India (SENSEX) 59,537.07 2.70%

 

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.
Market Price Move
Oil (NYSEARCA:OIL) 31.50 -4.17%
Gold (NYSEARCA:GLD) 159.27 -0.77%
Silver (NYSEARCA:SLV) 16.58 -2.24%
Corn (NYSEARCA:CORN) 26.87 -0.81%
Lumber (NASDAQ:WOOD) 76.72 -0.21%

 

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.
Market Price Move
UK(GBP) £0.86 1.19%
Europe (EURO) €1.00 -0.11%
Canada (Canadian Dollar) $1.32 1.21%
Japan (Yen) ¥139.49 0.64%

 

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.
Market Price Move
Bitcoin $20,098.50 -0.87%
Ethereum $1,555.15 1.99%
Litecoin $55.12 3.98%
Bitcoin Cash $115.21 -3.67%

 

Good trading,
Chris Svorcik

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