US Markets

U.S. stocks were up on Monday following a day that saw a lack of direction, with markets down nearly 1% before rebounding to finish in the green.

• Investors seemed unsure of how to react as they anticipated the start of the Federal Reserve’s policy meeting today.
• Tomorrow, the Federal Reserve is expected to make announcements regarding its approach to monetary policy in the coming months.
• The current 10 Year U.S. Treasury yield is set at 3.49240%

Canadian Markets

Statistics Canada will release new inflation figures later today that could impact how markets perform for the rest of the week.

• Investors are predicting a continuation of the downward trend in inflation since June 2022. If inflation remains stubbornly high, as is the case in the U.S., this could negatively impact markets.
• Investors expect the inflation rate to decrease both on an annual and monthly basis because of the recent drop in gas prices.
• However, investors are not expecting that the rate will drop enough to justify a relaxation of the aggressive increase in interest rates.

European Markets

Stocks in Europe were lower on Monday, continuing the trend that saw the Stoxx 600 finish down 2.89% last week.

• Markets in the U.K. were closed for the funeral of Queen Elizabeth II.
• Markets in Italy and Spain were up on the day, while Germany also saw significant gains. The rest of Europe saw a decline in stock prices.
• Porsche stock rose 3% as its parent company, the Volkswagen Group, announced plans to list the luxury car maker on the stock market at a valuation of up to €75B.

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Asian Markets

Shares in Asia were down on Monday ahead of central bank meetings in Japan and the U.S. later this week.

• Japanese markets were closed on Monday for a national holiday.
• Stocks in China were down as the Bank of China lowered its 14-day reverse repo rate.
• Tech stocks were also down significantly, with the Hang Seng Tech index falling by 1.93% on the day.

Commodities

Gold prices are currently near a 29-month low as investors move away from gold ahead of the Federal Reserve meeting this week.

• Spot Gold was up 0.01%, while U.S. Gold lost 0.06% on Monday.
• Silver was down on Monday, while Platinum and Palladium rose on the day.
• International gold markets were heavily impacted by Queen Elizabeth II’s funeral, which caused the closure of the bullion market in London, the world’s largest trading hub for physical gold.

Oil

Oil prices are up after a volatile trading day on Monday caused by concerns about the health of the global economy and uncertainty about the Federal Reserve’s monetary policy plans.

• OPEC+ missed its production targets in August by 3.583 million barrels per day.
• Brent crude gained 0.51%, while U.S. West Texas Intermediate gained 0.49% yesterday.
• Brent is currently trading at $91.82, having peaked at $147 earlier this year.

Currency Exchange Rates

The U.S. Dollar was up slightly on Monday ahead of the central bank meetings scheduled for later this week.

• Investors are pricing in an 81% chance of a 75-basis point interest rate increase and a 0.19% chance of a 1-percentage point hike by the U.S. Federal Reserve this week.
• The Canadian Dollar is at its lowest point in two years against the U.S. Dollar.
• The Chinese Yen is at a 26-month low against the U.S. Dollar.

Good trading,
Chris Svorcik