US Markets

Stock futures are down overnight after the S&P 500 hit a new 2022 low for the third consecutive trading day.

• Stocks were up over 1% early during Tuesday’s trading session before falling later in the day.
• While technical indicators show that the market is underpriced and investors have been overselling, investors are concerned that these metrics don’t price in the forecasted downturn in earnings based on rising inflation and decreased GDP. These are the two primary market philosophies that are causing volatility.
• The current 10 Year U.S. Treasury yield is set at 3.98940%

Canadian Markets

Shopify said it plans to launch POS Go, retail hardware that allows stores to accept payments and monitor sales/inventory.

• The company is trying to get a foothold in the offline retail market as shoppers return to stores following the COVID-19 lockdowns.
• Shopify’s stock is down over 70% this year, and the company laid off 1,000 employees this summer amid a slowdown in e-commerce sales.
• The hardware is available online in the U.S. and will cost $400.

European Markets

EU investors continue to have a negative outlook as European countries struggle with controversial economic policies, slowing growth, and ramping inflation.

• The Stoxx 600 closed just below flat on Tuesday after gaining nearly 1.5% earlier in trading.
• Oil and gas was the best performing industry, gaining 1.6%.
• Investors are concerned about the new far-right government in Italy and continue to sell off UK bonds amid discontent over the new economic policies of Liz Truss’ government.

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Asian Markets

Stocks in Asia were down on Wednesday morning as currencies on the continent continue to depreciate against the U.S. Dollar.

• The Chinese Yuan is at its lowest level since 2008, and the Indian Rupee is at a record low.
• The Bank of Japan estimates that consumer inflation will begin to decline in 2023.
• In August, Japan’s CPI reading showed an inflation rate of just 1.6%.

Commodities

Oil prices are up following a decline in production in the U.S. due to Hurricane Ian.

• Brent crude and U.S. West Texas Intermediate crude gained ~2% on Tuesday, and were up during Asian trading hours on Wednesday morning.
• 11% of the Gulf of Mexico’s total oil production has already been shut down.
• The Gulf of Mexico accounts for 15% of the U.S. crude oil output.

Currency Exchange Rates

The British pound fell to new record lows again as investors are concerned about government plans to roll out deficit-funded tax cuts.

• The Bank of England on Wednesday said it plans to buy government bonds. The announcement successfully lowered bond yields, which soared after the government unveiled its fiscal program last Friday.
• The Euro, Australian Dollar, New Zealand Dollar, Canadian Dollar, Yen, Yuan, and Rupee fell against the rising U.S. Dollar.
• The U.S. Dollar Index was up 0.18% on Tuesday, to 114.35.

Cryptocurrency

Bitcoin was volatile on Tuesday, rising more than 2% before falling nearly 5% later in the day.

• Bitcoin breached the $20,000 barrier before instantly falling back to the price it had on Monday.
• Trading volume for both Ethereum and Bitcoin was up as it appears investors are trying to reallocate funds that were liquidated following the Merge last week.
• The general cryptocurrency market was up 3.6% on Tuesday, with much of those gains coming from altcoins.

Good trading,
Chris Svorcik