Key Market Insights September 8

8 min read

US Markets

Stock futures are flat as U.S. equities continue to fall amid expectations that interest rates will rise again.

  • September has historically been a bad month for the U.S. stock market.
  • The decline in the Nasdaq on Tuesday caused it to extend its losing streak to seven consecutive trading days, the index’s longest losing streak in six years.
  • The current 10 Year U.S. Treasury yield is set at 3.34460%
Market Price Move
Dow Jones 31,145.30 -0.55%
S&P 500 3,908.19 -0.41%
Nasdaq 11,544.91 -0.74%
Russell 2000 1,792.32 0. 96%

 

Canadian Markets

Consumer debt in Canada continues to rise, with the average non-mortgage debt now at $21,128.

  • The average non-mortgage debt has increased by 2.4% compared to last year.
  • Total consumer debt is up to $2.32T, up 8.2% from last year.
  • Total non-mortgage debt is $591.4B, a 5.2% increase from last year.
Market Price Move
TSX 19,088.27 -0.95%

 

European Markets

Stocks in Europe were up after a few days of negative returns, with investor sentiment shifting in the region.

  • The Stoxx 600 was up 0.2%, led by retail stocks, which gained 1.7%.
  • Oil and gas stocks were down 2.5% — it was the only industry that suffered significant losses.
  • Grocery Hero gained 7.5% on the day after being upgraded by Morgan Stanley.
Market Price Move
Euro STOXX 50 3,500.14 0.29%
UK (FTSE 100) 7,300.44 0.18%
Germany (DAX) 12,871.44 0.87%
France (CAC 40) 6,104.61 0.19%

 

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Asian Markets

Markets in Asia were down on Wednesday morning, with investors anticipating that a further increase in the value of the U.S. Dollar will negatively impact Asian markets.

  • New data revealed that China’s exports grew 7.1% in August year-on-year, missing estimates of 12.8%, and down from a growth of 18% in July.
  • U.S. bond yields were up overnight (U.S. time), which contributed to the decline in Asian markets.
  • The Hang Seng Tech Index lost 1.79% in early trading, dragging down stocks both in mainland China and in Hong Kong.
Market Price Move
S&P Asia 50 4,292.93 -2.22%
Japan (Nikkei 225) 27,313.20 -1.13%
South Korea (KOSPI) 2,375.14 -1.45%
China (Hang Seng) 18,923.59 -1.45%
India (SENSEX) 59,196.99 -0.08%

 

Commodities

Oil prices fell on Tuesday amid concerns about interest rate hikes and COVID-19 lockdowns.

  • Brent crude fell 3%, while U.S. West Texas Intermediate crude lost 2%.
  • Expectations of a stronger U.S. Dollar contributed to the declines because it would make oil more expensive for importing countries.
  • Data on U.S. crude oil and fuel stockpiles would be released later than usual this week because Monday was a holiday.
Market Price Move
Oil (NYSEARCA:OIL) 30.89 -0.36%
Gold (NYSEARCA:GLD) 158.33 -0.58%
Silver (NYSEARCA:SLV) 16.54 -0.18%
Corn (NYSEARCA:CORN) 27.08 1.77%
Lumber (NASDAQ:WOOD) 73.58 -1.02%

Currency Exchange Rates

The U.S. Dollar Index gained 0.38% on Tuesday but Treasury yields are climbing quickly overnight.

  • The Euro and U.K. Pound increased against the six major fiat currencies after hitting multi-year lows on Tuesday.
  • The Japanese Yen continued declining — the U.S. Dollar has gained 24% against the Yen this year.
  • Liz Truss, the incoming British Prime Minister, is considering a plan to freeze energy bills for households in a bid to make energy more affordable.
Market Price Move
UK(GBP) £0.87 -0.00%
Europe (EURO) €1.01 0.21%
Canada (Canadian Dollar) $1.32 0.30%
Japan (Yen) ¥143.53 2.16%

 

Cryptocurrency

Bitcoin hit its lowest price in over two months after cryptocurrency prices were down significantly on Tuesday.

  • Bitcoin trading volume declined by 4.5%, meaning this was not a panic sell-off.
  • Ether was also down but had higher than average trading volume due to the interest in its upcoming Merge.
  • KPMG forecasts that investments in the cryptocurrency industry will continue decreasing until the end of 2022.
Market Price Move
Bitcoin $18,634.60 -6.74%
Ethereum $1,499.79 -7.30%
Litecoin $53.21 -11.85%
Bitcoin Cash $111.09 -6.14%

 

Good trading,
Chris Svorcik

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