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%

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.

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.

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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.

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.

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.

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.

Good trading,
Chris Svorcik