US Markets

Stock futures were flat overnight after a mixed day on Tuesday.

• The Nasdaq lost 0.59% on Tuesday and the S&P 500 dropped 0.16%, while the Dow Jones Industrial Average gained 0.01%.
• Federal Reserve Chair Jerome Powell will give a speech today at the Brookings Institution and could discuss future interest rate increases.
• Private payroll and jobs data will be released today.
• Salesforce, Petco, and Five Below will be reporting their earnings today.
• The current 10 Year U.S. Treasury yield is set at 3.74220%

Canadian Markets

Canada’s economy is starting to feel the impact of higher interest rate hikes, with consumer spending declining.

• Data from Statistics Canada shows that GDP was flat in October after a 0.1% increase in September.
• Annualized GDP growth reached 2.9% in Q3, down from 3.2% in Q2 2022.
• Household consumption fell by 1% and business capital decreased by 5.1%.

European Markets

Markets in Europe closed down slightly on Tuesday after a volatile trading session.

• The Stoxx 600 fell 0.1% after gaining 0.5% earlier in the day.
• Basic resource stocks rose 2.7% to lead markets and chemical stocks dragged down markets with a 1.7% drop.
• Germany’s annual inflation rate reached 10% in November but the Consumer Price Index shrank by 0.5% from the previous month.

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Asian Markets

Asian stocks were mixed on Wednesday morning after falling on Tuesday, with the Chinese government expected to report that factory activity shrank for the second consecutive month.

• The Chinese government announced a plan to increase vaccinations for the elderly, which Beijing claims will be a key factor in helping to reopen the economy.
• Stocks rose in Australia after data suggested that inflation could be slowing.
• Bilibili surged by nearly 13% after announcing better-than-expected revenue for Q3 2022.

Commodities

Oil prices rose on Tuesday due to expectations that demand for oil will increase as China is expected to ease COVID-19 restrictions.

• Brent crude gained 0.2% and U.S. West Texas Intermediate rose 1.3%.
• Data shows that China and India are purchasing Russian crude at a 40% discount following the embargo from North American and European countries.
• The EU has not yet reached an agreement for a cap on Russian oil prices after Poland, Estonia, Latvia, and Lithuania objected to the previously agreed price per barrel.

Currency Exchange Rates

The U.S. Dollar rose on Tuesday and Wednesday morning to hit a new one-week high.

• Investors estimate there is a 63.5% chance that the Fed will raise rates by 50 basis points and a 36.5% chance of a 75-basis point increase.
• The Euro and British Pound Sterling rose on the day but fell against the U.S. Dollar.
• The Australian Dollar continues to climb as investors expect China to reopen its economy, which would have a positive impact on the Australian economy.

Cryptocurrency

Coinbase wallet plans to end support for Bitcoin Cash, Ethereum Classic, Ripple, and Stellar.

• Phantom, which is currently a Solana-focused wallet, plans to add support for Ethereum and Polygon.
• After Huobi said it will be issuing the new Dominica Coin on Huobi Prime the HT token soared by 15%.
• Crypto prices rose on the day as trade volumes increased.

Good trading,
Chris Svorcik