US Markets

Stocks rose on Wednesday after Federal Reserve Chair Jerome Powell gave a speech confirming investors’ assumptions that the Federal Reserve is likely to reduce the aggressive rate hikes.

• Following Wednesday’s rally, U.S. equities were up for the month of November. The Dow gained 5.7%, the S&P 500 rose 5.4%, and the Nasdaq jumped 4.4%.
• Some analysts foresee a soft landing for U.S. stocks in 2023, but l don’t believe there will be a bull run next year.
• The current 10 Year U.S. Treasury yield is set at 3.60630%

Canadian Markets

Kevan Cowan has been appointed as the new chair of the Ontario Securities Commission (OSC).

• Cowan is already a board member and key adviser to the Ontario government on securities and capital markets.
• He was previously the CEO of the Capital Markets Authority Implementation Organization.
• He was also the president of the Toronto Stock Exchange and previously practiced corporate and securities law.
• The OSC is an independent government agency that is responsible for enforcing provincial law.
• Canada is one of the few countries with no national securities regulator equivalent to the SEC. Instead, each province is responsible for regulating securities exchanges in its own jurisdiction.

European Markets

European markets finished November in the green after rising on Wednesday.

• The Stoxx 600 gained 0.6% on Wednesday and finished the month up 6.1%.
• Household goods stocks were up 2.3% to lead markets yesterday. The only sector that finished in the red was chemicals, down 0.2%.
• New figures suggest that the EU’s inflation rate for November will be below investors’ expectations.

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Asian Markets

Stocks in Asia closed higher on Wednesday despite Chinese factory activity falling to its lowest level since April and short of investor expectations.

• Australia recorded an annual inflation rate of 6.8% in October, down from 7.3% in September. Housing, food, and transport prices rose the most.
• The Purchasing Managers Index in China was at 48 for November, which indicates that the economy contracted.
• Stocks in China continue to rise on the news that the country is boosting its vaccine strategy and could shift away from its “Zero Covid” policy.

Commodities

Oil prices were up on Wednesday amid signs that supply may be tightening while demand grows in China.

• Brent crude rose 2.8% and U.S. West Texas Intermediate gained 3.01%.
• Crude oil stockpiles in the U.S. declined by 13 million barrels last week, the largest one-week drop since 2019.
• U.S. oil output increased by 2.4% in September, to 12.27 million barrels per day.

Currency Exchange Rates

The U.S. Dollar declined on Wednesday after Jerome Powell indicated that the Federal Reserve will likely ease its rate hikes.

• In November, the U.S. Dollar Index had its worst month since 2010.
• The index lost 1% on Wednesday to finish the month down 5.10%.
• The USD lost 7.39% against the Japanese Yen in November, the steepest decline since December 1998.

Cryptocurrency

Crypto markets rose on Wednesday as Bitcoin was back over $17,000.

• So far this year, the crypto market has lost 63% in value.
• Bitcoin fell 18% in November and Ether slumped 21%.
• Kraken said it plans to cut its workforce by another 30%.

Good trading,
Chris Svorcik