US Markets

Stocks were up on Wednesday as investors gained confidence that the CPI figures due out later today will show that the inflation rate is falling.

• According to a Dow Jones poll, economists expect a 6.5% annual inflation rate year for December and a 0.1% drop in prices from the previous month.
• The Nasdaq gained 1.76%, the S&P 500 rose 1.28%, and Dow Jones was up 0.80% on Wednesday.
• Bed Bath & Beyond surged 68% as meme stocks rose on the day.
• The current 10 Year U.S. Treasury yield is set at 3.54100%

Canadian Markets

Stocks in Europe rose to their highest point since May 2022 as market sentiment remains high across the continent.

• The Stoxx 600 gained 0.9%, led by technology stocks which rose 3.4%
• The Swiss National Bank lost $143B in the fiscal year 2022, the largest loss in its 116-year history.
• Unemployment in the Eurozone was still at a record-low level in December despite a decline in economic activity.

European Markets

Stocks in Europe rose to their highest point since May 2022 as market sentiment remains high across the continent.

• The Stoxx 600 gained 0.9%, led by technology stocks which rose 3.4%
• The Swiss National Bank lost $143B in the fiscal year 2022, the largest loss in its 116-year history.
• Unemployment in the Eurozone was still at a record-low level in December despite a decline in economic activity.

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Asian Markets

Asian markets are up as China continues to reopen its economy and remove COVID-19 restrictions.

• All quarantine requirements for those traveling to Hong Kong and mainland China were lifted over the weekend.
• Casino stocks rose as a result, with MGM China gaining 4.52%, Wynn Macau rising 4.25%, and Sands China up 3.89%.
• Alibaba gained 5.8% after reports that Jack Ma had given up control of the company.

Commodities

Oil prices rose on Monday due primarily to investors’ belief that oil demand will increase as China reopens.

• Brent was up 1.37% on Monday and U.S. West Texas Intermediate crude gained 1.17%.
• Both benchmarks were down more than 8% last week, their worst week in seven years.
• According to a government estimate, there will be 2 billion trips during China’s Lunar New Year celebrations, a two-fold increase from last year.

Currency Exchange Rates

The US dollar lost 0.07% on Wednesday, a day with little movement in the FX market.

• The Euro is currently at a seven-month high against the U.S. Dollar.
• The USD has fallen 12% against the Euro since September, when it reached a 20-year high.
• The Chinese Yuan is at a 5-month high as the country continues to benefit from its reopening and the lifting of COVID-19 restrictions.

Cryptocurrency

Crypto markets remained stable on Wednesday but have seen upward movements since the start of the year as markets stabilize and equities rise.

• FTX’s attorneys said they have recovered $5B in assets, including cash, cryptocurrency, and liquid securities.
• In December, FTX said it had only ~$1B in assets and up to $10B in liabilities.
• The Justice Department is investigating Solana-based blockchain projects and has requested information from Saber Labs.

Good trading,
Chris Svorcik