US Markets

Markets were up on Friday as investors continued to analyze statements from the Federal Reserve and the impact of retail earnings reports.

• The major indexes were down for the week, with the Dow losing 0.01%, the S&P 500 losing 0.69%, and the Nasdaq down 1.57%.
• All the major indexes are still up in November despite last week’s negative performance.
• The current 10 Year U.S. Treasury yield is set at 3.82700%

Canadian Markets

The CRA announced that Canadians’ tax-free savings account contribution limit would be increased by $500 to $6,500.

• The limit only applies to those already at the maximum contribution for past years.
• The latest estimates from the Canada Revenue Agency show that only 10% of TFSA holders contribute to their maximum.
• The total space allowable now for those that were 18 or older in 2009 is $88,000.

European Markets

European markets were up on Friday as investors reacted to the U.S.’s potential changes in monetary policy.

• The Stoxx 600 was up 1.1% on Friday after losses earlier in the day.
• Retail and automotive stocks led the markets, gaining 2% as all industries were up on the day.
• Verbund was the best-performing stock in Europe, gaining 8.2%.
• Fuchs was the worst-performing stock losing 4.6%.

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Asian Markets

Stocks in Asia were mixed on Friday in response to local economic data.

• Japan’s core consumer price index was 3.6% higher than last year. This is Japan’s fastest consumer price increase in over 40 years.
• Alibaba’s biggest sales day, Singles Day, was disrupted by COVID-19 suggest, which caused delivery issues. Alibaba also announced $15B in share buybacks.
• Defence stocks in South Korea were up after North Korea confirmed they launched an inter-continental ballistic missile.

Commodities

Oil prices were down by more than $2 a barrel on Friday, leading to a second straight weekly loss for oil prices.

• Brent crude was down 3.1%, and U.S. West Texas Intermediate crude was down 3.2% on Friday.
• Last week, Brent crude fell by 9%, and U.S. West Texas Intermediate crude was down 10.5%.
• The EU’s ban on Russian Crude will come into effect in three weeks, creating pressure on markets.

Currency Exchange Rates

The U.S. dollar was down slightly over the weekend after gaining on Friday.

• The U.S. dollar had its largest weekly gain over a month last week.
• The U.S. dollar appears to be trending back upwards after losing more than 4% last week after better-than-expected inflation figures.
• British retail figures showed that consumers were spending more despite the country’s 41-year high inflation rate, which helped boost the currency.

Cryptocurrency

Most cryptos have stabilized following a downfall last week caused largely by the FTX bankruptcy.

• Solana Foundation has revealed that it was heavily invested in FTX, which has caused SOL to fall by 56% in the last seven trading days.
• Visa has officially ended its partnership with FTX, which would have seen crypto debit cards released in 40 cities.
• Bitfarms has paid down $27M in debt as crypto companies attempt to limit their liabilities and improve liquidity.

Good trading,
Chris Svorcik