US Markets

Stocks were down on Monday after a volatile trading session to start the holiday-shortened week.

• Disney shares rose 6.3% on the news that Bob Iger will return to the company as CEO.
• Apple has delayed deliveries of the new iPhone 14 Pro and 14 Pro Max phones.
• The current 10 Year U.S. Treasury yield is set at 3.81850%

Canadian Markets

Monthly rent in Canada increased by 12% on average from October 2021 to October 2022.

• House rent rose 2.2% from September despite declining house prices.
• Rental prices were the highest in Vancouver, with the average at $2,576, followed by Toronto at $2,478.
• Prices in Vancouver have declined slightly in the past two months, while those in Atlantic Canada are rising the most, gaining 32.2% in the last year.

European Markets

European markets were down slightly on Monday due to continued inflationary pressures.

• The Stoxx 600 fell 0.01%. Oil and gas stocks led losses with a 2.6% drop.
• Food and beverage was one of the few sectors to gain on the day, rising 1.3%.
• Virgin Money was the top-performing company. It gained 15% after announcing higher-than-expected profits and a share buyback program.

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Asian Markets

Shares in Asia were down on Monday due to concerns about the ongoing COVID-19 surge in China.

• Stocks in China were down across the board. The Hang Seng fell 2.02%, the Shanghai Composite lost 0.39%, and the Shenzhen dropped 0.4%.
• Malaysia had an election last weekend, which has led to a hung parliament and some political instability.
• Airlines and casino operators were the worst-performing stocks in China, while beer companies fell significantly in Malaysia.

Commodities

Oil prices were volatile on Monday amid fears that COVID-19 outbreaks will put downward pressure on China’s oil demand.

• Brent lost 0.39%, while U.S. West Texas Intermediate dropped 0.42%.
• Goldman Sachs has cut its forecast for oil prices due to the lack of clarity by G-7 nations on a Russian oil price cap.
• Early in the day, oil prices dropped by over 5% after it was reported that OPEC+ would be increasing production.

Currency Exchange Rates

The U.S. Dollar rose on Monday as it continues to recover from the losses it suffered two weeks ago, following the release of positive inflation data.

• A Federal Reserve Governor said that the U.S. central bank may push the overnight lending rate, which is now at between 3.75% and 4%, to over 5% to fight inflation.
• The U.S. Dollar Index has lost more than 4.7% so far this month but has gained over 12% in the past year.

Cryptocurrency

Bitcoin was down to a 1.5-year low on Monday as the industry as a whole fell significantly.

• FTX’s new CEO John Ray said that the company will either restructure its global entities or sell off business assets.
• Blockchain data shows that 180,000 ETH was moved after being stolen from FTX.
• According to a new estimate by blockchain analytics firm IntoTheBlock, 51% of all Bitcoin addresses are currently at a loss (in U.S. Dollars).

Good trading,
Chris Svorcik