US Markets

Futures were flat overnight after a market rally came to an end on Wednesday, when stocks suffered minor losses but were mostly stable.

• Data from ADP showed that the U.S. economy added 208,000 jobs to the private sector, beating expectations of 200,000 new jobs.
• Investors are in a challenging position as they gauge the health of the U.S. economy. Some think the Federal Reserve’s rate increases are causing a recession, while others believe the rate hikes are lowering inflation with a minimal decline in economic activity.
• The current 10 Year U.S. Treasury yield is set at 3.75690%

Canadian Markets

Starting today, consumers in Canada could face an increase in costs as merchants will be allowed to charge credit card fees.

• A recent survey found that 19% of businesses plan to pass on the fees to consumers.
• Credit card fees usually are 1.5-2.5% of the total sale price for merchants.
• Telus, the third largest telecommunications company in the country, has submitted a filing with the Canadian Radio-television Telecommunications Commission seeking their approval to charge consumers an additional 1.5% on their monthly bills if they pay by Visa or Mastercard.

European Markets

Stocks in Europe were down on Wednesday as the positive momentum faded in international markets.

• Oil and Gas stocks were up on the day despite the negative sentiment, gaining almost 1%.
• The Stoxx 600 was down 1%, with retail stocks losing 3.2%.
• GN Store Nord, a Danish hearing aid manufacturer, was the worst-performing stock, falling 7.5%.

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Asian Markets

Shares in Asia rose on Wednesday as they benefited from positive U.S. momentum from Tuesday.

• The Hang Seng Tech Index gained 7.5%, helping the Hang Seng close up by almost 6%.
• Stocks in Australia gained 1.74% as Australian markets continue to have positive momentum.
• Markets in mainland China and India were closed on Wednesday for holidays.

Commodities

Oil prices rose after OPEC+ members agreed to cut oil production.

• The decrease comes despite comments from the U.S. government that OPEC+ should increase oil output to help the global economy recover and fight inflation.
• The cuts will be between 500,000 and 2 million barrels per day.
• Oil prices are down to $80 from highs of $120 earlier in the summer.

Currency Exchange Rates

The U.S. Dollar was up slightly as markets in Europe and overseas declined.

• The U.S. Dollar gained 1% against the six top fiat currencies.
• The British Pound fell after hours as the markets reacted negatively to a speech by U.K. PM Liz Truss.
• Fed Presidents have started to take a less hawkish tone when discussing future interest rate hikes.

Cryptocurrency

Cryptocurrency prices were mostly flat on Wednesday as investors continued to evaluate the health of the U.S. economy.

• Mythical Games has founded Mythos Foundation to help support Decentralized Web3 Gaming.
• GMX’s token has surged after being listed on Binance. GMX is a decentralized exchange.
• Trading volume continues to increase in Bitcoin, which seems to indicate that investors are looking for a sign to either short or support the market.

Good trading,
Chris Svorcik