US Markets

Stock futures are up overnight after a strong start to the week for U.S. equities.

• The Consumer Price Index report will be released later today and will significantly impact markets this week.
• Investors’ confidence has largely been supported by the belief that inflation has peaked, any indication that this is not the case will have a negative impact on U.S. equities.
• The current 10 Year U.S. Treasury yield is set at 3.34350%

Canadian Markets

Data from Statistics Canada shows that household debt continues to increase in the country.

• On average, Canadians owe $1.82 for every $1.00 disposable income they earn.
• Debt ratios are also getting worse as the total value of household financial assets fell by a record of $530.6B last quarter while household worth decreased by $990.1B, or 6.1%.
• In short, Canadians are loaning more money against assets that are declining in value, creating a highly dangerous financial situation.

European Markets

Stocks in Europe were up on Monday amid expectations that the CPI report out today will confirm that U.S. inflation has peaked.

• Retail stocks gained 4.5% on the day, leading the Stoxx 600, which was up 1.8%.
• All sectors of the market finished in the green.
• Bridgepoint Group led the Stoxx 600 as the British private equity firm gained 9%.

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Asian Markets

Stocks rose on Tuesday morning in Asia as investors awaited the August CPI figures in the U.S.

• Markets in Mainland China, Hong Kong, and South Korea were closed on Monday for a holiday.
• South Korean stocks gained nearly 2% in their first hour of Tuesday.
• The U.S. inflation rate for August is expected to come in at 8%, down from 8.5% in July.

Commodities

Oil prices were up on Monday amid concerns of decreasing supply due to a forthcoming EU embargo on Russian oil shipments and Iranian nuclear talks falling through.

• Brent crude gained 1.25%, while U.S. West Texas Intermediate crude rose 1.1%.
• China’s annual oil demand is expected to decrease in 2022, which would be the first such fall in over two decades.
• The rising value of the U.S. Dollar is also a concern in the market since it could dampen demand for oil.

Currency Exchange Rates

The U.S. Dollar fell to its lowest value in two weeks on Monday ahead of the CPI data being released today.

• The Euro hit a three-week high amid expectations that the European Central Bank will raise interest rates again.
• The U.S. Dollar Index was down 0.63% and is currently at 108.31.
• The Australian Dollar is at $0.689 after gaining 0.7% on Monday.

Cryptocurrency

Bitcoin rose to $22,000 while other cryptocurrencies were down on Monday.

• Ethereum’s Merge is scheduled for this week and will move the network from proof-of-work to proof-of-stake.
• The market is currently awaiting the Federal Reserve’s monetary policy announcement next week. Another rate increase would negatively impact cryptocurrency markets.
• Bitcoin is up 17% from the 3-month low it hit last Wednesday.

Good trading,
Chris Svorcik