US Markets

Futures remained negative over the weekend after the S&P 500 suffered its worst performance in three months last week.

• Transportation stocks, seen as a strong indicator of economic strength, were down significantly last Friday as FedEx fell 21.4% and UPS lost 4.5%.
• Adobe was down 25% last week after announcing its acquisition of Figma.
• The current 10 Year U.S. Treasury yield is set at 3.45330%

Canadian Markets

The Royal Bank of Canada said that higher interest rates would continue to have a negative impact on home prices in the country.

• The Home Price Index was down 1.6% from July to August.
• The index is down 7.4% since February, when the Canadian housing market peaked.
• Policymakers have increased the benchmark interest rate from 0.25% to 3.25% so far this year to fight inflation. The annual inflation rate reached 7.6% in July, nearly four times higher than the central bank’s target.

European Markets

Stocks in Europe continued their negative trend over the weekend amid volatility caused by growth concerns, fears of further rate hikes, and the ongoing energy crunch.

• The Stoxx 600 was down 1.6% on Friday, with every sector finishing in the red.
• The food and beverages and the media sectors were both down 1.5%, while automotive stocks fell by 1%.
• The World Bank warned of a global recession in 2023, significantly dampening investor sentiment.

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Asian Markets

Stocks in Asia were down last week due to poor economic data from the U.S. and despite reports showing that China’s economy is performing above expectations.

• Data released late last week showed China’s industrial production and retail sales figures were higher than expected in August.
• Retail sales in China were up 5.4% in August compared to 2.7% in July and the 3.5% expected by economists.
• Industrial production in China was up 4.2% last month, which was higher than the 3.8% expected.
• Fixed Asset Investment in China for the first eight months of 2022 was up 5.8% compared to the 5.5% expected by economists.

Commodities

Oil prices were largely unchanged on Friday but finished the week in the red due to investor concerns about a global recession.

• Brent crude was up under 0.7% on Friday, while U.S. West Texas Intermediate gained 0.9%.
• Both oil benchmarks have now been down for three consecutive weeks.
• So far this quarter, they are both down more than 20%.

Currency Exchange Rates

The U.S. Dollar Index was down on Friday but saw gains last week amid fears of a global recession.

• The index finished the week up 0.6% at 109.68, just below the 20-year high of 110.79 from earlier this month.
• On Friday, the index was down 0.1% but tracked about even with the Euro and the British Pound Sterling, which were also down on the day relative to other fiat currencies.
• So far this year. the U.S. Dollar is up 15% against the six largest fiat currencies.

Cryptocurrency

Cryptocurrencies were down over the weekend following Ethereum’s Merge last week.

• Chandler Guo, an Ethereum miner, has predicted that the Merge will cause over 90% of miners to go bankrupt.
• The new Ethereum Proof-of-Work network has faced technical issues since launching as its own fork of the popular network.
• Bitcoin volume has fallen amid an increase in Ethereum trading.

Good trading,
Chris Svorcik