US Markets

The S&P 500 was down on Monday, hitting a new low for 2022 as the negative momentum from last week carried forward over the weekend.

• The Dow Jones officially moved into a bear market as it is now down 20.4% from its record high on Jan. 4.
• Match Group fell 1.2% to reach its lowest price since it IPOed in 2015.
• The current 10 Year U.S. Treasury yield is set at 3.92650%

Canadian Markets

The government of Canada said it will remove all COVID-19-related border restrictions starting Saturday, Oct. 1.

• This includes all vaccination, testing, and quarantine requirements for international travelers, as well as mask mandates on international and domestic flights and trains.
• The government will just let the current measures expire at the end of September but clarified that it may need to impose restrictions again if required.
• The government is also removing all requirements to monitor and report COVID-19 symptoms.

European Markets

Stocks in Europe were down on Monday following a volatile day of trading.

• The Stoxx 600 fell 0.8% early in the day before recovering half of the losses to finish the day down 0.4%.
• Utilities were the worst-performing stocks, losing 2.3%, while travel stocks fell 2%.
• Housebuilding stocks fell in the U.K. as investors expect a decline in the real estate sector. Vistry Group, Bellway, Taylor Wimpey, and Persimmon were all down more than 6% on the day.

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Asian Markets

Stocks in Asia were down considerably as the negative sentiment from the past week continues to influence investors.

• Major news is expected later this week, with the Reserve Bank of India announcing its monetary policy and China releasing new factory data.
• The Hang Seng Tech Index went against the general markets, gaining 1.61%, even as the rest of the Hang Seng fell.
• Gambling stocks in Macao were up as Hong Kong eased its quarantine policies for travelers.

Commodities

Commodities were down on Monday as investors fear that a global recession is increasingly likely.

• Brent crude was down 2.1% on the day, while U.S. West Texas Intermediate lost 2.3%. This comes after a 5% decline for both benchmark prices over the weekend.
• Steve Hanke of Johns Hopkins University believes there is an 80% chance of a recession in the short term.
• Gold, Silver, Platinum, and Palladium were all down on Monday.

Currency Exchange Rates

The British Pound hit a new record low on Monday after falling 4% during Asian trading hours before rebounding to finish the day down 1.6% when New York markets closed.

• Analysts say that the U.K.’s “Growth Plan” unveiled on Friday will increase debt levels and could put inflationary pressures because it includes additional government spending, as well as lower taxes.
• The U.S. Dollar is at a 20-year high as it continues to climb due to the hawkish tone of the Federal Reserve.
• The South Korean Won has fallen to its 2009 levels, while the Japanese yen continued to gain against the U.S. Dollar.

Cryptocurrency

Bitcoin was up on Monday, reversing the negative trend last weekend.

• Bitcoin saw an increase in trading volume on Monday, indicating strong support for the $18,000 psychological price point.
• Luna Classic was up 60% after Binance unveiled their burn scheme to deal with the remaining coins from the collapse of Terra.
• Disney has posted a job for a legal counsel to assist in developing NFT and Defi projects in accordance with existing regulations as it expands into Web3.

Good trading,
Chris Svorcik