Market Outlook 🚀 - US Equities Rising

Euro Volatile

Inside.com Part of   Network July 20, 2022

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US Markets U.S. stocks were up this morning as investors reacted to better-than-expected corporate earnings. Today's rise follows a winning day for U.S. equities on Tuesday, when the Dow gained over 700 points.  Netflix was up 3% after announcing that it had lost 970,000 subscribers in Q2 2022, less than the 2 million subscribers the company expected to lose.  The current 10 Year U.S. Treasury yield is set at 3.03210% Dow Jones  31,902.47 0.24% S&P 500  3,968.79 0.82% Nasdaq  11,918.97 1.76% Russell 2000 1,824.04 1.37% *Stock Market data as of the last closing bell. Data received directly from the references indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.

Canadian Markets Consumer prices rose again in June, and are 0.7% higher than in May and 8.1% higher than in June 2021.  That's Canada's highest annual inflation rate since January 1983.  Despite the record inflation figures, these numbers are below economists' expectations of an 8.4% annualized inflation rate and a 0.9% month-to-month increase.  Gas prices, which are a primary contributor to inflation, rose 6.2% from the previous month and 55% on an annualized basis.  TSX  18,988.89 0.27% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

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European Markets European stocks were down on Wednesday as investors continued to react to corporate earnings and new economic data. The Stoxx 600 finished down 0.2%. The banking and automotive sectors led losses with a 0.9% drop while tech stocks gained 1.7%.  The European Central Bank is expected to announce its first interest rate hike in 11 years after its meeting tomorrow.  The annual inflation rate in the U.K. hit 9.4% in June, a new 40-year high as the country continues facing a cost-of-living crisis.  Euro STOXX 50  3,585.24 -0.06% UK (FTSE 100)  7,264.31 -0.44% Germany (DAX)  13,281.98 -0.20% France (CAC 40) 6,184.66 -0.27% *European stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.

Asian Markets Stocks in Asia were up on Wednesday following the positive momentum from Tuesday's trading session in the U.S.  China announced that its one-year and five-year prime rates would remain unchanged. They are currently at 3.7% and 4.45%, respectively.  Reserve Bank of Australia Australia Governor Philip Lowe said that new inflation data for Q2 that will be released next week will show that prices are still rising in the country. The Governor also said that he views a neutral interest rate as being at 2.5%, while current rates are at 1.35%, meaning the bank will likely continue hiking rates to help bring inflation back to 2-3%.  Stocks in Australia were up 1.65% despite the negative inflation data. Consumer prices rose 5.1% in the first quarter.  S&P Asia 50 4,716.31 0.42% Japan (Nikkei 225) 27,680.26 2.67% South Korea (KOSPI) 2,386.85 0.67% China (Hang Seng) 20,890.22 1.11% India (SENSEX) 55,397.53 1.15% *Asian stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.

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Commodities Oil prices are even on Wednesday after falling slightly on Tuesday.  Brent Crude was down 1.6% yesterday, while U.S. West Texas Intermediate lost 1.5%.  Crude stocks in the U.S. decreased by 446,000 barrels last week, whereas analysts expected a 1.4 million-barrel increase.   Oil (NYSEARCA:OIL) 33.20 0.00% Gold (NYSEARCA:GLD) 159.04 -0.31% Silver (NYSEARCA:SLV) 17.37 0.46% Corn (NYSEARCA:CORN) 23.90 -0.75% Lumber (NASDAQ:WOOD) 77.43 0.66% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The U.S. Dollar was down this morning as the Euro has been volatile ahead of tomorrow's European Central Bank meeting. The EU has asked its member states to reduce their natural gas consumption by 15% over the next nine months amid fears that Russia will cut natural gas exports to Europe.  The ECB meeting and the reopening of Nord Stream 1, which transports Russian natural gas to Europe, are both taking place tomorrow, causing the Euro's volatility.  The U.S. Dollar Index is currently at 106.64, slightly below the 109.29 record price set last week.  UK(GBP) £0.84 -0.21% Europe (EURO) €0.98 -0.47% Canada (Canadian Dollar) $1.29 -0.74% Japan (Yen) ¥138.24 0.01% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

Cryptocurrency Bitcoin surpassed $24,000 this morning for the first time in over a month.  Bitcoin later fell below $24,000 but stabilized around that price point.  Much of the uncertainty surrounding bitcoin is due to its inability to differentiate itself as a store of value that would not move with financial markets.  Ethereum is up almost 50% over the last week as investors prepare for "the Merge" in September, a network upgrade that will see Ethereum move to proof-of-stake. Bitcoin $23,697.10 5.59% Ethereum $1,556.46 0.90% Litecoin $59.77 3.21% Bitcoin Cash $126.53 4.39% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

Liam Gill is a founder, lawyer and investor. He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law at Zargar Lawyers + Business Strategists in Vancouver, Canada.   Editor Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

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