Bitcoin going through best week in months
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US Markets Stock futures are down overnight after a positive day for markets on Wednesday. - Tech has been leading the rise in U.S. equities lately. The Nasdaq is up in four of the last five trading sessions and has gained 3.9% this week.
- Tesla reported earnings after the closing bell yesterday. While the results were above expectations, investors were concerned about the narrowing margins on its automotive sales.
- United Airlines also reported earnings after the closing bell, and was down 6% after results were lower than expected.
- AT&T and American Airlines are reporting their earnings this morning. New jobless claims data will also be released this morning.
- The current 10 Year U.S. Treasury yield is set at 3.02100%
| Dow Jones | 31,874.84 | 0.15% | | S&P 500 | 3,959.90 | 0.59% | | Nasdaq | 11,897.65 | 1.58% | | Russell 2000 | 1,827.95 | 1.59% | *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.
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Canadian Markets Bank of Canada Governor Tiff Macklem said that inflation will remain "painfully high" for the rest of 2022. - Data from Statistics Canada released on Wednesday shows that annual inflation reached 8.1% in June, a 39-year high.
- In an attempt to combat inflation, the Bank of Canada on July 13 increased interest rates by 100 basis points, its largest hike since August 1998.
- Higher interest rates have caused a significant decline in the Canadian housing market, where 5-year variable rate mortgages are the standard. Housing and housing-related expenditures account for nearly 10% of Canada's GDP.
*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 closed down on Wednesday after rising earlier in the day. - European markets suffered volatility both on Tuesday and Wednesday, rising in the early hours before turning negative after being influenced by U.S. trading sentiment.
- Uniper was the best performing stock in the Stoxx 600, gaining 13% as the energy company continued bailout negotiations with the German government.
- Volvo was one of the worst-performing stocks. It lost 5% after it missed its earnings estimate for Q2 and lowered its 2022 sales forecast.
| 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.
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Asian Markets Shares in Asia were mixed in early morning trading on Thursday as investors awaited an interest rate decision from the Bank of Japan. - The Bank of Japan kept interest rates at 0.25%.
- Hyundai motors will be reporting its Q2 results later today.
- New data from Japan shows that its consumer price index was up 2.1% last month on an annualized basis.
| S&P Asia 50 | 4,721.62 | 1.29% | | Japan (Nikkei 225) | 27,651.55 | -0.10% | | South Korea (KOSPI) | 2,396.32 | 0.40% | | 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 were down on Wednesday as data from the U.S. government shows that fewer people are driving, which has caused a decrease in demand for gas. - Brent Crude was down 0.4% on the day, while U.S. West Texas Intermediate was down 1.88%.
- Gas demand in the U.S. is 7.6% lower than last year. Gas demand typically increases in July.
- U.S. gasoline inventories were up 3.5 million barrels, above the 71,000 increase predicted by economists.
| Oil (NYSEARCA:OIL) | 32.96 | -0.72% | | Gold (NYSEARCA:GLD) | 158.04 | -0.94% | | Silver (NYSEARCA:SLV) | 17.19 | -0.58% | | Corn (NYSEARCA:CORN) | 23.88 | -0.83% | | Lumber (NASDAQ:WOOD) | 77.80 | 1.14% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar was up slightly on Thursday despite volatility in the foreign exchange markets. - The U.S. Dollar Index gained 0.5% on the day, finishing at 107.14, just below last week's 20-year high of 109.29.
- The U.S. Dollar gained against the Euro and the Yen during U.S. trading hours.
- The Canadian Dollar was down due to higher-than-expected inflation.
| UK(GBP) | £0.84 | -0.17% | | Europe (EURO) | €0.98 | -0.38% | | Canada (Canadian Dollar) | $1.29 | -0.76% | | Japan (Yen) | ¥138.42 | 0.14% | *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.
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Cryptocurrency Bitcoin is having its best week since March and is up 12% in the last seven days. - The British Parliament has introduced new rules for stablecoins in its New Markets Bill.
- Coinbase has confirmed that it has no financial exposure to Troubled Celsius, Three Arrows Capital, or Voyager.
- Binance U.S. has started an affiliate marketing program in response to Coinbase ending its affiliate program.
| Bitcoin | $23,393.90 | 4.24% | | Ethereum | $1,546.85 | 0.27% | | Litecoin | $57.79 | -0.21% | | Bitcoin Cash | $124.11 | 2.39% | *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.
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 |  | 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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