US Markets U.S. stock futures were flat overnight after another negative trading day as investors await the release of June's consumer price data due this morning. - If the CPI shows that the inflation rate continues soaring, the Federal Reserve may choose to raise interest rates another 75 basis points at its next meeting.
- Earlier this month, the Fed announced its first 75-basis-point hike since 1994.
- Delta Air Lines will report earnings this morning, while JP Morgan and Morgan Stanley will post their Q2 results before Thursday's opening bell.
- The current 10 Year U..S Treasury yield is set at 2.98260%
| Dow Jones | 30,981.33 | -0.62% | | S&P 500 | 3,818.80 | -0.92% | | Nasdaq | 11,264.73 | -0.95% | | Russell 2000 | 1,728.18 | -0.22% | *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 Desjardins Securities believes that the Bank of Canada may start changing its rhetoric soon to prepare markets for an easing of interest rates as recent data shows signs of a mixed economy. - Statistics Canada estimates that the economy contracted by 0.2% in May, with high-interest rates largely to blame due to their impact on the housing market, which accounts for 10% of Canada's GDP.
- Surveys from the Bank of Canada show that most consumers and business leaders expect that the inflation rate will remain above 3% for at least two years.
- Desjardins expects that the Bank of Canada will continue raising rates in the short term.
*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 up on Tuesday after a midday reversal of fortunes. - The Stoxx 600 finished the day up 0.4%, having fallen more than 0.3% during trading.
- Financial services stocks led markets, jumping 2%, while the oil and gas sector was the worst-performing, falling 1.2%.
- The French government announced plans to nationalize EDF, causing the company's shares to gain more than 6% on the day.
| Euro STOXX 50 | 3,487.05 | 0.44% | | UK (FTSE 100) | 7,209.86 | 0.18% | | Germany (DAX) | 12,905.48 | 0.57% | | France (CAC 40) | 6,044.20 | 0.80% | *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 Stocks in Asia were mixed on Wednesday as national data impacted local markets. - According to a media report, the Chinese government is considering introducing quarantine-free travel by November, which caused airline stocks to rise.
- The Bank of Korea and the Reserve Bank of New Zealand both announced rate hikes of 50 basis points this morning.
- Chinese trade data shows that during H1 2022 imports rose by 4.8% and exports by 13.2%.
| S&P Asia 50 | 4,665.11 | -0.36% | | Japan (Nikkei 225) | 26,423.11 | 0.33% | | South Korea (KOSPI) | 2,335.24 | 0.75% | | China (Hang Seng) | 21,020.70 | 0.84% | | India (SENSEX) | 53,886.61 | -0.94% | *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 suffered extreme losses on Tuesday, which carried into early morning trading in Asia on Wednesday morning. - Prices dropped more than 7% on Tuesday on fears of a glocal economic slowdown.
- Brent crude fell a further 0.7% in the first 30 minutes of trading in Asia on Wednesday.
- Multiple cities in China have announced new COVID-related lockdowns, including business shutdowns and mobility restrictions.
| Oil (NYSEARCA:OIL) | 30.92 | -7.04% | | Gold (NYSEARCA:GLD) | 160.83 | -0.37% | | Silver (NYSEARCA:SLV) | 17.44 | -0.80% | | Corn (NYSEARCA:CORN) | 23.66 | -5.62% | | Lumber (NASDAQ:WOOD) | 74.30 | 0.60% | *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 Euro is barely hanging onto parity with the U.S. Dollar as investors continue to abandon the single currency. - The Euro is down 12% this year, which has been partly blamed on the European Central Bank's refusal to increase interest rates.
- The U.S. Dollar hit its highest point against the Japanese Yen since 1998 in early morning trading in Asia.
- The British Pound is struggling for stability as eight conservative candidates have joined the race to replace Boris Johnson as Prime Minister.
| UK(GBP) | £0.84 | -0.11% | | Europe (EURO) | €1.00 | 0.03% | | Canada (Canadian Dollar) | $1.30 | 0.09% | | Japan (Yen) | ¥137.11 | -0.21% | *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 was stable on Tuesday but investors are concerned that another downward move could trigger a mass sell-off. - The $17,500-18,500 price point is the next psychological threshold for the currency.
- Tokensoft has launched the second version of its Web 3 platform on Ethereum and Avalanche.
- Banque de France, the French central bank, said it wants to launch a CDBC by 2023.
| Bitcoin | $19,452.50 | 0.78% | | Ethereum | $1,051.25 | 1.34% | | Litecoin | $47.83 | 1.16% | | Bitcoin Cash | $98.25 | -0.82% | *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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