US Markets U.S. equities are flat to start the week following a positive performance last week. - There will be several market-moving events this week. The Bureau of Economic Analysis will release GDP data, over 150 S&P 500 companies are due to release results and the Federal Reserve is scheduled to hold a policy meeting.
- GDP data is expected to show that the U.S. economy contracted for a second consecutive quarter, meaning that the country has probably entered a recession.
- The current 10 Year U.S. Treasury yield is set at 2.82880%
| Dow Jones | 31,998.35 | 0.31% | | S&P 500 | 3,965.57 | 0.10% | | Nasdaq | 11,806.17 | -0.24% | | Russell 2000 | 1,799.98 | -0.38% | *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 Royal Bank of Canada believes that the current correction in the housing market could become the largest in recent history. - RBC predicts that house prices will fall 12% this year, which would be the largest decline in the last 40 years.
- RBC believes that the volume of houses sold will fall by 42% from early 2021 to the end of 2023.
- The projections are based on the Bank of Canada raising interest rates to 3.25%, which would lead to higher mortgage rates.
*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 Stocks in Europe are up slightly on Monday afternoon after falling earlier in the day. - Bank stocks are leading markets, gaining 1.8%.
- Travel and leisure stocks are currently trailing markets, down 0.7%.
- Investors in Europe are still responding to the European Central Bank's unexpected 50-basis-point interest rate hike from last week.
| Euro STOXX 50 | 3,603.37 | 0.19% | | UK (FTSE 100) | 7,295.32 | 0.26% | | Germany (DAX) | 13,264.12 | 0.08% | | France (CAC 40) | 6,231.44 | 0.24% | *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 Markets in Asia were mixed on Monday, with stocks largely impacted by national news. - In China, the securities regulators have not yet decided on a plan for the future of companies listed on both Chinese and U.S. stock markets. This caused Chinese companies listed in the U.S. to fall. Nio lost 6.5%, Xpeng fell 6.3%, and Alibaba dropped 2.5%.
- In Singapore, stocks were down as the annual inflation rate came in at 4.4% in June, above the 3.6% reported last month and the 4.2% predicted by economists.
- Investors in Asia were the first to react to the WHO's declaration that monkeypox was a global health emergency but the announcement has not impacted markets.
| S&P Asia 50 | 4,685.85 | -0.66% | | Japan (Nikkei 225) | 27,699.25 | -0.77% | | South Korea (KOSPI) | 2,403.69 | 0.44% | | China (Hang Seng) | 20,562.94 | -0.22% | | India (SENSEX) | 55,766.22 | -0.55% | *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 stable this morning as markets have been steady following the release of data showing that fuel demand decreased in the U.S. - China announced that its economy grew just 0.4% in the second quarter, which has also contributed to investors predicting a future drop in demand.
- Expectations of lower demand seem to have stabilized markets previously concerned with decreasing supply from Russia and Libya.
- Brent crude has gained 1.14%, and US West Texas is up 1.3% this morning.
| Oil (NYSEARCA:OIL) | 32.24 | 0.56% | | Gold (NYSEARCA:GLD) | 160.38 | -0.18% | | Silver (NYSEARCA:SLV) | 16.99 | -0.88% | | Corn (NYSEARCA:CORN) | 23.33 | 1.92% | | Lumber (NASDAQ:WOOD) | 76.96 | 0.64% | *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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Cryptocurrencies Bitcoin was down over the weekend as investors are concerned about the upcoming Federal Reserve decision. - Bank of America believes that Audius, a decentralized music streaming platform, could be a significant competitor in the market as it gives artists a strong financial incentive to join the platform.
- The Bank of Central African States (CEMAC) has recommended that African countries consider launching a Common Digital Currency to solve the reliability issues of currencies in the region. CEMAC member states include Cameroon, Gabon, Chad, the Republic of Congo, Equatorial Guinea, and the Central African Republic.
- Barclays is expected to invest millions in Copper, a cryptocurrency custody company.
| Bitcoin | $21,810.20 | -2.85% | | Ethereum | $1,509.65 | -5.51% | | Litecoin | $56.19 | -3.73% | | Bitcoin Cash | $124.14 | 1.33% | * 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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