Canadian Real Estate Falls
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US Markets Stock futures are down overnight after a significant market rally on Wednesday. - Despite the gains on Wednesday, the Nasdaq is down 6.5% this month, the S&P 500 has lost 5.9%, and the Dow has dropped 5.8%.
- Despite the decline in futures, analysts say that the current bounce in stock prices is due to the widespread belief that stocks have been oversold.
- The current 10 Year U.S. Treasury yield is set at 3.75240%
| Dow Jones | 29,683.74 | 1.88% | | S&P 500 | 3,719.04 | 1.97% | | Nasdaq | 11,051.64 | 2.05% | | Russell 2000 | 1,715.24 | 3.17% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets A private report by Re/Max Canada forecasts that home prices in Canada will fall by 2.2% in the last three months of 2022. - The report predicted that 23 of the 30 markets analyzed will fall in the last quarter, while seven markets will appreciate.
- St. John's is expected to rise the most, gaining 7%, while Calgary and Edmonton are the two major markets that are forecasted to rise.
- Other major markets are expected to decline, including Vancouver (-3%) and Toronto (-6.3%).
*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 saw gains on Wednesday after recovering from a downturn earlier in the trading session. - The Stoxx 600 finished up 0.3% after falling around 2% earlier.
- Banks fell 2.2% to lead losses but healthcare stocks led gains with a 1.8% increase.
- Thyssenkrupp was down 11% as JPMorgan listed the stock as underweight.
| Euro STOXX 50 | 3,335.30 | 0.20% | | UK (FTSE 100) | 7,005.39 | 0.30% | | Germany (DAX) | 12,183.28 | 0.36% | | France (CAC 40) | 5,765.01 | 0.19% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Shares in Asia are up on Thursday morning after a mixed day on Wednesday. - Onewo and Zhejiang Leapmotor Technology have their initial public offerings in Hong Kong today.
- Stocks rebounded after the Bank of England announced that it would intervene in the bond market to help stabilize the British pound.
- The Bank of China has warned investors against betting on the Chinese yuan, which has seen a decline this week.
| S&P Asia 50 | 3,885.57 | -2.71% | | Japan (Nikkei 225) | 26,346.32 | 0.66% | | South Korea (KOSPI) | 2,200.94 | 1.46% | | China (Hang Seng) | 17,250.88 | -3.41% | | India (SENSEX) | 56,598.28 | -0.89% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices rose on Wednesday after the U.S. reported low stocks, which caused pressure on the supply side. - Brent crude rose 3.5%, and U.S. West Texas Intermediate was up 4.65%.
- U.S. crude oil stocks fell by 215,000 barrels and gasoline inventories declined by 2.4 million barrels.
- Production in the Gulf of Mexico is down 11% due to Hurricane Ian.
- OPEC+ will meet next week to discuss potential output decreases.
| Oil (NYSEARCA:OIL) | 29.05 | 3.90% | | Gold (NYSEARCA:GLD) | 154.69 | 2.08% | | Silver (NYSEARCA:SLV) | 17.45 | 3.25% | | Corn (NYSEARCA:CORN) | 26.77 | 0.49% | | Lumber (NASDAQ:WOOD) | 66.12 | 2.70% | *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 fell as other countries took aggressive measures to prop up their currencies. - The Bank of England announced it would purchase U.K. government bonds, increasing the pound's value.
- The Bank of China explicitly warned that the recent increase of the U.S. Dollar against the Yuan was not indicative of future performance.
- The Australian Dollar gained almost 1.5%.
| UK(GBP) | £0.93 | -0.52% | | Europe (EURO) | €1.03 | -0.75% | | Canada (Canadian Dollar) | $1.37 | -0.43% | | Japan (Yen) | ¥144.35 | -0.11% | *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 up on Wednesday and its trade continues to be above average. The currency gained 2.4% but failed to rise above the $20,000 price point. - Ethereum was also up slightly. Since the Merge, Ethereum is down 21% relative to Bitcoin.
- Crypto.com has obtained regulatory approval to operate its exchange in France.
- Analysts say that cryptocurrency prices may rise if the Chinese Yuan continues falling and cryptocurrencies become a safe haven.
| Bitcoin | $19,436.90 | 1.02% | | Ethereum | $1,334.24 | 0.48% | | Litecoin | $53.19 | 0.99% | | Bitcoin Cash | $114.19 | -1.84% | *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 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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