US Dollar falls for the first time in four weeks
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US Markets U.S. equities ended their three-week losing streak after a positive showing by all three major indexes last week. - The Dow gained 2.66%, S&P was up 3.65%, and Nasdaq surged 4.14% on Friday.
- Stocks were volatile throughout the week, but strong performances on Thursday and Friday helped them build momentum for this upcoming week.
- Analysts aren't sure if the bottom of the bear market has been reached and expect volatility to continue in the foreseeable future.
- The current 10 Year U.S. Treasury yield is set at 3.31450%
| Dow Jones | 32,151.71 | 1.19% | | S&P 500 | 4,067.36 | 1.53% | | Nasdaq | 12,112.31 | 2.11% | | Russell 2000 | 1,882.85 | 1.95% | *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 Figures from Statistics Canada released Friday show that the Canadian economy lost 39,700 jobs in August. - The unemployment rate hit 5.4%, a significant increase from June's 4.9% low.
- Average wages were up 5.4%, more than the 5.2% increases recorded both in June and July.
- 27,600 jobs were lost in the public sector, which was responsible for most job losses. The education and construction industries saw significant job losses.
*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 Friday as investors reacted positively to the European Central Bank's 75-basis point interest rate hike. - The Bank of England announced that it will be postponing its September monetary policy meeting by a week due to the Queen's death.
- The European Central Bank updated its inflation projections and now believes the Eurozone will have an average inflation rate of 8.1% in 2022.
- The Stoxx 600 gained 1.6% on Friday, led by mining stocks (up 3.2%) and the tech sector (up 2.7%).
| Euro STOXX 50 | 3,570.04 | 1.64% | | UK (FTSE 100) | 7,351.07 | 1.23% | | Germany (DAX) | 13,088.21 | 1.43% | | France (CAC 40) | 6,212.33 | 1.41% | *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 Markets were up on Friday in Asia, and futures continued to rise over the weekend in response to comments by U.S. Federal Reserve Chair Jerome Powell, who said he is committed to fighting inflation. - Friday was an overwhelmingly positive day for Chinese markets, with the Shangai Composite up 0.82% and the Shenzhen Component gaining 1.11% in mainland China, while the Hang Seng rose 2.69% in Hong Kong.
- Consumer inflation rates in China were reported on Friday to have decreased to 2.5% in August from 2.7% in July.
- Goldman Sachs is predicting that the People's Bank of China will lower interest rates to help spark economic growth.
| S&P Asia 50 | 4,371.05 | 1.39% | | Japan (Nikkei 225) | 28,214.75 | 0.53% | | South Korea (KOSPI) | 2,384.28 | 0.33% | | China (Hang Seng) | 19,362.25 | 2.69% | | India (SENSEX) | 59,793.14 | 0.18% | *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 Gold prices gained 0.3% last week, breaking a three-week losing streak. - Spot gold was up 0.5% on Friday, while U.S. gold gained 0.4%. Gold futures in the U.S. continue to trade above the spot gold price.
- Silver was also up on the week after gaining 1.2% on Friday.
- Palladium had its best single week since July, while Platinum had its best week since June.
| Gold (NYSEARCA:GLD) | 159.82 | 0.53% | | Silver (NYSEARCA:SLV) | 17.32 | 1.70% | | Corn (NYSEARCA:CORN) | 27.26 | 1.91% | | Lumber (NASDAQ:WOOD) | 75.64 | 2.42% | *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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Oil Oil prices rose on Friday after a volatile week that saw significant movements due to supply and demand factors. - Despite the rise on Friday, both major oil indexes finished the week slightly down. Brent crude lost 0.6% and U.S. West Texas Intermediate crude dropped 0.3%.
- Russian President Vladimir Putin threatened to stop exporting gas to Europe if the G7 moves forward with price caps on Russian oil. This and OPEC+ oil output cuts were the main reasons for the supply concerns that caused a price rise on Friday.
- However, prices fell during the week, as the U.S. beat stockpile estimates by nearly 9 million barrels, and China announced new COVID-19 lockdowns and posted lower-than-expected figures for trade and manufacturing. All these factors contributed to pesimism about global economic growth, which could have a negative impact on oil demand.
| Oil (NYSEARCA:OIL) | 30.63 | 3.87% | *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 to a one-week low on Friday as investors prepare for the publication of a U.S. inflation report this week. - The weekly decline in the U.S. Dollar Index, which closed at 108.96 on Friday, broke a three-week winning streak for the dollar.
- Earlier in the week, the index hit a 20-year high, while the U.S. Dollar hit a 24-year high against the Japanese Yen and a 37-year high against the British Pound Sterling.
- Investors estimate an 87% chance that the Fed will increase interest rates by 75 basis points later this month.
| UK(GBP) | £0.86 | -0.70% | | Europe (EURO) | €0.98 | -1.40% | | Canada (Canadian Dollar) | $1.31 | -0.21% | | Japan (Yen) | ¥142.51 | -0.94% | *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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