Market Outlook 🚀 - Futures Rise

US Dollar falls but British Pound is up.

Inside.com Part of   Network October 18, 2022

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US Markets Stock futures were up overnight after a very strong day on Wall Street.  Amazon, Meta, and Microsoft led the recovery of technology stocks.  Banks were also up as they reported higher earnings. Bank of America gained over 6% and New York Mellon rose over 5%.  The current 10 Year U.S. Treasury yield is set at 3.99520% Dow Jones  30,185.82 1.86% S&P 500  3,677.95 2.65% Nasdaq  10,675.80 3.43% Russell 2000 1,735.75 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.

Canadian Markets Business sentiment in Canada is near its lowest point since the start of the pandemic.  The Bank of Canada has lowered its Q3 2022 business growth forecast to 1.69%, from the 4.87% it previously predicted.  The Bank of Canada is still expected to raise interest rates in October and November.  Despite the negative outlook, 40% of workers expect a more than 4% raise in the next year.  TSX  18,621.02 1.61% *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 markets also rose on Monday as investors continued to react to the changes in the U.K. government's policy.  After being named Chancellor of the Exchequer last week, Jeremy Hunt canceled almost all the policies announced in the first budget of Prime Minister Liz Truss.  The Stoxx600 was up 1.8%, led by the automotive industry, which gained 2.8%.  Darktrace surged 13.5% on Monday, leading the Stoxx600.  Euro STOXX 50  3,441.64 1.77% UK (FTSE 100)  6,920.24 0.90% Germany (DAX)  12,649.03 1.70% France (CAC 40) 6,040.66 1.83% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Markets were up on Tuesday after the positive rally on Monday in the U.S. stock markets.  Australian stocks were strong, gaining 1.27% ahead of the release of the minutes from the last meeting of the Reserve Bank of Australia.  The Japanese markets and yen also increased significantly upon opening.  China will be releasing its GDP data today.  S&P Asia 50 3,759.90 -0.54% Japan (Nikkei 225) 27,030.11 0.95% South Korea (KOSPI) 2,238.93 0.87% China (Hang Seng) 16,860.20 1.49% India (SENSEX) 58,410.98 0.85% *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 were flat on Monday as investors felt less pressure from the negative economic data.  Brent was down 0.15% and U.S. West Texas Intermediate crude lost 0.06% -- both fell more than 6% last week.  Despite the plateau, trading volume and market sentiment remain low.  Oil supply remains limited as OPEC+ moves forward with its production cuts.  Oil (NYSEARCA:OIL) 30.45 0.07% Gold (NYSEARCA:GLD) 153.42 0.29% Silver (NYSEARCA:SLV) 17.12 1.84% Corn (NYSEARCA:CORN) 27.31 -1.05% Lumber (NASDAQ:WOOD) 69.81 3.13% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The U.S. Dollar was down on Monday as the British Pound and Euro gained.  The Japanese Yen hit a new 32-year low against the U.S. Dollar.  The British Pound has gained nearly 2% since Jeremy Hunt was appointed UK Chancellor.  The U.S. Dollar Index was down 1.04% on Monday.  UK(GBP) £0.88 -0.57% Europe (EURO) €1.02 -0.94% Canada (Canadian Dollar) $1.38 -0.69% Japan (Yen) ¥149.15 0.34% *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.

Cryptocurrency Bitcoin was up slightly on Monday as its trade volume returned back to its normal levels after falling over the past two weeks.  The broader cryptocurrency market gained ~1.3% on Monday, moving alongside Bitcoin.  POLY soared 27% and was one of the best-performing altcoins on the market.  The attacker behind the Temple DAO exploit has moved over $2.5M in stolen proceeds to Tornado Cash, which will help anonymize further transactions.  Bitcoin $19,562.10 1.51% Ethereum $1,326.88 -0.35% Litecoin $51.75 -0.17% Bitcoin Cash $109.81 -0.44% *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.

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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