Market Outlook 🚀 - Market Rally Ends

Crypto Trading Volume Remains Low

Inside.com Part of   Network October 20, 2022

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US Markets Markets were down on Wednesday, ending the two-day winning streak for U.S. stocks.  U.S. futures are also down, but all three major indexes are still on track for a positive week.  Rising treasury yields are largely to blame for the downturn in markets.  The current 10 Year U.S. Treasury yield is set at 4.14740% Dow Jones  30,423.81 -0.33% S&P 500  3,695.16 -0.67% Nasdaq  10,680.51 -0.85% Russell 2000 1,725.76 -1.72% *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 Annual inflation in Canada reached 6.9% in September, down from 7% in August, Statistics Canada said on Wednesday.  Economists had estimated a 6.7% inflation rate.  Consumer prices rose 0.1% from August to September.  Economists now expect the Bank of Canada to raise interest rates by 75 basis points at its meeting next week.  TSX  18,674.40 -0.66% *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 were down slightly as investors reacted to new inflation data.  The U.K. Consumer Price Index rose 10.1% in September, led by increases in food and energy prices.  The Bank of England estimates that it would need ten years to unwind the bond-buying program that started a few weeks ago.  The Stoxx600 was down 0.5%, with losses led by financial stocks. Tech stocks led the gains, jumping by 1.2%.  Euro STOXX 50  3,471.24 0.21% UK (FTSE 100)  6,924.99 -0.17% Germany (DAX)  12,741.41 -0.19% France (CAC 40) 6,040.72 -0.43% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Stocks in Asia were down on Wednesday and early Thursday morning amid fears about the health of the global economy.  Stocks in Australia lost nearly 1% on Thursday.  The Chinese Yuan hit a record low against the U.S. Dollar, and the Japanese Yen is at a new 32-year low as currencies in Asia continue to fall due to economic uncertainty.  Beijing has not yet released the economic data it was scheduled to publish on Tuesday, which has triggered fears about the health of the Chinese economy.  S&P Asia 50 3,716.89 -2.84% Japan (Nikkei 225) 27,257.38 0.37% South Korea (KOSPI) 2,237.44 -0.56% China (Hang Seng) 16,511.28 -2.38% India (SENSEX) 59,107.19 0.25% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices were up on Wednesday as supply concerns overrode fears about a potential global recession. Brent gained 2.6%, while U.S. West Texas Intermediate rose 3.3%.  U.S. crude inventories were down by 1.7 million barrels last week, whereas analysts expected an increase of 1.4 million barrels.  The U.S. government's strategic crude stockpile is currently at its lowest level since May 1984.  Oil (NYSEARCA:OIL) 30.58 2.27% Gold (NYSEARCA:GLD) 151.69 -1.34% Silver (NYSEARCA:SLV) 17.01 -1.28% Corn (NYSEARCA:CORN) 27.10 -0.37% Lumber (NASDAQ:WOOD) 68.81 -1.88% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currencies The U.S. Dollar had a strong performance on Wednesday, rebounding from a two-week low a day earlier.  The dollar gained 0.9% against the top six fiat currencies.  The British Pound fell over 1% after new data showed that U.K. annual inflation reached a 40-year high in September.  The Bank of Japan is still weighing up its options for intervening in the markets to prop up the yen. Policymakers could make a decision next week. UK(GBP) £0.89 1.20% Europe (EURO) €1.02 0.76% Canada (Canadian Dollar) $1.38 0.38% Japan (Yen) ¥149.84 0.58% *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 Crypto markets were down on Wednesday again and the trade volume of the major currencies has now declined for two weeks.  Ethereum is now below $1,300 as it continues to fall after the Merge.  Bitcoin seems to have settled into a price territory between $19,000 and $21,000.  Terra has revealed a new four-year plan to rebuild LUNA.  Bitcoin $19,138.20 -2.12% Ethereum $1,285.60 -2.01% Litecoin $51.13 -1.58% Bitcoin Cash $106.12 -4.05% *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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