Market Outlook 🚀 - Markets Continue Rising

Crypto volume still suppressed

Inside.com Part of   Network October 19, 2022

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US Markets Markets were up again on Tuesday for a second straight day, and futures rose overnight, implying the positive momentum should continue.  Netflix shares surged almost 15% overnight after the company reported stronger-than-expected earnings.  Earnings so far have been slightly higher than expected for the S&P 500.  The current 10 Year U.S. Treasury yield is set at 4.01200% Dow Jones  30,523.80 1.12% S&P 500  3,719.98 1.14% Nasdaq  10,772.40 0.90% Russell 2000 1,755.96 1.16% *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 Economists in Canada expect that inflation will fall in September for the third consecutive month.  The current estimate from economists is that the inflation rate will be 6.8% in September.  In August, the Consumer Price Index was at 7%, a decline from 7.5% in July.  Despite lower inflation, food prices are still rising at their fastest pace in over 40 years. TSX  18,798.18 0.95% *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 were up on Tuesday as investors continued to react positively to efforts by the U.K. government to scrap the policies it announced in late September.  The Stoxx600 was up 0.44% on Tuesday, with almost all major sectors gaining on the day.  Basic resources and energy were the sectors ending in the red. Basic resources fell by 1.45% and energy stocks lost 1.42%.  Construction stocks were the best-performing, gaining 1.9%.  Euro STOXX 50  3,463.83 0.64% UK (FTSE 100)  6,936.74 0.24% Germany (DAX)  12,765.61 0.92% France (CAC 40) 6,067.00 0.44% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Asian stocks are up on Wednesday morning, benefiting from the positive momentum in U.S. and European markets a day earlier.  Then Hang Seng fell early in the day, losing more than 1% before regaining those losses.  Indonesia's central bank is starting its governors' meeting today, which should lead to a policy announcement by the end of the week.  China was supposed to publish home price data today, but the government delayed the release.  S&P Asia 50 3,793.49 1.22% Japan (Nikkei 225) 27,348.29 0.71% South Korea (KOSPI) 2,263.15 0.59% China (Hang Seng) 16,802.78 -0.66% India (SENSEX) 58,960.60 0.94% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices closed down on Tuesday due to increasing concerns about the demand for fuel in China.  Brent fell by 1.7%, while U.S. West Texas Intermediate lost 3.1%.  China has delayed the release of some economic indicators due out today, triggering concerns among investors and analysts.  Beijing has been focussing on its "Zero Covid" policies, which have greatly impacted economic growth in China.  Oil (NYSEARCA:OIL) 29.87 -1.90% Gold (NYSEARCA:GLD) 153.75 0.22% Silver (NYSEARCA:SLV) 17.23 0.64% Corn (NYSEARCA:CORN) 27.19 -0.44% Lumber (NASDAQ:WOOD) 70.13 0.46% *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 up slightly on Tuesday after a negative day on Monday to start the week.  The British Pound continues to outperform and recover its losses after the British government appointed a new chancellor of the exchequer and started rolling back its controversial tax plans.  The Australian and New Zealand dollars were up due to better-than-expected CPI data.  The Japanese Yen is at a 32-year low and a new government intervention seems increasingly likely.  UK(GBP) £0.88 -0.86% Europe (EURO) €1.01 -1.18% Canada (Canadian Dollar) $1.37 -0.87% Japan (Yen) ¥149.18 0.37% *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 Cryptocurrency markets were down on Tuesday, with lower-than-expected trading volume again.  ANKR gained 16% and was the top-performing altcoin. XYO also performed well, rising 15% yesterday.  The European Union has urged member countries to end tax breaks on cryptocurrencies and ban crypto mining.  BitKeep was hacked, with $1M stolen in BNB and POLY.  Bitcoin $19,258.40 -0.07% Ethereum $1,303.40 -2.11% Litecoin $51.61 -0.44% Bitcoin Cash $107.98 -2.10% *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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