Market Outlook 🚀 - US Futures Up

US Dollar continues to rise

Inside.com Part of   Network October 12, 2022

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U.S. Markets Stock futures are up overnight as investors continue to speculate about the latest inflation numbers, which will be released this morning.  The minutes from last month's Federal Reserve meeting will also be released later today.  PepsiCo will announce its quarterly earnings today, which could set the tone for the rest of earnings season.  The current 10 Year U.S. Treasury yield is set at 3.92990% Dow Jones  29,239.19 0.12% S&P 500  3,588.84 -0.65% Nasdaq  10,426.19 -1.10% Russell 2000 1,692.92 0.06% *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 According to a report from HelloSafe, Canadians are expected to spend 28.4% more on Halloween celebrations this year than in 2021.  The average Canadian will likely spend $87.60 on Halloween this year.  Canadians spent an average of $97 on Halloween in 2019, before the pandemic started. Major expenses for the celebrations include candy, activities, and decorations.  TSX  18,216.68 -1.97% *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 Markets in Europe lost ground on Tuesday as the International Monetary Fund (IMF) cut its projection for global growth.  The IMF cut its 2023 global growth forecast to 2.7%, from 2.9%. Persistent inflation will likely undermine economic growth in many countries.  The Bank of England bought up bonds again on Tuesday to restore "financial stability" amid increased volatility in the bond markets.  European markets are expected to see more losses on Wednesday. Euro STOXX 50  3,340.35 -0.49% UK (FTSE 100)  6,885.23 -1.06% Germany (DAX)  12,220.25 -0.43% France (CAC 40) 5,833.20 -0.13% *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 are down today due to the IMF lowering its global growth forecast.  Stocks in Hong Kong and mainland China were down, led by losses in tech, with the Hang Seng Tech index down more than 3% in the first hour of trading.  South Korea has raised interest rates by 50 basis points, bringing the benchmark rate to 3%.  Stocks in Japan and Australia were mostly flat with little national news influencing their movements.  S&P Asia 50 3,754.60 -4.13% Japan (Nikkei 225) 26,404.11 0.01% South Korea (KOSPI) 2,200.22 0.37% China (Hang Seng) 16,510.05 -1.91% India (SENSEX) 57,340.95 0.34% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices dropped again due to concerns about the spread of COVID-19 in China.  Brent was down 0.5% on Tuesday, while U.S. West Texas Intermediate fell by 0.8%. As infection numbers rise, major cities including Shanghai and Shenzhen announced tighter social restrictions and mass testing programs.  The U.S. Energy Information Administration will release data about the country's stockpiles later today.  Oil (NYSEARCA:OIL) 31.29 -2.28% Gold (NYSEARCA:GLD) 155.16 -0.21% Silver (NYSEARCA:SLV) 17.68 -2.27% Corn (NYSEARCA:CORN) 27.64 -0.47% Lumber (NASDAQ:WOOD) 67.46 -0.06% *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 continues to rise against other major currencies, with the U.S. Dollar Index gaining 0.16% on Tuesday.  The U.S. Dollar hit a new 24-year high against the Yen as Japanese officials continue to discuss further intervention to stabilize the currency.  The Australian Dollar hit a new 30-month low against the U.S. Dollar.  The British Pound continues its decline despite fresh attempts by the Bank of England to purchase bonds and stabilize the currency.  UK(GBP) £0.91 0.78% Europe (EURO) €1.03 -0.05% Canada (Canadian Dollar) $1.38 0.25% Japan (Yen) ¥146.25 0.40% *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 The crypto market has been largely stable this week, ahead of the U.S. inflation data due later today.  Bitcoin and Ethereum's trading volumes are both below expectations, signaling a lack of action.  The SEC is investigating Yuga Labs, the creator of Bored Apes for offerings unregistered securities to the public.  Alex Mashinskey the former CEO of Celsius, which is bankrupt and won't allow customers to withdraw their crypto, has cashed out nearly $1M of his own funds from crypto to fiat.  Bitcoin $19,086.40 -0.28% Ethereum $1,290.23 0.81% Litecoin $52.25 0.46% Bitcoin Cash $111.51 -0.09% *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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