US Markets Stocks increased significantly after shaking off a decline earlier in the day caused by the release of CPI data, which came in higher than expected. - The rise breaks a six-day losing streak for the S&P 500.
- The government will release retail sales figures today and the University of Michigan will publish its latest consumer sentiment report.
- The current 10 Year U.S. Treasury yield is set at 3.96070%
| Dow Jones | 30,038.72 | 2.83% | | S&P 500 | 3,669.91 | 2.60% | | Nasdaq | 10,649.15 | 2.23% | | Russell 2000 | 1,728.41 | 2.41% | *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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Market Insights The Consumer Price Index data released yesterday was higher than expected. Let's break down some of the key numbers. - While the index as a whole shows prices increased by 0.4% from August to September, if you exclude the cost of food and energy (which most politicians cite as the major causes of inflation), prices actually rose by 0.6%.
- Worker wages in the U.S. continue to decline. Adjusted for inflation, wages lost 3% in the past 12 months and 0.1% from August to September.
- Food prices are up 11.2% from a year ago, and egg prices have soared 30.5% in the past 12 months.
- Transportation, Medical Care, and Airfare were all up in September compared to August, while vehicles, apparel, energy, and gasoline prices fell.
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Canadian Markets A report from RE/MAX shows that Canada's condo market is losing inventory, with many choosing to rent instead of selling due to declining home prices. - Condos make up a significant portion of home sales in some major cities, accounting for 54.3% of all real estate sales in Vancouver and 36.3% in Toronto.
- Demand for rentals seems to be increasing, with many prospective buyers anticipating that home prices will continue to fall.
- House sales have declined in the first eight months of 2022.
*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 rose on Thursday after another volatile day due to reports that the U.K. may alter its fiscal policy and as investors reacted to the U.S. CPI data. - The Stoxx 600 was up 0.9%, led by travel stocks, which gained 3.9%.
- Food and beverage stocks underperformed, falling by 1%.
- Germany's annual inflation rate reached 10% in September.
| Euro STOXX 50 | 3,362.40 | 0.93% | | UK (FTSE 100) | 6,850.27 | 0.35% | | Germany (DAX) | 12,355.58 | 1.51% | | France (CAC 40) | 5,879.19 | 1.04% | *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 Stocks in Asia are up significantly on Friday morning, following the release of the U.S. inflation report. - Markets in Japan and South Korea gained ~2% in early trading. Stocks in Australia were also up nearly 2%.
- Singapore said that its GDP grew 4.4% in the last quarter.
- China will be publishing inflation data later today.
| S&P Asia 50 | 3,785.76 | 0.05% | | Japan (Nikkei 225) | 26,936.64 | 2.66% | | South Korea (KOSPI) | 2,206.79 | 2.03% | | China (Hang Seng) | 16,701.07 | 1.90% | | India (SENSEX) | 57,235.33 | -0.68% | *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 rose on Thursday, changing course after low levels of diesel reserves led to higher demand for crude and gasoline. - Brent was up 2.4% while U.S. West Texas Intermediate crude gained 2.2% on Thursday.
- Diesel stocks in the U.S. fell by 4.9 million barrels last week, well above the 2 million barrel drop expected by analysts.
- OPEC has cut its projections for demand in 2023 due to COVID-19 outbreaks in China and ramping inflation.
| Oil (NYSEARCA:OIL) | 31.57 | 2.66% | | Gold (NYSEARCA:GLD) | 154.91 | -0.69% | | Silver (NYSEARCA:SLV) | 17.39 | -1.14% | | Corn (NYSEARCA:CORN) | 27.84 | 0.51% | | Lumber (NASDAQ:WOOD) | 68.86 | 2.36% | *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 British Pound was up ~2% following reports that the U.K. could further cut back on its tax-cutting plans. - The U.K. government has already backtracked some new fiscal policy measures, including reintroducing the top tax bracket last week.
- Despite the rumors, Prime Minister Liz Truss said no further changes would be made. Many investors, however, believe the U.K. will need to make more changes.
- The U.S. Dollar was down on the day against the six major fiat currencies.
| UK(GBP) | £0.88 | -3.41% | | Europe (EURO) | €1.02 | -1.01% | | Canada (Canadian Dollar) | $1.37 | -0.48% | | Japan (Yen) | ¥147.16 | 0.88% | *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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