Market Outlook 🚀 - Bitcoin rebounding

US stocks rising

Inside.com Part of   Network November 23, 2022

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US Markets Stocks rose on Tuesday, ahead of today's release of the Federal Reserve meeting minutes, which should provide some insights into future interest rate hikes.  Nordstrom stocks fell by more than 8% after the retailer lowered its growth forecast.  The S&P 500 rose 0.17%, finishing above 4,000 for the first time since September.  The current 10 Year U.S. Treasury yield is set at 3.83620% Dow Jones  34,098.10 1.18% S&P 500  4,003.58 1.36% Nasdaq  11,174.41 1.36% Russell 2000 1,860.44 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 The Bank of Canada said that the country's financial system will be able to sustain the risks associated with increasing interest rates.  Senior Deputy Governor Carolyn Rogers said that many of the risks that concern investors are being mitigated by financial reforms passed after the Great Recession.  The Bank of Canada is not expecting Canada to see a significant job market downturn during this recession.  The government estimates that 13% of all mortgages in Canada have reached the point where additional payments are needed.  TSX  20,220.01 1.22% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets European markets rose on Tuesday, as investors continue to reassess the economic outlook in the continent.  The Stoxx 600 rose 0.8% to close at a three-month high.  Oil and gas stocks led markets, gaining 4.7%, after Saudi Arabia denied that OPEC+ plans to raise oil production.  Mining stocks rose 2.7%.  Telecom, household goods, and financial services turned negative on the day, each losing around 0.1%.  Euro STOXX 50  3,929.90 0.53% UK (FTSE 100)  7,452.84 1.03% Germany (DAX)  14,422.35 0.29% France (CAC 40) 6,657.53 0.35% *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 mixed on Wednesday morning, as local news impacted markets in different countries.  New Zealand's central bank raised interest rates by 75 basis points.  Singapore said that it projects 3.5% GDP growth this year.  Markets in Japan were closed for a public holiday.  Stocks in Australia were up despite the Reserve Bank of Australia hinting at more rate hikes.  S&P Asia 50 4,157.69 -0.79% Japan (Nikkei 225) 28,115.74 0.61% South Korea (KOSPI) 2,408.12 0.12% China (Hang Seng) 17,418.55 -0.03% India (SENSEX) 61,418.96 0.45% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices rose on Tuesday after Saudi Arabia said that OPEC+ is not planning to increase oil output.  Brent was up 1.2%, and U.S. West Texas Intermediate gained 1.4%.  Data shows that U.S. crude inventories decreased by 2.2 million barrels last week.  Concerns that Covid shutdowns in China will lead to lower demand for oil continue.  Oil (NYSEARCA:OIL) 30.51 1.84% Gold (NYSEARCA:GLD) 162.07 0.12% Silver (NYSEARCA:SLV) 19.43 1.20% Corn (NYSEARCA:CORN) 26.26 -0.28% Lumber (NASDAQ:WOOD) 76.19 1.30% *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 flat on Tuesday after gaining the past few days.  The Euro was up to break its three-day losing streak, as investors seem to be moving into other markets, ahead of the U.S. holiday. The Australian and New Zealand dollars also rose as investors moved into higher-risk assets.  The British Pound rose later in the day after new data showed that the government had borrowed less than expected last month.  UK(GBP) £0.84 -0.01% Europe (EURO) €0.97 0.09% Canada (Canadian Dollar) $1.34 0.03% Japan (Yen) ¥141.32 0.74% *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 regained the $16,000 support level after Cathie Wood said that Ark had purchased $1.5M in Grayscale's Bitcoin Trust.  Altcoins were up. Ethereum gained 2.6%, Solana rose 3%, and Curve surged 25%.  CRV was down 17% to a two-year low on Tuesday morning before jumping to finish the day up 25%.  Saudi Arabia's NFTs surged 387% after the country's victory against Argentina in the World Cup.  Bitcoin $16,449.90 1.21% Ethereum $1,158.17 4.73% Litecoin $76.71 25.30% Bitcoin Cash $113.37 8.23% *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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