Market Outlook 🚀 - Oil Prices Rising

Fed Decision Today

Inside.com Part of   Network November 02, 2022

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US Markets Stock futures were down slightly overnight as investors await the Federal Reserve's interest rate decision today.  Last month's JOLTS report shows that there are currently 1.9 jobs available in the U.S. for each available worker.  The ISM Manufacturing Index reached 50.2 in October, signaling that manufacturing in the U.S. is growing.  The current 10 Year U.S. Treasury yield is set at 4.02460% Dow Jones  32,653.20 -0.24% S&P 500  3,856.10 -0.41% Nasdaq  10,890.85 -0.89% Russell 2000 1,851.39 0.25% *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 Canadian Dairy Commission has approved a 2.2% increase in the price of milk that will go into effect on Feb. 1, 2023.  The Commission approved two hikes this year; 8.4% in February and 2.5% in September.  In the last 12 months, the price of milk in Canada has increased by 13.1%.  The increase in the price of milk, a major industry in Canada, is indicative of higher consumer prices this year.  TSX  19,517.71 0.47% *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 rose on Tuesday as investors prepared for the Federal Reserve's announcement today. The Stoxx 600 was up 0.5%. Mining stocks led the markets with a 3.3% gain.  Jyske Bank was the worst-performing stock in Europe, falling 6.5% after reporting lower-than-expected earnings in Q3.  Delivery Hero and HelloFresh rose amid wider gains in the food delivery sector.  Euro STOXX 50  3,651.02 0.93% UK (FTSE 100)  7,186.16 1.29% Germany (DAX)  13,338.74 0.64% France (CAC 40) 6,328.25 0.98% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Asian markets were mixed on Wednesday morning amid concerns about how a stronger U.S. Dollar would impact Asian currencies.  South Korea's inflation reached 5.7% in October, slightly above the 5.6% estimate.  The Hang Seng gained more than 5% on Tuesday after reports that the Chinese government was considering reducing COVID-19 restrictions.  Goldman Sachs predicts that there could be a 20-30% upside in stocks in Asia.  S&P Asia 50 3,634.36 3.74% Japan (Nikkei 225) 27,667.14 -0.04% South Korea (KOSPI) 2,336.83 0.07% China (Hang Seng) 15,455.27 5.23% India (SENSEX) 61,121.35 0.62% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices rose more than 2% yesterday, regaining some of the losses from Monday. Brent crude gained 1.8%, and U.S. West Texas Intermediate was up 2% on Tuesday.  Oil benchmarks rose in October for the first time since May after OPEC+ announced production cuts.  Analysts believe that oil prices are likely to continue rising this week.  Oil (NYSEARCA:OIL) 31.86 2.51% Gold (NYSEARCA:GLD) 153.46 1.02% Silver (NYSEARCA:SLV) 18.05 2.44% Corn (NYSEARCA:CORN) 27.73 1.17% Lumber (NASDAQ:WOOD) 70.68 0.41% *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 down slightly on Tuesday as investors expect the Fed to raise interest rates by 75 basis points again today before slowing the pace of hikes next month. Investors estimate a 57% chance of a 50-basis point interest rate hike next month.  The British Pound rose slightly on Tuesday after falling on Monday.  The U.S. Dollar Index has gained 15% so far this year.  UK(GBP) £0.87 0.79% Europe (EURO) €1.01 0.70% Canada (Canadian Dollar) $1.36 0.02% Japan (Yen) ¥147.36 -0.28% *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 was stable again on Tuesday despite the decline in the U.S. stock markets.  Uniswap rose more than 10% in the last week and 5% yesterday.  A new series of Dogecoin-based coins have been released in response to Elon Musk's purchase of Twitter.  CoinFund wants to raise a $250M seed fund.  Bitcoin $20,528.00 -0.50% Ethereum $1,590.17 1.11% Litecoin $55.19 0.20% Bitcoin Cash $114.86 -1.13% *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.

Constructor is the company building revenue-driving on-site search and discovery solutions for digital merchandisers.

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