US Markets Stocks were down on Wednesday as retail companies have come under pressure ahead of the holiday season. - Target plunged over 13% after the company reported a drop in sales last quarter due to high inflation.
- Macy's, Nordstrom, Kohl's, and Gap were also down on the day.
- The current 10 Year U.S. Treasury yield is set at 3.69360%
| Dow Jones | 33,553.83 | -0.12% | | S&P 500 | 3,958.79 | -0.83% | | Nasdaq | 11,183.66 | -1.54% | | Russell 2000 | 1,853.17 | -1.91% | *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 Consumer prices rose by 6.9% in October, the same inflation rate recorded a month earlier, according to data from Statistics Canada. - The core inflation rate reached 5.05% in October, up from 4.95% in September.
- Gas prices rose 9.2% month over month, putting upward pressure on inflation.
- Wages have increased by 5.6% year-on-year, below the rise in the cost of living.
*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 posted losses on Wednesday, with the continent impacted by political instability after a missile hit Poland. - The Stoxx 600 lost 1% on the day. Retail and automotive stocks dragged down markets, losing 3.5%.
- The best-performing industry was food and beverages, which gained 0.2%.
- British software company Sage led gains with a 7.3% jump after reporting strong sales, while investment firm Bridgepoint dragged down markets with an 8.7% decline.
| Euro STOXX 50 | 3,882.78 | -0.83% | | UK (FTSE 100) | 7,351.19 | -0.25% | | Germany (DAX) | 14,234.03 | -1.00% | | France (CAC 40) | 6,607.22 | -0.52% | *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 Shares in Asia were down on Wednesday as the G20 summit continues in Bali. - Indonesia's central bank is expected to announce a 50-basis point interest rate hike on Friday.
- U.S. Treasury Secretary Janet Yellen met with Yi Gang, the governor of the People's Bank of China in Bali to discuss how to improve the global economy, given the current headwinds.
- Softbank gained 3%, leading a rebound in Japanese stocks after losses earlier in the day.
| S&P Asia 50 | 4,321.03 | 4.34% | | Japan (Nikkei 225) | 28,028.30 | 0.14% | | South Korea (KOSPI) | 2,477.45 | -0.12% | | China (Hang Seng) | 18,256.48 | -0.47% | | India (SENSEX) | 61,980.72 | 0.17% | *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 declined on Wednesday after shipments restarted via the Druzhba pipeline, which transports Russian oil to Hungary. - The Energy Information Administration said that crude inventories were down by 5.4 million barrels last week, significantly more than the 440,000-barrel decline predicted by private analysts yesterday.
- China announced that COVID-19 cases are increasing after the government eased its restrictions earlier this week.
- Iraq said it plans to increase oil production capacity to 7 million barrels per day by 2027, from 5 million barrels at present.
| Oil (NYSEARCA:OIL) | 31.31 | -1.94% | | Gold (NYSEARCA:GLD) | 165.12 | -0.23% | | Silver (NYSEARCA:SLV) | 19.74 | -0.70% | | Corn (NYSEARCA:CORN) | 26.57 | -0.23% | | Lumber (NASDAQ:WOOD) | 75.97 | -0.51% | *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 Euro and the British Pound rose on Wednesday as concerns over the missile strike in Poland eased slightly. - The U.S. Dollar Index was down 0.06% on the day.
- The U.K. is set to announce a new budget today, which will impact the Pound.
- The U.S. Dollar continues to suffer as investors increasingly believe that the Fed will ease interest rate hikes following the release of positive economic data in recent weeks.
| UK(GBP) | £0.84 | -1.40% | | Europe (EURO) | €0.96 | -0.75% | | Canada (Canadian Dollar) | $1.33 | 0.05% | | Japan (Yen) | ¥139.48 | -0.46% | *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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Cryptocurrency Crypto prices were stable on Wednesday following strong volatility over the past ten days due to the FTX fallout. - Genesis is exploring solutions to keep its lending unit above water, including finding a new source of liquidity.
- Crypto markets seem to have stabilized because some institutional investors are looking for bargains following the widespread crash seen in recent days.
- Investors have started lawsuits against former FTX CEO Sam Bankman-Fried and its celebrity endorsers.
| Bitcoin | $16,703.00 | 0.68% | | Ethereum | $1,216.83 | -2.79% | | Litecoin | $57.55 | -0.69% | | Bitcoin Cash | $103.90 | 0.20% | *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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