US Markets The S&P 500 had its best week since June after Thursday's Consumer Price Index (CPI) report propelled stocks to their biggest one-day gains in over two years. - The Dow gained 4.1% last week, the S&P 500 rose 5.9%, and the Nasdaq surged 8.1%.
- Tech stocks were up on Friday despite FTX filing for bankruptcy, which many expected would cause panic throughout the crypto and tech markets. The S&P 500 tech sector climbed 10% last week.
- The current 10 Year U.S. Treasury yield is set at 3.81910%
| Dow Jones | 33,747.86 | 0.10% | | S&P 500 | 3,992.93 | 0.92% | | Nasdaq | 11,323.33 | 1.88% | | Russell 2000 | 1,882.74 | 0.79% | *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 new study, Canadians favor pay transparency laws that would require salaries to be shared on job postings. - 61% believe that pay transparency laws would help reduce the gender wage gap.
- 57% believe that racial minorities would earn more with these regulations.
- 54% said they are comfortable discussing their compensation with family members, but just 38% are comfortable discussing it with their friends, and 32% with their colleagues.
- 45% of Canadians believe they are currently receiving a fair salary.
- Pay transparency laws have been a political issue in Canada since 2018, when Ontario first considered a pay transparency bill that was later scrapped. With high inflation and low wage growth in Canada, the support for these laws is growing again.
*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 stock markets closed flat on Friday after making significant gains earlier in the day. - The Stoxx 600 finished Friday up 0.1% after rising nearly 1% earlier in the day.
- Basic resource stocks led markets, gaining 2.6%, while healthcare stocks were the worst performing, losing 2.4%.
- Investor optimism was high on Friday morning in Europe following the U.S. inflation figures and China announcing it would remove some COVID-19 restrictions but that momentum tapered later in the day.
| Euro STOXX 50 | 3,868.50 | 0.57% | | UK (FTSE 100) | 7,318.04 | -0.78% | | Germany (DAX) | 14,224.86 | 0.56% | | France (CAC 40) | 6,594.62 | 0.58% | *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 rose significantly on Friday after China eased back some COVID-19 restrictions, including travel requirements. - The Hang Seng rose 7%, the Hang Seng Tech Index surged over 10%, and stocks in Mainland China gained ~2%.
- Softbank was up after announcing a quarterly profit of $21.4B, which follows two quarters of losses.
- Airlines in China saw gains, with China Eastern Airlines rising 6%, Cathay Pacific and China Southern Airlines both gaining ~3%, and Air China jumping 2%.
- Casinos in China were also up, with Sands China surging 11%, MGM China gaining 8.4%, Wynn Macao climbing 8.1%, and Galaxy Entertainment jumping 7.5%.
| S&P Asia 50 | 4,104.12 | 8.58% | | Japan (Nikkei 225) | 28,263.57 | 2.98% | | South Korea (KOSPI) | 2,483.16 | 3.37% | | China (Hang Seng) | 17,325.66 | 7.74% | | India (SENSEX) | 61,795.04 | 1.95% | *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 due to the easing of travel restrictions in China, which will likely cause an increase in demand for oil. - Brent was up 2.4% on Friday, while U.S. West Texas Intermediate rose 2.9%.
- The weakening of the U.S. Dollar is also contributing to stronger demand for crude oil, which becomes more affordable for most importers.
- OPEC+ members will meet on Dec. 4 to discuss further potential cuts in oil supply ahead of EU restrictions on Russian oil, which start the following day.
| Oil (NYSEARCA:OIL) | 32.59 | 3.33% | | Gold (NYSEARCA:GLD) | 164.56 | 0.67% | | Silver (NYSEARCA:SLV) | 19.95 | -0.10% | | Corn (NYSEARCA:CORN) | 26.39 | 0.73% | | Lumber (NASDAQ:WOOD) | 76.85 | 1.83% | *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 U.S. Dollar suffered its worst two-day drop in 14 years on Thursday and Friday after investors assumed that the recent inflation figures mean that the Fed is likely to ease off interest rate hikes. - Despite the drop, the U.S. Dollar is still up 12%.
- Investors now predict a 71.5% chance of a 50 basis point rate increase next month.
- The British Pound rose again as markets continue to react positively to the appointment of Rishi Sunak as Prime Minister.
| UK(GBP) | £0.84 | -0.36% | | Europe (EURO) | €0.96 | -0.01% | | Canada (Canadian Dollar) | $1.33 | -0.02% | | Japan (Yen) | ¥138.48 | -0.23% | *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.
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Cryptocurrency FTX continues to dominate the news, with more developments over the weekend overshadowing the Democrats retaining control of the Senate, which would allow them to push through their crypto agenda. - FTX was hacked over the weekend, with over $600M in funds unaccounted for.
- The Financial Times released FTX's financials, which show that users are likely to receive $0.05 for every dollar they held on the platform once the liquidation is completed.
- The Bahamas is opening a criminal investigation into FTX and former CEO Sam Bankman-Fried, who is currently in the Caribbean country.
| Bitcoin | $16,533.00 | -2.81% | | Ethereum | $1,227.32 | -2.08% | | Litecoin | $57.41 | -3.76% | | Bitcoin Cash | $101.21 | -1.52% | *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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