Swiss and England banks also raise rates by 50 bps
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US Markets Stock futures were flat overnight after the Dow suffered its worst daily performance since September. - The Dow lost 2.25%, the S&P 500 fell 2.49%, and the Nasdaq dropped 3.23%
- Investors will be monitoring possible statements from Fed members regarding future monetary policy in the coming days.
- U.S. retail sales fell by 0.6% in November from the previous month, the biggest monthly drop so far this year and well above the 0.3% expected by analysts. Investors are concerned that inflation is hurting consumer spending.
- The current 10 Year U.S. Treasury yield is set at 3.48130%
| Dow Jones | 33,202.22 | -2.25% | | S&P 500 | 3,895.75 | -2.49% | | Nasdaq | 10,810.53 | -3.23% | | Russell 2000 | 1,774.61 | -2.52% | *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 Real Estate Association reports that home sales were down 3.3% from October to November. - 60% of real estate markets in the country saw declines, including in Vancouver, Edmonton, Montreal, and Toronto.
- Home sales were down 38.9% in November compared to a year before.
- The sales-to-new listings ratio was at 49.9% in November, down from 50.9% the previous month.
*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 were down significantly on Thursday after the European Central Bank was hawkish about its future monetary policy. - The Stoxx 600 lost 2.8%. Tech stocks fell by 4.6%, retail dropped by 4%, and travel and industrials were down 3.5%.
- The Bank of England, European Central Bank, and Swiss National Bank all raised rates by 50 basis points.
- U.K. markets performed better than the rest of Europe, losing ~1%, while other countries fell by more than 3%.
| Euro STOXX 50 | 3,835.70 | -3.51% | | UK (FTSE 100) | 7,426.17 | -0.93% | | Germany (DAX) | 13,986.23 | -3.28% | | France (CAC 40) | 6,522.77 | -3.09% | *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 Asian stocks were down on Thursday and continued falling on Friday morning. - Stocks in China were down on the second day of the Central Economic Work Conference in China.
- Hong Kong is releasing unemployment data later today.
- The U.S. Commerce Department added more restrictions to prevent China's military from using U.S. technology. The new rules affect at least one Chinese chipmaker.
| S&P Asia 50 | 4,427.69 | -2.61% | | Japan (Nikkei 225) | 27,540.54 | -1.82% | | South Korea (KOSPI) | 2,354.41 | -0.28% | | China (Hang Seng) | 19,376.81 | 0.04% | | India (SENSEX) | 61,541.59 | -0.42% | *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 were down on Thursday as investors are concerned that demand for fuel will decrease as interest rates continue rising. - Brent lost 2% and U.S. West Texas Intermediate crude fell 2.3%.
- China's factory output growth slowed down in November, prompting concerns about the health of the Chinese economy.
- According to the Energy Information Administration, U.S. crude oil stocks increased by 10 million barrels last week, the highest weekly increase since March 2021.
| Oil (NYSEARCA:OIL) | 28.67 | -2.08% | | Gold (NYSEARCA:GLD) | 165.35 | -1.64% | | Silver (NYSEARCA:SLV) | 21.24 | -3.41% | | Corn (NYSEARCA:CORN) | 26.03 | 0.23% | | Lumber (NASDAQ:WOOD) | 73.97 | -3.19% | *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 rose on Thursday as investors expect the Fed to continue increasing interest rates. - Norway increased its rates by 25 basis points, while the Euro rose after the ECB hiked rates by half a percentage point.
- The British Pound was at a six-month high against the U.S. Dollar earlier this week but dropped 1% on Thursday after markets reacted negatively to the 50 bps rate hike by the Bank of England.
- The Swiss Franc fell slightly against the USD after the Swiss central bank raised rates but pared its losses after the bank intervened in the market by selling foreign currencies.
| UK(GBP) | £0.82 | 1.66% | | Europe (EURO) | €0.94 | 0.29% | | Canada (Canadian Dollar) | $1.36 | 0.65% | | Japan (Yen) | ¥137.29 | 1.42% | *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 Thursday, tracking the negative mood in equity markets. - The number of active developers building on top blockchains has decreased by 60% in the past year.
- Ethereum currently has the most active developers at 192, while Cardano has 144 and Cosmos has 143. Bitcoin has just 18.
- Solara had the largest reduction, as it has just 75 developers after losing 2,425 developers this year.
| Bitcoin | $17,395.20 | -2.31% | | Ethereum | $1,270.03 | 0.33% | | Litecoin | $73.01 | 1.04% | | Bitcoin Cash | $107.54 | -1.41% | *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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