US-Bahamas cooperation on FTX becoming an issue
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US Markets Stock futures were down slightly overnight after a negative day for U.S. equities on Wednesday. - After announcing a half a percentage point interest rate hike, the Federal Reserve said it would continue to increase interest rates throughout 2023 and forecasted that the terminal rate will go above 5.1%, higher than expected.
- U.S. interest rates are currently at a 15-year high of 4.5%.
- The current 10 Year U.S. Treasury yield is set at 3.50270%
| Dow Jones | 33,966.35 | -0.42% | | S&P 500 | 3,995.32 | -0.61% | | Nasdaq | 11,170.89 | -0.76% | | Russell 2000 | 1,820.45 | -0.65% | *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 recent survey, half of Canadians would like to find a new job in 2023. - 31% of Canadians wanted to change jobs six months ago.
- 62% said they want another job because they want to earn more, while 39% said obtaining better benefits was their main motivation.
- 40% said they would consider going back to a previous employer if they were to earn more or as much as they earn now.
*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 stocks were down on Wednesday as investors continued to digest monetary policy decisions. - The Stoxx 600 dropped 0.5% before gaining later in the day to fall by just 0.1%.
- Basic resource stocks were the worst performing, falling by 1.7%. Mining stocks were also down 1.7%, and travel stocks lost 1.5%.
- Annual inflation in the U.K. reached 10.7% in November, slightly below the 10.9% projection.
| Euro STOXX 50 | 3,975.26 | -0.29% | | UK (FTSE 100) | 7,495.93 | -0.09% | | Germany (DAX) | 14,460.20 | -0.26% | | France (CAC 40) | 6,730.79 | -0.21% | *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 were mixed in Asia on Wednesday but were largely down on Thursday after the U.S. raised interest rates. - Industrial production in China was up 2.2% in November, less than the 5% growth in October and the 3.6% increase expected by analysts.
- Retail sales in China fell by 5.9%, significantly more than the 0.5% decline in October and the 3.7% drop predicted by analysts.
- Data from South Korea showed that imports increased by 2.7% in November and exports fell by 14%.
| S&P Asia 50 | 4,493.60 | 0.02% | | Japan (Nikkei 225) | 28,081.55 | -0.27% | | South Korea (KOSPI) | 2,376.07 | -0.97% | | China (Hang Seng) | 19,495.38 | -0.91% | | India (SENSEX) | 62,677.91 | 0.23% | *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 again on Wednesday after the IEA and OPEC both projected that demand will rise in 2023. - Brent gained 2.4% and U.S. West Texas Intermediate was up 2.6%.
- Diesel futures were also up on the day due to incoming cold weather that will cause an increase in demand.
- The IEA believes that much of the oil demand increase in 2023 will come from China, whose demand was down by more than 400,000 barrels per day this year.
| Oil (NYSEARCA:OIL) | 29.28 | 2.49% | | Gold (NYSEARCA:GLD) | 168.10 | -0.24% | | Silver (NYSEARCA:SLV) | 21.99 | 0.73% | | Corn (NYSEARCA:CORN) | 25.97 | 0.08% | | Lumber (NASDAQ:WOOD) | 76.22 | -0.33% | *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 was down after the Federal Reserve raised rates by 50 basis points instead of 75 basis points on Wednesday. - The Fed also projected at least one more 75-basis point interest rate increase in 2023.
- The U.S. Dollar Index was down 0.34% on the day as other major currencies also faltered.
- The Euro and Sterling were both up ahead of major decisions by the Bank of England and the European Central Bank.
| UK(GBP) | £0.81 | -0.97% | | Europe (EURO) | €0.94 | -1.07% | | Canada (Canadian Dollar) | $1.36 | -0.54% | | Japan (Yen) | ¥135.51 | -1.45% | *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 markets saw gains on Wednesday as the FTX case continues unfolding. - Ether and Bitcoin saw higher trading volumes as the FTX collapse brought cryptocurrencies into the mainstream media.
- The U.S. Bankruptcy Court handling the FTX case is considering whether to give the Bahamas access to sensitive information held by the company. This could have wider impacts on the extradition of Sam Bankman-Fried and the cooperation between the Bahamas and U.S. governments in relation to the bankruptcy and the ongoing criminal and civil procedures.
- Senators Elizabeth Warren and Roger Marshall introduced the Digital Asset Anti-Money Laundering Act targeting money laundering and terrorist financing using cryptocurrencies.
| Bitcoin | $17,743.70 | 3.07% | | Ethereum | $1,292.92 | -1.99% | | Litecoin | $74.93 | -3.09% | | Bitcoin Cash | $109.26 | 2.82% | *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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