US Markets Stocks were down on Friday to close a week in which all the major indexes lost ground. - U.S. markets suffered their worst week in over two months.
- The Nasdaq lost 3.99%, the S&P fell 3.37%, and the Dow dropped 2.77% on the week.
- The Producer Price Index shows that wholesale prices rose 0.3% from October to November and 7.4% on an annual basis.
- Lululemon plunged 13% after announcing lower-than-expected revenues.
- The current 10 Year U.S. Treasury yield is set at 3.58380%
| Dow Jones | 33,476.46 | -0.90% | | S&P 500 | 3,934.38 | -0.73% | | Nasdaq | 11,004.62 | -0.70% | | Russell 2000 | 1,796.66 | -1.19% | *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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 A message from MODERN TREASURY The State of Payment Operations 2022 Watch Modern Treasury's CEO, COO, and Head of Payments discuss the highlights and implications of our landmark survey, The State of Payment Operations 2022. Here's what you'll learn: - The biggest payment operations pain points: From payment returns and failures to delays and lack of real-time insights, we uncovered the greatest drivers of inefficiency in payment operations.
- Trends in payment ops automation: More than ever, finance leaders are pursuing automated solutions to manual and outdated processes. Learn what they are and how they're being implemented.
- FedNow, RTP, and the future of faster payments: Until now, the US has lagged behind in rapid payments technology. With FedNow on the horizon, learn how to prepare for the disruptive power of faster payments.
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Canadian Markets Some economists believe the federal government should review the stress mortgage test amid rising interest rates. - The Office of the Superintendent of Financial Institutions will release an update this week for its minimum qualifying rate for the stress test.
- The test aims to ensure that future homeowners can afford their homes even if interest rates raise.
- At present, the minimum qualifying rate is either 5.25% or the contract rate plus two percentage points.
- Economists expect interest rates to rise by two percentage points next year, further impacting homeowners' ability to pay their mortgages.
*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 Friday as investors have become more optimistic about the European economy following the lifting of COVID-19 restrictions in China. - The Stoxx 600 was up 0.8% on the day, led by construction stocks, which gained 1.8%.
- Oil and gas stocks were down on Friday, one of the few sectors to finish in the red.
- Carl Zeiss Meditec lost more than 10% and was one of the worst-performing stocks.
| Euro STOXX 50 | 3,942.62 | 0.54% | | UK (FTSE 100) | 7,476.63 | 0.06% | | Germany (DAX) | 14,370.72 | 0.74% | | France (CAC 40) | 6,677.64 | 0.46% | *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 were mixed on Friday as markets in the region were impacted by local news and data. - China's Consumer Price Index gained 1.6% in November on an annual basis.
- However, the Producer Price Index in China lost 1.3% in November, year over year.
- Credit Suisse forecasts that China's annual inflation rate will stay below 3%.
- Taiwan Semiconductor Manufacturing Company's revenues surged by 50% in November from a year earlier.
| S&P Asia 50 | 4,567.60 | 2.37% | | Japan (Nikkei 225) | 27,901.01 | 1.18% | | South Korea (KOSPI) | 2,389.04 | 0.76% | | China (Hang Seng) | 19,900.87 | 2.32% | | India (SENSEX) | 62,181.67 | -0.62% | *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 Friday for their largest weekly decline in three months as investors are concerned about the health of the global economy. - Brent crude lost 1.08% on Friday and U.S. West Texas Intermediate crude dropped 1.61%.
- The benchmark crudes both lost more than 10% last week.
- The shutdown of the Keystone Pipeline initially pushed up prices on Thursday night but those gains were quickly lost amid fears that oil demand will slow down in the U.S., China, and Europe.
| Oil (NYSEARCA:OIL) | 27.23 | 0.59% | | Gold (NYSEARCA:GLD) | 167.06 | 0.35% | | Silver (NYSEARCA:SLV) | 21.56 | 1.65% | | Corn (NYSEARCA:CORN) | 25.74 | 0.23% | | Lumber (NASDAQ:WOOD) | 76.32 | 0.83% | *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 rose slightly on Friday, following the release of the Producer Price Index. - The European Central Bank and the Federal Reserve are expected to raise rates this week.
- The Japanese Yen moved in line with the USD on Friday.
- The USD has regained most of its losses from two weeks ago over the past 10 trading sessions.
| UK(GBP) | £0.82 | -0.44% | | Europe (EURO) | €0.95 | -0.33% | | Canada (Canadian Dollar) | $1.37 | 0.55% | | Japan (Yen) | ¥136.57 | 0.13% | *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.
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Cryptocurrency Crypto markets were stable last week after weeks of volatility following the FTX collapse. - Michael McCaffrey, CEO of The Block, has resigned and will be replaced by Bobby Moran, the current Chief Revenue Officer.
- Crypto.com released proof-of-reserves data reviewed by an independent auditing firm showing that its customers' assets are backed.
- Former FTX CEO Sam Bankman-Fried agreed to testify to the U.S. House Financial Committee this week.
| Bitcoin | $17,135.10 | 1.75% | | Ethereum | $1,263.32 | -1.39% | | Litecoin | $76.33 | -2.76% | | Bitcoin Cash | $109.50 | 0.32% | *Exchange rates as of 7am 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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