Bank of Canada raises rates by 50 bps
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US Markets U.S. stock futures were down slightly on Wednesday, for a fifth consecutive day, and continued to fall overnight as analysts try to determine the likelihood of a recession. - Rent the Runway was up more than 27% overnight after the online store company announced higher-than-expected revenue last quarter.
- The Fed is expected to announce a 50-basis point interest rate hike next week.
- The current 10 Year U.S. Treasury yield is set at 3.45740%
| Dow Jones | 33,597.92 | 0.00% | | S&P 500 | 3,933.92 | -0.19% | | Nasdaq | 10,958.55 | -0.51% | | Russell 2000 | 1,806.90 | -0.31% | *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 Bank of Canada raised interest rates again on Wednesday with a larger hike than expected. - Rates increased by half a percentage point, to 4.25%, the highest since 2008.
- This was the seventh interest rate hike this year and the sixth consecutive oversized rate hike.
- Some analysts are concerned that Canada's economy will not react well to continued interest rate hikes.
*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 Markets in Europe lost ground again on Wednesday as the negative global sentiment continues. - The Stoxx 600 fell by 0.6%, led by losses in the oil and gas sector.
- Mining stocks were down significantly, losing 1.7%, while the healthcare sector led gains with a 0.7% increase.
- Healthcare stocks led gains. GSK gained 7.7%, Indivior rose 5.8%, and Sanofi was up 5.7%.
| Euro STOXX 50 | 3,920.90 | -0.46% | | UK (FTSE 100) | 7,489.19 | -0.43% | | Germany (DAX) | 14,261.19 | -0.57% | | France (CAC 40) | 6,660.59 | -0.41% | *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 mixed on Thursday as countries reacted differently to national news. - Japan's economy contracted by 0.8% in Q3, less than the 1.1% contraction expected by analysts and the 1.2% drop forecast by the government.
- Australia had a larger-than-expected trade surplus in October as exports fell by 0.9%, but imports declined by 0.7%.
- Chinese stocks were up as the government eased its Covid policies.
| S&P Asia 50 | 4,398.73 | -1.87% | | Japan (Nikkei 225) | 27,499.02 | -0.68% | | South Korea (KOSPI) | 2,362.51 | -0.85% | | China (Hang Seng) | 19,063.17 | 1.32% | | India (SENSEX) | 62,410.68 | -0.34% | *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, setting new lows for 2022 for the second consecutive day. - Brent crude dropped 2.8% and U.S. West Texas Intermediate crude lost 2.9%.
- Brent is currently at $77.17 per barrel, having peaked at $140 per barrel in March.
- U.S. gasoline inventories were up by 5.3 million barrels, nearly double the 2.7 million barrels expected by analysts.
| Oil (NYSEARCA:OIL) | 27.57 | -2.23% | | Gold (NYSEARCA:GLD) | 166.33 | 0.90% | | Silver (NYSEARCA:SLV) | 20.92 | 2.35% | | Corn (NYSEARCA:CORN) | 25.73 | 0.70% | | Lumber (NASDAQ:WOOD) | 75.34 | 0.49% | *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 mixed against the top fiat currencies on Wednesday as investors remain uncertain about the health of leading economies and the actions of central banks. - Many banking executives are concerned that the U.S. economy will contract in Q1 2023.
- The Canadian Dollar failed to strengthen despite a higher-than-expected interest rate hike.
- The Chinese Yuan rose against the USD.
| UK(GBP) | £0.82 | 0.06% | | Europe (EURO) | €0.95 | -0.06% | | Canada (Canadian Dollar) | $1.37 | 0.64% | | Japan (Yen) | ¥136.88 | 0.16% | *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 The crypto market was down on Wednesday as new data shows that Bitcoin prices are highly correlated to copper prices. - The correlation coefficient between Bitcoin and copper is now at 0.84, up from 0.27 a month ago, which indicates that there is a strong pricing relationship between the assets.
- Binance CEO Changpeng Zhao said that 90% of the revenue generated by Binance comes from transaction fees.
- In a letter to clients, Genesis said it does not have updates or solutions to the withdrawal freeze.
- U.S. Senator Cynthia Lummis claimed that the Merge made Ethereum a security.
| Bitcoin | $16,821.60 | -0.84% | | Ethereum | $1,227.44 | -3.49% | | Litecoin | $76.30 | -4.48% | | Bitcoin Cash | $108.72 | -1.60% | *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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