Market Outlook 🚀 - US stocks rising

Currencies stable

Inside.com Part of   Network January 12, 2023

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US Markets Stocks were up on Wednesday as investors gained confidence that the CPI figures due out later today will show that the inflation rate is falling.  According to a Dow Jones poll, economists expect a 6.5% annual inflation rate year for December and a 0.1% drop in prices from the previous month.  The Nasdaq gained 1.76%, the S&P 500 rose 1.28%, and Dow Jones was up 0.80% on Wednesday. Bed Bath & Beyond surged 68% as meme stocks rose on the day.  The current 10 Year U.S. Treasury yield is set at 3.54100% Dow Jones  33,973.01 0.80% S&P 500  3,969.61 1.28% Nasdaq  10,931.67 1.76% Russell 2000 1,844.05 1.17% *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 government is rolling out a new multi-generational home renovation tax credit this year to incentivize families to renovate their homes to accommodate seniors.  The tax credit will provide a 15% refund to a maximum of $7,500 for renovations related to adding a secondary suite to a home for a senior family member or disabled adult.  To qualify, the second unit must be self-contained with its own entrance, bathroom, kitchen, and bedroom, and the senior citizen must be directly related to the homeowner.  The government has set aside $44M for the tax credit over the next five years.  TSX  20,025.05 0.63% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets European markets were up on Wednesday ahead of new economic data due out today. The Stoxx 600 rose 0.4% on the day, led by retail stocks, which gained 2% Insurance stocks dragged down markets, falling by 1.1% on the day.  The DAX in Germany hit an 11-month high after gaining 1.2%.  Wacker Chemie was the best-performing stock in the Stoxx 600 as the German chemicals company gained 8.8%.  Euro STOXX 50  4,099.76 1.04% UK (FTSE 100)  7,724.98 0.40% Germany (DAX)  14,947.91 1.17% France (CAC 40) 6,924.19 0.80% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Asian stocks rose on Wednesday following the release of economic data in several countries.  Australia's Consumer Price Index was at 7.3% in November, up from 6.9% in October.  Benjamin Diokno, the Finance Secretary of the Philippines, forecasts a 2-4% inflation rate by 2024. Consumer prices increased by 8.1% in the 12 months to December, up from 8% in November.  The unemployment rate was up to an 11-month high of 3.3% in South Korea.   S&P Asia 50 4,879.55 0.42% Japan (Nikkei 225) 26,446.00 1.03% South Korea (KOSPI) 2,359.53 0.35% China (Hang Seng) 21,436.05 0.49% India (SENSEX) 60,105.50 -0.02% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices rose 3% on Wednesday, hitting a one-week high as investors started to buy into an improved global economic outlook.  Brent and U.S. West Texas Intermediate crude both gained 3.1% as the benchmarks moved in unison for the second consecutive day.  Vehicle sales in China were up 5%, which suggests that oil demand could increase in the country.  The U.S. Energy Information Administration said that it increased its crude oil inventories by 19 million barrels last week. This is the third-largest weekly increase in U.S. stockpiles in history.  Oil (NYSEARCA:OIL) 29.50 3.33% Gold (NYSEARCA:GLD) 174.62 -0.07% Silver (NYSEARCA:SLV) 21.55 -0.83% Corn (NYSEARCA:CORN) 25.98 0.15% Lumber (NASDAQ:WOOD) 75.44 0.44% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The US dollar lost 0.07% on Wednesday, a day with little movement in the FX market. The Euro is currently at a seven-month high against the U.S. Dollar.  The USD has fallen 12% against the Euro since September, when it reached a 20-year high. The Chinese Yuan is at a 5-month high as the country continues to benefit from its reopening and the lifting of COVID-19 restrictions.  UK(GBP) £0.82 0.32% Europe (EURO) €0.93 -0.21% Canada (Canadian Dollar) $1.34 0.22% Japan (Yen) ¥132.46 0.55% *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.

Cryptocurrency Crypto markets remained stable on Wednesday but have seen upward movements since the start of the year as markets stabilize and equities rise. FTX's attorneys said they have recovered $5B in assets, including cash, cryptocurrency, and liquid securities.  In December, FTX said it had only ~$1B in assets and up to $10B in liabilities.  The Justice Department is investigating Solana-based blockchain projects and has requested information from Saber Labs.  Bitcoin $17,557.10 2.21% Ethereum $1,349.18 1.02% Litecoin $82.74 2.33% Bitcoin Cash $108.32 1.40% *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.

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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