Binance is considering closing its U.S. operations
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US Markets U.S. stocks were mixed on Friday. - The Dow saw gains on Friday but lost 0.13% last week, its third consecutive losing week.
- The S&P 500 also dropped slightly on Friday to finish the week down 0.28%, its second consecutive losing week.
- The Nasdaq lost 0.58% on Friday but finished the week up 0.59%.
- The current 10 Year U.S. Treasury yield is set at 3.82150%
| Dow Jones | 33,826.69 | 0.39% | | S&P 500 | 4,079.09 | -0.28% | | Nasdaq | 11,787.27 | -0.58% | | Russell 2000 | 1,946.36 | 0.21% | *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 BMO senior economist Sal Guatieri believes that excess savings from the pandemic may cushion the economic downturn in Canada and the U.S. despite interest rates increasing over the past year. - During the pandemic, many families accumulated above-average savings because they cut costs on entertainment and transit, while the government subsidized many workers.
- Between Q1 2020 and Q3 2022, the top 40% of income earners in Canada saw their savings increase, according to BMO's data.
- During the same period, those in the bottom 40% of income earners saw their savings decline by 12%.
*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 on Friday, with investors reacting to data from the U.S. and U.K. and more corporate earnings. - The Stoxx 600 closed down 0.2% after rebounding from heavier losses earlier in the day.
- The worst-performing sectors were oil and gas, which lost 1.9%, and technology, which dropped 1.6%.
- Despite Friday's losses, it was a good week for European stocks. On Thursday, the U.K.'s FTSE closed at a record high and France's CAC hit an all-time intraday high.
| Euro STOXX 50 | 4,274.92 | -0.52% | | UK (FTSE 100) | 8,004.36 | -0.10% | | Germany (DAX) | 15,482.00 | -0.33% | | France (CAC 40) | 7,347.72 | -0.25% | *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 also down on Friday as they continued to react negatively to economic data from the U.S. - South Korea's finance minister said it expects the ongoing slowdown to continue after the country posted a trade deficit for 11 consecutive months.
- China Renaissance shares lost 20%, following reports that Bao Fan, the investment bank's founder and controlling shareholder, is missing. Renaissance said that despite its best attempts, it has not been able to locate him.
- Thailand said that its GDP increased by 1.4% on an annualized basis in Q4 2022.
| S&P Asia 50 | 4,786.14 | -1.86% | | Japan (Nikkei 225) | 27,513.13 | -0.66% | | South Korea (KOSPI) | 2,451.21 | -0.98% | | China (Hang Seng) | 20,719.81 | -1.28% | | India (SENSEX) | 61,002.57 | -0.52% | *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 fell on Friday despite other commodities rising on the day. - Brent crude fell 2.5% on Friday and closed the week down 3.9%.
- U.S. West Texas Intermediate dropped 2.7% on Friday and lost 4.2% on the week.
- Despite the declines, oil is still up 18% from a year ago.
- Oil inventories in the U.S. are at their highest level in 19 months.
| Oil (NYSEARCA:OIL) | 29.15 | -2.15% | | Gold (NYSEARCA:GLD) | 171.26 | 0.30% | | Silver (NYSEARCA:SLV) | 20.01 | 0.86% | | Corn (NYSEARCA:CORN) | 26.64 | 0.53% | | Lumber (NASDAQ:WOOD) | 74.90 | -0.52% | *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 despite uncertainty surrounding the Federal Reserve's future plans. - The U.S. Dollar Index gained 0.03% during U.S. trading hours on Friday.
- Some Federal Reserve officials have started to signal that the central bank will need to get more aggressive with interest rate hikes after inflation figures came in above expectations last week.
- Goldman Sachs now predicts that the Fed will raise rates by 25 basis points in each of the next three months.
| UK(GBP) | £0.83 | -0.05% | | Europe (EURO) | €0.93 | -0.27% | | Canada (Canadian Dollar) | $1.35 | 0.62% | | Japan (Yen) | ¥134.11 | 0.14% | *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 Binance is considering closing its U.S. operations as the SEC continues its crackdown on the cryptocurrency industry. | Bitcoin | $24,545.50 | 0.89% | | Ethereum | $1,696.03 | 3.56% | | Litecoin | $101.05 | 2.51% | | Bitcoin Cash | $133.33 | -1.13% | *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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 |  | 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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