Market Outlook 🚀 - Fed minutes will be released today

UK business activity rising

Inside.com Part of   Network February 22, 2023

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US Markets Stock futures were up slightly overnight as investors awaited the release of the Federal Reserve's meeting minutes.  Coinbase rose in after-market hours after announcing higher-than-expected earnings.  Nvidia, Etsy, and Baidu will be announcing their Q4 earnings today.  The current 10 Year U.S. Treasury yield is set at 3.94000% Dow Jones  33,129.59 -2.06% S&P 500  3,997.34 -2.00% Nasdaq  11,492.30 -2.50% Russell 2000 1,888.21 -2.99% *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 Data from Statistics Canada shows that inflation continues to decline.  The 5.9% annual inflation rate for January is below the 6.1% expected by analysts and the 6.3% recorded in December.  Tiff Macklem, the Governor of the Bank of Canada, said he believes inflation will fall to 3% this year and down to 2% in 2024.  Preliminary data shows that retail sales rose 0.7% in January after a 0.5% increase in December, suggesting that consumer appetite is strong, even though borrowing costs have increased.  TSX  20,252.64 -1.28% *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 Tuesday as investors reacted to corporate earnings and awaited the release of the minutes from the U.S. Federal Reserve's latest policy meeting.  The Stoxx 600 closed down 0.23%, mirroring losses in the U.S. market.  Tech stocks dragged down markets with a 1.5% drop. Basic resource stocks fell by 1.2% and automotive stocks lost 1%.  The U.K. government announced a budget surplus in January following a surge in income tax receipts.  Euro STOXX 50  4,250.40 -0.49% UK (FTSE 100)  7,977.75 -0.46% Germany (DAX)  15,397.62 -0.52% France (CAC 40) 7,308.65 -0.37% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Asian stocks fell on Wednesday morning following earlier drops in European and U.S. markets.  The Reserve Bank of New Zealand hiked interest rates by 50 basis points to 4.75%, a record high since the Great Recession.  Australian markets were down after Wage Price Index figures for Q4 2022 were below expectations.  A Bank of Japan board member indicated that policymakers are likely to continue with monetary easing in the short term, but may change course further down the line. S&P Asia 50 4,679.34 -2.76% Japan (Nikkei 225) 27,114.17 -1.31% South Korea (KOSPI) 2,427.54 -1.28% China (Hang Seng) 20,572.25 0.21% India (SENSEX) 60,672.72 -0.03% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices fell on Tuesday after a volatile trading session.  Brent crude lost 1.5% on the day, while U.S. West Texas Intermediate fell 0.38%. Both benchmarks were up earlier in the day but fell following the release of economic data in Europe that sparked concerns about global growth.  U.S. crude oil stockpiles are forecast to have risen by 1.2 million barrels last week. They have increased every week for the past two months.  Oil (NYSEARCA:OIL) 28.94 -0.72% Gold (NYSEARCA:GLD) 170.62 -0.37% Silver (NYSEARCA:SLV) 20.07 0.30% Corn (NYSEARCA:CORN) 26.79 0.56% Lumber (NASDAQ:WOOD) 73.60 -1.76% *Commodity prices are as of 7am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currencies The U.S. Dollar rose on Tuesday as data showed that business activity in the country is increasing.  The Euro dropped following the release of data showing that manufacturing activity is declining.  The U.S. Dollar Index gained 0.25% on the day.  The British Pound rose after the government announced an unexpected budget surplus and data showed that business activity is growing.  UK(GBP) £0.83 -0.73% Europe (EURO) €0.94 0.25% Canada (Canadian Dollar) $1.35 0.41% Japan (Yen) ¥134.86 0.42% *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 Bitcoin is hovering around the $25,000 mark after crossing the threshold several times in recent days before retreating.  Coinbase revenues were up in Q4 2022 despite announcing a 12% decline in transaction volume compared to Q3 2022, as the crypto market has continued to contract since the FTX collapse.  Polygon Labs said it plans to cut its workforce by 20%.  Income from CoinShares was down 97% in 2022.  Bitcoin $24,191.60 -0.60% Ethereum $1,645.81 -3.28% Litecoin $94.85 -1.01% Bitcoin Cash $143.05 5.11% *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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