Mark Carney doesn't expect more interest rate cuts this year.
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US Markets Although the S&P 500 rose on Friday, the index had its worst week so far this year. - The S&P 500 lost 1.11% on the week, fairing better than the Nasdaq, which dropped 2.41%, but worst than the Dow, which fell 0.17%.
- So far, 70% of the companies in the S&P 500 that have reported earnings have beaten expectations, which is under the historical average of 79%.
- The current 10 Year U.S. Treasury yield is set at 3.73770%
| Dow Jones | 33,869.27 | 0.50% | | S&P 500 | 4,090.46 | 0.22% | | Nasdaq | 11,718.12 | -0.61% | | Russell 2000 | 1,918.81 | 0.18% | *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 Mark Carney, who previously served as governor of the Bank of Canada and the Bank of England, said he does not expect the Bank of Canada, or other central banks, to cut interest rates again this year. - Carney, who now works at Brookfield Asset Management, does not expect a major recession in North America or Europe. He said: "This is not 2008. It's about rebalancing aggregate supply and demand."
- The Bank of Canada has raised rates eight consecutive times but after a quarter-point hike in January, policymakers said they plan to keep the overnight lending rate steady at 4.50%.
- Carney said that rate cuts are not needed to spark growth because the Canadian economy still has positive momentum.
*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 as investors continue assessing the economic outlook. - The Stoxx 600 lost 1% on Friday dragged by a 3.8% decline in travel stocks.
- Barclays shares dropped after the U.K.'s Financial Conduct Authority said it is investigating the bank.
- Adidas slumped over 11% after the sportswear company said it may lose $1.3B if it can't sell its stock of Yeezy sneakers.
| Euro STOXX 50 | 4,197.94 | -1.23% | | UK (FTSE 100) | 7,882.45 | -0.36% | | Germany (DAX) | 15,307.98 | -1.39% | | France (CAC 40) | 7,129.73 | -0.82% | *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 markets lost ground on Friday as investors continue to react to local and industry-specific news. - The Bank of Japan is expected to announce its nominees for governor on Tuesday.
- K-pop stocks rose on Friday after Hybe announced that it was acquiring a stake in SM Entertainment. Hybe and SM Entertainment gained 6% and 16%, respectively. Other stocks in the industry were up, including JYP Entertainment, which rose 2.5%, and YG Entertainment, which climbed 3.8%.
- Markets in China have been suffering as economic data continues to underwhelm.
| S&P Asia 50 | 4,940.71 | -1.52% | | Japan (Nikkei 225) | 27,670.98 | 0.31% | | South Korea (KOSPI) | 2,469.73 | 3.11% | | China (Hang Seng) | 21,190.42 | -2.01% | | India (SENSEX) | 60,682.70 | -0.20% | *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 up on Friday due to concerns about declining supply. - Russia said it plans to cut its oil output by 500,000 barrels per day.
- Brent crude gained 2.24% on Friday and closed the week up 8%.
- U.S. West Texas Intermediate crude rose 2.1% on Friday and 8.6% last week. This was the largest single-week increase in oil prices in the U.S. since October.
| Oil (NYSEARCA:OIL) | 30.30 | 2.54% | | Gold (NYSEARCA:GLD) | 173.36 | 0.19% | | Silver (NYSEARCA:SLV) | 20.24 | 0.30% | | Corn (NYSEARCA:CORN) | 26.66 | 1.21% | | Lumber (NASDAQ:WOOD) | 75.38 | -1.40% | *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 on Friday as investors continue to evaluate the chances of future interest rate hikes. - The Federal Reserve is projected to raise rates to 5.1% by the end of 2023, from 4.50% to 4.75% at present.
- The U.S. Dollar Index rose slightly last week after gaining 0.35% on Friday.
- The USD had its first two-week winning streak since October.
| UK(GBP) | £0.83 | 0.42% | | Europe (EURO) | €0.93 | 0.37% | | Canada (Canadian Dollar) | $1.34 | -0.45% | | Japan (Yen) | ¥131.42 | -0.08% | *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 Bitcoin and Ethereum were flat over the weekend after falling late last week. - Surojit Chatterjee, the former Chief Product Officer at Coinbase, has joined Andreessen Horowitz as an executive in residence to support its crypto companies.
- Gary Gensler, the SEC Chair, urged crypto companies to comply with U.S. regulations after reaching a settlement with Kraken over the exchange's crypto-staking operations.
- BitNile, a bitcoin mining company, said it plans to remove 6,573 mining rigs from a Texas facility owned by Compute North.
| Bitcoin | $21,828.80 | 0.13% | | Ethereum | $1,536.79 | 1.43% | | Litecoin | $94.32 | 1.00% | | Bitcoin Cash | $124.77 | -1.34% | *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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