Canadian federal budget released
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US Markets U.S. stock futures rose slightly overnight after a negative trading day. - Shares of Lululemon surged more than 14% after the company announced better-than-expected earnings and revenues.
- Economists predict that new data due out this morning will show a 3% decline in housing sales in February following an 8.1% increase in January.
- The current 10 Year U.S. Treasury yield is set at 3.56680%
| Dow Jones | 32,394.25 | -0.12% | | S&P 500 | 3,971.27 | -0.16% | | Nasdaq | 11,716.08 | -0.45% | | Russell 2000 | 1,752.63 | -0.06% | *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 Federal budget includes CA$43B in new spending over six years, which will lead to larger deficits and an increase in the debt-to-GDP ratio. - According to the budget, the government ran a CA$43B deficit in the fiscal year that ends this Friday, whereas the Trudeau administration forecast a CA$36.4B deficit in November.
- The budget will increase spending on healthcare, dental care, and clean energy initiatives.
- The alternative minimum tax on high earners will be raised to 20.5% from 15% and will be overhauled so that different exceptions, deductions, and credits will apply.
- The budget also changes tax rules for banks that receive dividends from the Canadian companies they invest in.
*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 stock markets were flat on Tuesday even though key national markets rose. - Bank stocks gained 0.7% on the day despite a 1.6% decline in Deutsche Bank shares.
- The oil and gas sector led markets, gaining 1.8%, followed by mining, up 1.4%.
- The worst-performing sector was technology, which lost 1.3%.
| Euro STOXX 50 | 4,168.21 | 0.09% | | UK (FTSE 100) | 7,484.25 | 0.17% | | Germany (DAX) | 15,142.02 | 0.09% | | France (CAC 40) | 7,088.34 | 0.14% | *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 Markets in Asia were mixed on Tuesday as investors reacted to the stabilizing of the banking industry in the U.S. and Europe. - Hong Kong’s Hang Seng Tech index rose 0.7% on the day as tech stocks recovered.
- Japanese stocks were up after the government announced a deal with the U.S. government that will grant Japanese automakers access to the EV tax credits in Biden's Inflation Reduction Act.
- Defense stocks in South Korea rose as Kim Jong Un said North Korea plans to increase the production of weapons-grade nuclear materials.
| S&P Asia 50 | 4,660.64 | 0.98% | | Japan (Nikkei 225) | 27,518.25 | 0.15% | | South Korea (KOSPI) | 2,434.94 | 1.07% | | China (Hang Seng) | 19,784.65 | 1.11% | | India (SENSEX) | 57,613.72 | -0.07% | *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 continued to rise due to export disruptions in Iraq and positive market momentum as banking stocks continued their recovery. - Brent crude rose 0.8% and U.S. West Texas Intermediate gained 0.7%.
- Analysts forecast that prices will increase by ~4% if Iraq's export disruptions continue.
- The U.S. Energy Information Administration will release stockpile figures this morning. Last week, the U.S. added more than 200,000 barrels to stockpiles.
| Oil (NYSEARCA:OIL) | 28.08 | 0.45% | | Gold (NYSEARCA:GLD) | 183.44 | 0.82% | | Silver (NYSEARCA:SLV) | 21.43 | 0.99% | | Corn (NYSEARCA:CORN) | 25.29 | 0.16% | | Lumber (NASDAQ:WOOD) | 69.88 | 0.11% | *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 fell again on Tuesday as investors moved from safe-haven currencies to higher-risk options. - The U.S. Dollar Index fell 0.31% on Tuesday to 102.43 and is nearing its seven-week low of 101.91.
- The British Pound rose after the Bank of England said that the country's banking system has not been impacted by the recent banking turmoil in the U.S. and continental Europe.
- Some analysts believe that the U.S. Dollar is currently undervalued as its down more than 3% from its highs earlier this month.
| UK(GBP) | £0.81 | -0.74% | | Europe (EURO) | €0.92 | -0.60% | | Canada (Canadian Dollar) | $1.36 | -0.96% | | Japan (Yen) | ¥130.85 | -0.01% | *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 fell again on Tuesday but remains just under the $28,000 price point while Ethereum climbed, closing the gap in gains between the two leading cryptocurrencies this month. - Canada will require pension funds to disclose their exposure to any cryptocurrency assets.
- Sam Bankman-Fried is facing an additional indictment as prosecutors say he tried to bribe a Chinese official with approximately $40M.
- The Commodity Futures Trading Commission said it should regulate Ethereum because it considers the cryptocurrency a commodity, despite the Securities and Exchange Commission previously claiming that it views Ethereum as a security under its jurisdiction.
| Bitcoin | $27,264.40 | -2.65% | | Ethereum | $1,773.25 | 3.31% | | Litecoin | $88.67 | -0.67% | | Bitcoin Cash | $121.06 | -3.07% | *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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 |  | | |   | | 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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