Euro nearing one-year high versus US Dollar
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The figures: Meta shares gained around 10% overnight after the company reported profits following three consecutive losing quarters. Strategy: After investing heavily in AI in the last quarter, Mark Zuckerberg said Meta has been focusing on "both AI and the metaverse for years now, and we will continue to focus on both." Reality Labs: Many investors hoped Meta would shift its focus away from the Metaverse because its XR department Reality Labs has recorded significant losses every quarter since it started posting results in 2020.
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US Markets U.S. stock futures rose overnight after Meta reported positive results after markets closed on Wednesday. - First Republic Bank shares lost another 30% on Wednesday as investors are concerned about the bank's financials.
- Despite many companies reporting better-than-expected earnings, some analysts believe the U.S. economy could still be headed toward a recession.
- The current 10 Year U.S. Treasury yield is set at 3.44470%
| Dow Jones | 33,301.87 | -0.68% | | S&P 500 | 4,055.99 | -0.38% | | Nasdaq | 11,854.35 | 0.47% | | Russell 2000 | 1,730.41 | -0.89% | *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 According to recently released minutes, the Bank of Canada contemplated raising interest rates at its last meeting. - Although policymakers were concerned about persistent inflation, they kept interest rates at 4.5%.
- The Bank of Canada expressed confidence that inflation will eventually reach the 2% target but acknowledged the potential for a lengthier process.
- Despite high borrowing costs, the Canadian economy grew by 0.5% in January and 0.3% in February.
*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 The Stoxx 600 fell 0.8% on Wednesday as concerns about the banking sector continue. - Healthcare stocks led losses with a 2.5% drop, followed by industrial stocks with a 1.4% decline, and the household goods sector, which lost 1.2%.
- Despite concerns about the banking sector, which fell 0.2%, U.K. bank London Chartered was up after announcing a 21% increase in pre-tax profits.
| Euro STOXX 50 | 4,347.71 | -0.69% | | UK (FTSE 100) | 7,852.64 | -0.49% | | Germany (DAX) | 15,795.73 | -0.48% | | France (CAC 40) | 7,466.66 | -0.86% | *European 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 rose on Thursday morning after falling significantly on Wednesday due to fears of an economic slowdown in the U.S. - Brent and WTI were both down nearly 4% on Wednesday, extending losses from Tuesday.
- India is buying the least amount of oil from OPEC in 22 years as it continues to benefit from cheaper Russian oil.
- Russia's oil exports from western ports are set to surpass a 2019 high despite reports of production cuts in the country.
| Oil (NYSEARCA:OIL) | 28.46 | -3.22% | | Gold (NYSEARCA:GLD) | 184.74 | -0.54% | | Silver (NYSEARCA:SLV) | 22.83 | -0.70% | | Corn (NYSEARCA:CORN) | 24.09 | -0.50% | | Lumber (NASDAQ:WOOD) | 69.04 | -0.92% | *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 Euro is nearing a one-year high against the U.S. Dollar. - The USD and the Euro were on par less than six months ago.
- $1 is worth €0.90, down from €1.04 in September.
- Analysts say that differing monetary policies will likely cause the USD to continue falling relative to other fiat currencies while the Euro will likely strengthen.
| UK(GBP) | £0.80 | -0.48% | | Europe (EURO) | €0.90 | -0.67% | | Canada (Canadian Dollar) | $1.36 | 0.12% | | Japan (Yen) | ¥133.71 | 0.03% | *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 After rising on Tuesday, Bitcoin is again near the $30k threshold it surpassed last week. - The upward pressure is linked to fears of another bank run, which could negatively impact the U.S. Dollar.
- Despite the increase, Bitcoin is still more than $40k from its all-time high.
- Some analysts predict that the Bitcoin halving event will bring the price up to $50k.
| Bitcoin | $29,048.50 | 2.57% | | Ethereum | $1,906.97 | 2.16% | | Litecoin | $89.01 | 0.88% | | Bitcoin Cash | $118.93 | -1.11% | *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.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | 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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