Three crypto companies merge in Canada
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US Markets Stock futures were flat overnight after the new fiscal quarter started with a mixed day. - Evercore predicts that the U.S. economy will enter a recession later this year as the impact of higher interest rates is more fully felt.
- The Job Opening and Labor Turnover Survey results due out this morning should provide an indication of the strength of the U.S. labor market.
- The current 10 Year U.S. Treasury yield is set at 3.43010%
| Dow Jones | 33,601.15 | 0.98% | | S&P 500 | 4,124.51 | 0.37% | | Nasdaq | 12,189.45 | -0.27% | | Russell 2000 | 1,802.31 | -0.01% | *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 business outlook in Canada has become negative for the first time since 2020. - The Bank of Canada's business outlook indicator was down to -1.1 in Q1 2023, from 0.1 in the previous quarter.
- The decline is credited to rising interest rates, which are now at 4.5%.
- Despite higher borrowing costs, businesses surveyed forecast that the Bank of Canada won't be able to lower inflation to its 2% target rate by 2025.
*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 stocks fell on Monday following a mixed trading day across the continent. - The Stoxx 600 gained 0.1% after markets rose in the U.K. and France but fell in Germany.
- Oil and gas was the best-performing sector, gaining 4%. Banking rose 0.6% and was the only other sector to end in the green.
- The worst-performing sectors were financial services (-1.4%) and mining (-1.3%).
| Euro STOXX 50 | 4,311.05 | -0.09% | | UK (FTSE 100) | 7,673.00 | 0.54% | | Germany (DAX) | 15,580.92 | -0.31% | | France (CAC 40) | 7,345.96 | 0.32% | *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 Stocks in Asia were mixed but mostly up on Monday as investors reacted to more manufacturing data. - In Japan, according to a private survey, factory activity continued to contract in March but at a lesser rate than in February.
- In China, Tesla suppliers rose significantly following reports that Elon Musk plans to visit the country to meet with Premier Li Qiang.
- Stocks in Australia ended higher as the country continues recovering from last month's decline in stock prices caused by the banking turmoil.
| S&P Asia 50 | 4,748.86 | -0.89% | | Japan (Nikkei 225) | 28,236.92 | 0.17% | | South Korea (KOSPI) | 2,484.80 | 0.50% | | China (Hang Seng) | 20,319.76 | -0.44% | | India (SENSEX) | 59,106.44 | 0.19% | *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 rose after OPEC+ said it plans to cut production by 1.16 million barrels per day. - The cuts will start in May and continue gradually until the new output target is reached at the end of this year.
- Brent crude surged 6.31% and U.S. West Texas Intermediate crude jumped 6.28%.
- Saudi Arabia said the cuts will help stabilize the international oil markets.
| Oil (NYSEARCA:OIL) | 30.50 | 5.35% | | Gold (NYSEARCA:GLD) | 184.54 | 0.72% | | Silver (NYSEARCA:SLV) | 22.06 | -0.27% | | Corn (NYSEARCA:CORN) | 25.27 | 0.16% | | Lumber (NASDAQ:WOOD) | 71.84 | 0.35% | *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 after OPEC+ announced its plans to cut oil output on Monday. - The chances of another interest rate hike by the U.S. Federal Reserve in May fell from 65% before the announcement to 60% after.
- The U.S. Dollar Index dropped 0.44% on the day.
- The Canadian Dollar and Norwegian Krone rose significantly as they are oil-sensitive currencies, with much of their international demand tied to oil exports from Canada and Norway, respectively.
| UK(GBP) | £0.81 | -0.50% | | Europe (EURO) | €0.92 | -0.25% | | Canada (Canadian Dollar) | $1.34 | -0.68% | | Japan (Yen) | ¥132.64 | -0.10% | *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 WonderFi, Coinsquare, and CoinSmart agreed to merge to create the largest regulated crypto trading platform in Canada. - The move comes as Canadian regulators have raised the cost of compliance for cryptocurrency companies, forcing big players like Binance and Kraken to close operations in Canadian provinces.
- Coinsquare shareholders will own a 43% stake in the resulting company, WonderFi shareholders will take 38%, and CoinSmart shareholders 19%.
- WonderFi President and CEO Dean Skyrka said the merger provides a "path to profitability" despite the regulatory environment.
- The U.S. cryptocurrency industry is also facing increased regulatory pressures.
| Bitcoin | $27,883.20 | -2.08% | | Ethereum | $1,814.53 | 1.07% | | Litecoin | $92.68 | -0.16% | | Bitcoin Cash | $127.45 | 1.01% | *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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 |  | | |   | | 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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