Today's key market insights
|US markets
U.S. stock futures were flat overnight after falling on Monday amid protests in China over Beijing’s “Zero Covid” policy.
-
The S&P CoreLogic Case-Shiller Home Price Index will be released this morning, showing the change in home prices in September. In August, the index showed that home prices rose 13% year over year.
-
Investors are betting against the crypto industry, with MicroStrategy having a 40% short interest as a percentage of total float.
-
The current 10 Year U.S. Treasury yield is set at 3.69770%.
| Market | Price | Move |
| Dow Jones | 33,849.46 | -1.45% |
| S&P 500 | 3,3963.94 | -1.54% |
| Nasdaq | 11,049.50 | -1.58% |
| Russell 2000 | 1,830.96 | -2.05% |
Canadian markets
Shopify reported that its sales on Black Friday were up 17% compared to last year.
-
Shopify reported $3.36B in transactions on its platform on Black Friday.
-
There was strong demand for apparel, beauty, and home and garden products, Shopify said.
-
Data from Sensormatic Solutions shows that foot traffic in retail stores in the U.S. fell by 2.9% compared to 2021.
| Market | Price | Move |
| TSX | 20,220.49 | -0.80% |
European markets
European markets fell on Monday amid concerns over political unrest in China over Covid restrictions.
-
The Stoxx 600 fell 0.7%, with the oil and gas market leading losses with a 1.4% drop.
-
There was strong demand for smartphones, Christmas decorations, sweaters, and jewelry on Black Friday but European retailers forecast that sales will fall this holiday season.
-
Data from Zoopla, a property website, shows that demand for real estate in the U.K. fell by 44% year over year in the four weeks to Nov. 20.
| Market | Price | Move |
| Euro STOXX 50 | 3,935.51 | -0.68% |
| UK (FTSE 100) | 7,474.02 | -0.17% |
| Germany (DAX) | 14,383.36 | -1.09% |
| France (CAC 40) | 6,665.20 | -0.70% |
Asian markets
Shares in Asia were down on Tuesday morning after falling on Monday.
-
Youth unemployment in China is close to 20% due to the economic issues caused by restrictive COVID-19 policies over the past three years.
-
China is considering setting up COVID-19 “bubbles” for business and sports events.
-
Chinese airlines saw gains on Monday, with China Eastern Airlines rising 6% and Cathay Pacific up 3%.
| Market | Price | Move |
| S&P Asia 50 | 4,156.78 | -1.36% |
| Japan (Nikkei 225) | 28,034.84 | -0.45% |
| South Korea (KOSPI) | 2,412.53 | 0.18% |
| China (Hang Seng) | 17,579.64 | 1.63% |
| India (SENSEX) | 62,504.80 | 0.34% |
Commodities
Brent crude fell on Monday but U.S. oil prices rose as the downward pressure is coming mainly from China.
-
Brent crude lost 0.5% and U.S. West Texas Intermediate rose 1.3%.
-
OPEC+ members will be meeting on Dec. 4 to discuss their production targets.
-
The EU and G7 price cap on Russian crude, of between $65 to $70, is due to come into effect on Dec. 5.
| Market | Price | Move |
| Oil (NYSEARCA: OIL) | 29.18 | 0.35% |
| Gold (NYSEARCA: GLD) | 161.93 | -0.79% |
| Silver (NYSEARCA: SLV) | 19.26 | -2.33% |
| Corn (NYSEARCA: CORN) | 26.63 | -0.04% |
| Lumber (NASDAQ: WOOD) | 74.56 | -2.60% |
Currency exchange rates
The U.S. Dollar closed up on Monday after falling earlier in the day.
-
The Australian Dollar was down since the currency is often influenced by data from China, which is struggling to contain social unrest over Beijing’s restrictive “Zero Covid” policies.
-
The U.S. Dollar Index is currently at 106.67, below the 20-year high of 114.78 that it reached in September.
-
The Chinese Yuan and Japanese Yen were also both down on the day.
| Market | Price | Move |
| UK(GBP) | £0.83 | 0.85% |
| Europe (EURO) | €0.97 | 0.55% |
| Canada (Canadian Dollar) | $1.35 | 0.46% |
| Japan (Yen) | ¥138.76 | -0.26% |
Cryptocurrency
Despite negative news from major market players, Crypto prices were relatively stable on Monday.
-
BlockFi filed for bankruptcy protection, saying that it has only $257M in cash on hand.
-
FTX US is the company’s largest creditor and has a $275M debt claim that is unsecured. The SEC also has a $30M debt claim that is unsecured.
-
Earlier this year BlockFi was reportedly planning to raise a down round to cover its financial obligations.
| Market | Price | Move |
| Bitcoin | $16,253.20 | -1.21% |
| Ethereum | $1,177.96 | -1.30% |
| Litecoin | $75.95 | 1.56% |
| Bitcoin Cash | $111.51 | -0.74% |
The trading ideas goes into active money management by the team of Elite CurrenSea (ECS), which you can follow at $0 upfront fees over their website.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.