The Dow Jones rose on Friday, while the S&P and the Nasdaq were down on the half-day of trading.
All three major indexes rose on the week. The Dow gained 1.78%, S&P 500 climbed 1.53%, and the Nasdaq was up 0.72%.
Earnings have been solid, and consumer spending hasn’t dropped, which has helped increase investor confidence.
The current 10 Year U.S. Treasury yield is set at 3.70010%.
Data from Ratehub.ca shows that homebuyers in 2022 are paying up to 250% more in interest during the first year of their mortgage than in 2021.
In October 2021, a homebuyer with a $600,000 mortgage would have paid an average of $12,310 in interest in the first 12 months.
In October 2022, a homebuyer with a $600,000 mortgage would have paid an average of $30,819 in interest in the first 12 months.
The average house price in Canada has decreased by 9.9% from October 2021 to October 2022.
According to Canada Mortgage and Housing Corporation, the most common mortgage continues to be the five-year fixed rate with 25 years of amortization.
European markets were flat on Friday following an upward trend in the first four days of the week.
The Stoxx 600 lost 0.25% on Friday after gaining at the start of the session before a downturn.
The Stoxx 600 had its sixth consecutive winning week and also hit a three-month high last week.
Credit Suisse shares are at an all-time low after losing more than 5%.
|Euro STOXX 50||3,962.41||0.01%|
|UK (FTSE 100)||7,486.67||0.27%|
|France (CAC 40)||6,712.48||0.08%|
Shares in Asia were down on Friday after a volatile week of trading.
Casino stocks in China saw losses. MGM China fell by 4%, Mynn Macau lost 2.5%, Sands China dropped by 3%, and SJM Holdings declined by 2.7%.
Technology stocks in Hong Kong were also down as Tencent fell by 3%, Meituan lost 3.17%, and Bilibili dropped 4.36%.
Japan’s inflation rate hit a 40-year high after consumer prices rose by 3.6% in November on an annualized basis.
|S&P Asia 50||4,213.96||-0.51%|
|Japan (Nikkei 225)||28,283.03||-0.35%|
|South Korea (KOSPI)||2,437.86||-0.14%|
|China (Hang Seng)||17,573.58||-0.49%|
Oil prices were down on Friday due to continuing concerns about demand from China, where COVID-19 cases are increasing.
Brent crude futures lost 1.6% and U.S. West Texas Intermediate crude fell 1.7%.
On the week, the benchmark crudes lost 3.8% and 3.9%, respectively.
The G7 and EU have been discussing putting a price cap on Russian oil at between $65 and $70 per barrel.
|Oil (NYSEARCA: OIL)||29.08||-0.86%|
|Gold (NYSEARCA: GLD)||163.22||0.09%|
|Silver (NYSEARCA: SLV)||19.72||-0.45%|
|Corn (NYSEARCA: CORN)||26.64||0.91%|
Currency exchange rates
The U.S. Dollar increased slightly on Friday after falling a day earlier.
China’s central bank said it would cut the amount of reserves banks had to hold.
The Chinese Yuan lost over 0.4% following the news and has been negative for two consecutive weeks.
The Japanese Yen lost 0.5% after data showed that Japan’s annual inflation hit a 40-year high.
|Canada (Canadian Dollar)||$1.34||0.47%|
Bitcoin has been holding its price since Wednesday despite suppressed trading volume in the U.S.
Brendan Blumer, the Founder of Block.One has purchased a 9.3% stake in Silvergate Capital, making him the largest shareholder in the company.
Incoming Kraken CEO Dave Ripley said he believes that self-custody and regulation will be the future of the crypto industry.
Flashbots, an Ethereum R&D firm, is building a plug-and-play solution to change how validators earn MEV.
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