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%.

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.

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.

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%.

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.

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.

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.

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