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.
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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.
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Investors are betting against the crypto industry, with MicroStrategy having a 40% short interest as a percentage of total float.
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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.
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Shopify reported $3.36B in transactions on its platform on Black Friday.
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There was strong demand for apparel, beauty, and home and garden products, Shopify said.
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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.
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The Stoxx 600 fell 0.7%, with the oil and gas market leading losses with a 1.4% drop.
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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.
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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.
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Youth unemployment in China is close to 20% due to the economic issues caused by restrictive COVID-19 policies over the past three years.
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China is considering setting up COVID-19 “bubbles” for business and sports events.
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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.
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Brent crude lost 0.5% and U.S. West Texas Intermediate rose 1.3%.
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OPEC+ members will be meeting on Dec. 4 to discuss their production targets.
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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.
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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.
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The U.S. Dollar Index is currently at 106.67, below the 20-year high of 114.78 that it reached in September.
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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.
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BlockFi filed for bankruptcy protection, saying that it has only $257M in cash on hand.
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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.
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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% |
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Author
Chris Svorcik
Elite CurrenSea
Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.
