Good Morning,
Canadian dollar trading up one tenth of a cent this morning, landing around the $0.80 mark at the current time. West Texas Oil December contract down $0.65 per barrel for the morning, off of its 5 year high of $85.41 set on October 25th.
Natural gas contracts took a massive hit this week, down 62 cents or 11.24% for the past five days. Natural gas has plummeted 25.7% after it hit a 10+ year high on October 6th, 2021. Gas contract trading this morning at $4.913 per GJ down from $6.59 on October 6th.
Toronto Stock Exchange hit another all time high this morning with the index topping out at 21,753. The TSX is trading up 24.7% year to date and has found strengths in Shopify (Up 8.3% today) and the Canadian Banks all posting modest gains for the day.
US Exchanges being helped by a huge boost to tech stocks this morning as the FAANG (Facebook, Amazon, Apple, Netflix, Google) all trend higher.
Canadian interest rates are staying put for the time being, but all signs are beginning to point towards higher interest rates in the coming months / year. Inflation is spiraling out of control and reaching levels not seen in 20+ years. Inflation sits just over 4% as of September but markets anticipate the Consumer Price Index will continue to rise for until interest rates are hiked.
US Inflation Rate is believed to sit around 6.2%. Much higher than the 2.0% many modern economies strive towards.
Comsumers may have to say goodbye to sub 2% interest rates on home mortgages and business loans. The Bank Of Canada is hinting at a 1.75% increase in interest rates throughout 2022 and onwards.
Until Next Time,
Market Highlights
