US markets
Stocks were up Friday after losing momentum in the middle of the week, causing the Dow to temporarily fall into the red for the year.
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After the rise on Friday, the Dow finished the week down 2.7% but remained up just under 1% for 2023. The S&P 500 lost 0.66% last week while the Nasdaq extended its winning streak to three weeks after gaining 0.55%.
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Netflix surged 8.5% on Friday after a larger-than-expected increase in subscribers, and Alphabet gained 5% after announcing it would lay off 6% of its workforce (12,000 employees).
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The current 10 Year U.S. Treasury yield is set at 3.47960%.
Market | Price | Move |
Dow Jones | 33,375.49 | 1.00% |
S&P 500 | 3,972.61 | 1.89% |
Nasdaq | 11,140.44 | 2.66% |
Russell 2000 | 1,867.34 | 1.69% |
Canadian markets
Urbanation, a real estate consulting firm, has released a report looking into Toronto’s rental market last year.
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Despite a decline in housing prices in 2022, rent increased by 16.9% in the city, whereas it saw a 0.5% decrease in 2021.
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The increase is mainly due to immigrants and foreign students moving to the city once pandemic-related restrictions were lifted. Rising interest rates led to a decline in first-time homebuyers, which increased the demand for rentals.
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The average monthly rental price for a condo in Toronto was $2,752 at the end of last year, $391 more than in December 2021.
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Rental constructions decreased by 54% in 2022, showing that supply is unlikely to increase in the short term.
Market | Price | Move |
TSX | 20,503.21 | 0.80% |
European markets
European markets were up slightly on Friday after falling on Thursday following a strong start to the week that saw the FTSE hit a new high.
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The Stoxx 600 rose 0.35% on Friday, led by travel stocks, which gained 1.2%.
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For the week, the Stoxx 600 lost 0.3%, with most of those losses coming during a sell-off on Thursday in response to weak corporate earnings and economic data from the U.S.
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Cellnex, a Spanish telecom company, was the best-performing stock in the Stoxx 600 on Friday, gaining 8.9%.
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Close Brothers, a British banking group, was the worst-performing stock, falling 10.3%.
Market | Price | Move |
Euro STOXX 50 | 4,119.90 | 0.63% |
UK (FTSE 100) | 7,770.59 | 0.30% |
Germany (DAX) | 15,033.56 | 0.76% |
France (CAC 40) | 6,995.99 | 0.63% |
Asian markets
Stocks In Asia were up on Friday despite Japan’s inflation hitting a 41-year high.
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Singapore’s tourism board said that despite China’s reopening, the number of Chinese tourists visiting the island country is unlikely to return to pre-pandemic levels this year.
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Stocks in China continue to have positive momentum following the country’s lifting of most Covid restrictions, with the Hang Seng, Shanghai Composite, and Shenzhen Component all rising last week.
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The Nikkei rose on Friday after new data showed that consumer prices rose by 4% in December on an annualized basis, a 41-year high. The index fell on Thursday in response to the Bank of Japan unexpectedly maintaining its monetary policy.
Market | Price | Move |
S&P Asia 50 | 4,984.70 | 1.35% |
Japan (Nikkei 225) | 26,553.53 | 0.56% |
South Korea (KOSPI) | 2,395.26 | 0.63% |
China (Hang Seng) | 22,044.65 | 1.82% |
India (SENSEX) | 60,621.77 | -0.39% |
Commodities
Oil prices rose on Friday and have now increased for two consecutive weeks.
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Both Brent crude and U.S. West Texas Intermediate gained just over 1% on the day.
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The positive outlook created by China’s removing Covid restrictions and reopening its economy continues to outweigh concerns over the global economy’s health.
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The U.S. oil rig count is at its lowest since November, which pushed prices up as it suggests a decline in domestic supply.
Market | Price | Move |
Oil (NYSEARCA: OIL) | 28.10 | 1.21% |
Gold (NYSEARCA: GLD) | 173.71 | -0.33% |
Silver (NYSEARCA: SLV) | 21.92 | 0.27% |
Corn (NYSEARCA: CORN) | 25.93 | 0.00% |
Lumber (NASDAQ: WOOD) | 75.43 | 0.78% |
Currency exchange rates
The Yen was down on Friday after weeks of gains as markets re-adjust following the Bank of Japan’s monetary policy decision on Thursday.
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The Yen gained over 14% against the U.S. Dollar over the past three months amid expectations that the Bank of Japan would tighten its monetary policy.
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The U.S. Dollar has regained nearly 2% against the Yen in the two U.S. trading days since the Bank of Japan decided to continue having ultra-low interest rates.
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The USD still fell against other currencies on Friday and is expected to continue falling in the first half of 2023.
Market | Price | Move |
UK(GBP) | £0.81 | -0.32% |
Europe (EURO) | €0.92 | -0.73% |
Canada (Canadian Dollar) | $1.34 | -0.75% |
Japan (Yen) | ¥129.56 | 0.76% |
Cryptocurrency
Bitcoin surged over 10% on Friday before falling after Genesis filed for bankruptcy.
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Genesis lost $1.2B when Three Arrows Capital filed for bankruptcy last summer. The crypto lending firm lost funds and had to freeze withdrawals when customers left exchanges following FTX’s bankruptcy in December.
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Genesis is FTX’s largest unsecured creditor, with $226M in claims.
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In its bankruptcy filing, Genesis claimed that it has over $5.1B in liabilities.
Market | Price | Move |
Bitcoin | $22,643.90 | 9.53% |
Ethereum | $1,663.62 | 7.25% |
Litecoin | $90.24 | 7.14% |
Bitcoin Cash | $128.30 | 8.11% |
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