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Market Talk – May 18, 2022

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ASIA:The major Asian stock markets had a mixed day today:• NIKKEI 225 increased 251.45 points or 0.94% to 26,911.20• Shanghai decreased 7.72 points or -0.25% to 3,085.98• Hang Seng increased 41.76 points or 0.20% to 20,644.28• ASX 200 increased 70.20 points or 0.99% to 7,182.70• Kospi increased 5.54 points or 0.21% to 2,625.98• SENSEX decreased 109.94 points or -0.20% to 54,208.53• Nifty50 decreased 19.00 points or -0.12% to 16,240.30The major Asian currency markets had a mixed day today:• AUDUSD decreased 0.00353 or -0.50% to 0.69949• NZDUSD decreased 0.00287 or -0.45% to 0.63313• USDJPY   decreased 1.2 or -0.93% to 128.298• USDCNY increased 0.03674 or 0.55% to 6.77119Precious Metals:• Gold increased 6.33 USD/t oz. or 0.35% to 1,821.00• Silver decreased 0.053 USD/t. oz or  -0.25% to 21.562Some economic news from last night:China:House Prices (YoY) (Apr) decreased from 1.5% to 0.7%Japan:Reuters Tankan Index (May) decreased from 11 to 5GDP (YoY) (Q1) decreased from 3.8% to -1.0%GDP (QoQ) (Q1) decreased from 0.9% to -0.2%GDP Capital Expenditure (QoQ) (Q1) increased from 0.4% to 0.5%GDP External Demand (QoQ) (Q1) decreased from 0.1% to -0.4%GDP Price Index (YoY) increased from -1.3% to -0.4%GDP Private Consumption (QoQ) (Q1) decreased from 2.5% to 0.0%Australia:MI Leading Index (MoM) decreased from 0.3% to -0.2%Wage Price Index (QoQ) (Q1) remain the same at 0.7%Wage Price Index (YoY) (Q1) increase from 2.3% to 2.4%Some economic news from todayJapan:Capacity Utilization (MoM) (Mar) decreased from 1.5% to -1.6%Industrial Production (MoM) (Mar) decreased from 2.0% to 0.3%EUROPE/EMEA:The major Europe stock markets had a negative day:• CAC 40 decreased 77.25 points or -1.20% to 6,352.94• FTSE 100 decreased 80.26 points or -1.07% to 7,438.09• DAX 30  decreased 178.18 points or -1.26% to 14,007.76The major Europe currency markets had a negative day today:• EURUSD decreased 0.00579 or -0.55% to 1.04881• GBPUSD decreased 0.01055 or -0.84% to 1.23798• USDCHF decreased 0.00661 or -0.66% to 0.98755Some economic news from Europe today:France:French Car Registration (MoM) (Apr) decreased from 27.5% to -26.1%French Car Registration (YoY) (Apr) decreased from -19.5% to -22.6%UK:House Price Index (YoY) decreased from 11.3% to 9.8%Core CPI MoM (MoM) (Apr) decreased from 0.9% to 0.7%Core CPI (YoY) (Apr) increased from 5.7% to 6.2%Core PPI Output (MoM) (Apr) decreased from 1.8% to 1.6%Core PPI Output (YoY) (Apr) increased from 11.8% to 13.0%Core RPI (MoM) (Apr) increased from 1.0% to 3.5%Core RPI (YoY) (Apr) increased from 9.1% to 11.2%CPI (YoY) (Apr) increased from 7.0% to 9.0%CPI (MoM) (Apr) increased from 1.1% to 2.5%CPI, n.s.a (Apr) increased from 117.10 to 120.00PPI Input (YoY) (Apr) remain the same at 18.6%PPI Input (MoM) (Apr) decreased from 4.6% to 1.1%PPI Output (YoY) (Apr) increased from 11.9% to 14.0%PPI Output (MoM) (Apr) increased from 1.9% to 2.3%RPI (MoM) (Apr) increased from 1.0% to 3.4%RPI (YoY) (Apr) increased from 9.0% to 11.1%Italy:Italian Car Registration (MoM) (Apr) decreased from 7.8% to -18.5%Italian Car Registration (YoY) (Apr) decreased from -29.7% to -33.0%Germany:German Car Registration (MoM) (Apr) decreased from 20.4% to -25.3%German Car Registration (YoY) (Apr) decreased from -17.5% to -21.5%Euro Zone:Core CPI (YoY) (Apr) increased from 3.0% to 3.5%Core CPI (MoM) (Apr) decreased from 1.1% to 1.0%CPI (MoM) (Apr) decreased from 2.4% to 0.6%CPI (YoY) (Apr) decreased from 7.5% to 7.4%CPI ex Tobacco (MoM) (Apr) decreased from 2.5% to 0.6%CPI ex Tobacco (YoY) (Apr) remain the same at 7.6%HICP ex Energy & Food (YoY) (Apr) remain the same at 3.9%HICP ex Energy and Food (MoM) (Apr) increased from 1.1% to 1.2%US/AMERICAS:

The Dow experienced its most significant decline since 2020 this Wednesday. All of Wall Street turned red during trading after poor earnings reports contributed to a sell-off. As inflation soars, consumers are putting more money toward the essentials such as food and gas rather than retail. Target shares declined 24% midday after the company reported much lower than expected earnings. Walmart also released a disappointing earnings report this week and dropped by 11% on Tuesday followed by 6% midday on Wednesday. Discount retailers saw notable midday declines such as Dollar Tree (17%) and Dollar General (11%). Macy’s declined 9%, Kohl’s lost 10%, and other followed suit as the sell-off continues.

Yardeni Research recently revealed that US households are spending on average $5,000 annual on gasoline. Average households are spending nearly double on gas compared to last year when the average sat at $2,8000. Gas in the US surged 37% this April compared to one year ago, the Commerce Department declared.

US Market Closings:

  • Dow declined 1,164.52 points or -3.57% to 31,490.07
  • S&P 500 declined 165.17 points or -4.04% to 3,923.68
  • Nasdaq declined 566.37 points or -4.73% to 11,418.15
  • Russell 2000 declined 65.45 points or -3.56% to 1,774.85


Canada Market Closings:

  • TSX Composite declined 389.63 points or -1.9% to 20,101.38
  • TSX 60 declined 22.92 points or -1.85% to 1,217.95


Brazil Market Closing:

  • Bovespa declined 2,542.18 points or -2.34% to 16,246.15

ENERGY:The oil markets had a negative day today:• Crude Oil decreased 2.55 USD/BBL or -2.27% to 109.8500• Brent decreased 2.47 USD/BBL or -2.21% to 109.46• Natural gas decreased 0.038 USD/MMBtu or -0.46% to 8.2660• Gasoline decreased 0.177 USD/GAL or -4.49% to 3.7647• Heating oil decreased 0.1378 USD/GAL or -3.63% to 3.6615The above data was collected around 12:30 EST on Wednesday• Top commodity gainers: Lean Hogs (0.40%) and Palm Oil (0.28%),  Gold (0.35%),  Soda Ash (0.55%)• Top commodity losers:  Lumber (-5.20%), Canola (-4.07%), Gasoline (-4.49%) and Methanol (-3.64%)The above data was collected around 12:38 EST on Wednesday.BONDS: Japan 0.250%(+0.6bp), US 2’s 2.66% (-0.047%), US 10’s 2.9149% (-8.03bps); US 30’s 3.11% (-0.086%), Bunds 1.026% (-3bp), France 1.529% (-1.5bp), Italy 2.975% (+0.9bp), Turkey 23.43% (+0bp), Greece 3.59% (+1.6bp), Portugal 2.18% (-0.4bp); Spain 2.122% (+0.2bp) and UK Gilts 1.8730% (-1.2bp).