June 13th 2022, 4:56:07 pm
(about a year ago)
🤑Another weekly loss for North American stocks🤑
North American equities ended the week lower to mark the 8th decline in the last nine weeks. US S&P 500 resumed its weekly loss on new data elevated the concern for US Federal Reserve to continue the aggressive interest rate hike. US unemployment report on Friday held at 3.6%, but payrolls rose more than forecast, another sign that US Central Bank may increase rates to control untamed inflation. S&P 500 and Nasdaq dropped 0.9% and 1% in the first week of June.The second half will be a roller coaster for the financial markets as the US, and other central banks try to control global inflation without hurting the economy and forcing it into recession. Investors are currently divided on whether the markets have bottomed, or there is another 15% 5o 20% room for fall.
On the commodity side, oil prices continued their rally to around 120 a barrel after the European Union initiated the embargo on Russian oil imports and Saudi Arabia"s implied agreement to increase its output under pressure from the US and its allies did not pressure down oil prices. West Texas Intermediate stands at 118.9 as of Sunday.
US dollar continued its long-expected decline from recent intense highs and standing at 1.26 against the Canadian dollar.