Good Morning Everyone!
Remember, if you sold all your stocks recently this investing thing just isn’t for you. You gotta stay in the game!
Prices as of 4 pm EST, % YTD
MARKET UPDATE
Quiet Day ahead of U.S. Fed meeting on Wednesday
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Japan is closed
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U.K. holiday for Queen Elizabeth funeral
June 2022 lows 3666
Today 3873
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Today we are 5% above the June lows
CNBC this morning
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Thomas Petterfy, CIO Interactive Brokers
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“cash balances are at all-time highs”
Central Bank meetings this week:
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U.S., Japan, Sweden, Switzerland, Norway, U.K.
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Jay Powell very likely to go 75 basis points
Fed Rate upper bound rate
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2.5% + 0.75 this week + 0.50 in November + 0.50 in December = 4.25% by year-end
10yr 3.5%
US$ 109
C$ 75
VIX 28
Crude 82 -3%
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OPEC heavyweight UAE (United Arab Emirates) is speeding up plans to boost oil production
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Goal is to produce 5 million barrels a day by 2025 vs. 2030 previous plans
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UAE produced 3.4 million barrels a day in August
Germany’s Chancellor Scholz
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to travel to UAE and Saudi Arabia this week
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expected to sign contracts to secure natural gas supplies from the Middle East
Earnings None
CRYPTO UPDATE
Digital asset flows (last week)
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Low activity, $7 million total inflows
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Ethereum (CRYPTO: ETH): continued caution post-Merge
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$15 million outflows (4th consecutive week)
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Bitcoin (CRYPTO: BTC): snaps 5-week outflow streak
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$17 million inflows
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Inflows to multi-asset products have remained steady
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Only a few weeks of outflows YTD
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Nearly same YTD inflows as Bitcoin
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Safety in numbers
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Source: CoinShares
