Financial Markets Summary for the week ending November 4, 2022

 SOURCE:

Credit Bubble Bulletin : Weekly Commentary: Powell Building Credibility

For the Week Ending November 4, 2022:

US  STOCK  AVERAGES

S&P500 dropped 3.3% (down 20.9% y-t-d)

Dow Industrials declined 1.4% (down 10.8%)

Utilities dipped 0.8% (down 7.8%)

Banks slipped 0.7% (down 21.4%)

Broker/Dealers gained 1.4% (down 3.3%)

Transports declined 0.7% (down 18.2%)

S&P 400 Midcaps lost 1.2% (down 15.4%)

Small cap Russell 2000 fell 2.5% (down 19.8%)

Nasdaq100 sank 6.0% (down 33.5%)

Semiconductors declined 1.5% (down 39.2%)

Biotechs slipped 0.2% (down 10.7%). 

While gold bullion rallied $37, the wildly volatile 

     HUI gold equities index was unchanged (down 23.1%).

FOREIGN  STOCK  AVERAGES

U.K.'s FTSE rallied 4.1% (down 0.7% y-t-d).
Japan's Nikkei increased 0.3% (down 5.5% y-t-d). 

France's CAC40 gained 2.3% (down 10.3%). 

German DAX rose 1.6% (down 15.3%). 

Spain's IBEX 35 increased 0.3% (down 8.8%). 

Italy's FTSE MIB rallied 3.3% (down 14.9%)

Brazil's Bovespa jumped 3.2% (up 12.7%)

Mexico's Bolsa surged 4.3% (down 4.0%). 

South Korea's Kospi recovered 3.5% (down 21.1%). 

India's Sensex gained 1.7% (up 4.6%). 

China's Shanghai Exchange rallied 5.3% (down 15.6%). 

Turkey's Borsa Istanbul National 100 surged 8.7% (up 127%). 

Russia's MICEX declined 0.5% (down 43.1%).

US  BONDS

Three-month Treasury bill rates ended the week at 4.005%. 

Two-year government yields surged 24 bps to 4.66% (up 393bps y-t-d).

Five-year T-note yields rose 15 bps to 4.33% (up 307bps). 

Ten-year Treasury yields gained 14 bps to 4.16% (up 265bps). 

Long bond yields rose 11 bps to 4.25% (up 235bps). 

Benchmark Fannie Mae MBS yields jumped 19 bps to 5.93% (up 387bps).

Federal Reserve Credit fell $39.4bn last week to $8.662 TN. Fed Credit was down $239bn from the June 22nd peak. Over the past 164 weeks, Fed Credit expanded $4.935 TN, or 132%. 

US  Mortgages:

Freddie Mac 30-year fixed mortgage rates fell 13 bps to 6.95% 

    (up 386bps y-o-y). 

Fifteen-year rates declined seven bps to 6.29% (up 394bps). 

Five-year hybrid ARM rates slipped a basis point to 5.95% (up 341bps) 

- near the high since November 2008. 

Jumbo mortgage 30-year fixed rates up 16 bps to 7.23% (up 406bps) 

- the high since December 2008.

Currency Watch:

For the week, the U.S. Dollar Index 

was little changed at 110.88 

(up 15.9% y-t-d).  

The Chinese (onshore) renminbi 

increased 0.94% versus the dollar 

(down 11.54% y-t-d).

Commodities Watch:

Bloomberg Commodities Index surged 5.1% (up 18.5% y-t-d).

 

Spot Gold gained 2.3% to $1,682 (down 8.1%). 

Silver surged 8.3% to $20.86 (down 10.5%). 

WTI crude jumped $4.71 to $92.61 (up 23%). 

Gasoline dropped 5.9% (up 23%)

Natural Gas rallied 12.6% to $6.40 (up 72%). 

Copper jumped 7.5% (down 17%). 

Wheat rose 2.2% (up 10%)

Corn was little changed (up 15%). 

Bitcoin gained 2.7% this week, or $560, to $21,184 (down 54%).