National Bank of Canada : Tuesday January 10, 2023

Market Review

January 10, 2023

EQUITY INDICES	LAST	CHANGE	%CHG	52 WK-HIGH	52 WK-LOW	YTD
DOW JONES INDUSTRIAL AVERAGE	33,704.10	186.45	0.56%	36513.88	28660.94	1.68%
S&P 500	3,919.25	27.16	0.70%	4748.83	3491.58	2.08%
NASDAQ COMPOSITE	10,742.63	106.98	1.01%	15319.03	10088.83	2.64%
S&P/TSX COMPOSITE	19,898.86	41.79	0.21%	22213.07	17873.18	2.65%
STOXX EUROPE 50	3,819.95	-22.59	-0.59%	3849.34	3279.47	4.60%
FTSE 100	7,694.49	-30.45	-0.39%	7725.74	6707.62	3.26%
DAX PERFORMANCE-INDEX TR	14,774.60	-18.23	-0.12%	16090.29	11862.84	6.11%
CAC40	6,869.14	-38.22	-0.55%	7249.88	5628.42	6.11%
Nikkei 225 Index	26,175.56	201.71	0.78%	29222.77	24681.74	0.31%
HANG SENG INDEX	21,331.46	-56.88	-0.27%	25050.59	14597.31	7.84%
Shanghai SE Composite Index	3,169.51	-6.58	-0.21%	3602.15	2863.65	2.60%

Market Review

The World Bank slashed its 2023 growth forecasts.

U.S. stocks edged higher in the afternoon trading today, led by big growth shares, on relief that Federal Reserve Chair Jerome Powell refrained in a speech from commenting on rate policy. In his first public appearance of the year, Powell said that the Fed's independence is essential for it to battle inflation. Recent comments by other Fed officials have supported the view that the central bank needs to remain aggressive in raising interest rates to control inflation. Fed Governor Michelle Bowman said yesterday the bank will have to raise interest rates further to combat high inflation. Traders are betting on a 25-basis point rate hike at the Fed's upcoming policy meeting in February. On the corporate side, Amazon.com Inc and Microsoft Corp gave the S&P 500 its biggest boost while Broadcom Inc shares fell, after a report that Apple Inc plans to replace a Broadcom chip from its devices with an in-house design in 2025. Elsewhere, the World Bank slashed its 2023 growth forecasts today to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies. The development lender said it expected global GDP growth of 1.7% in 2023, the slowest pace outside the 2009 and 2020 recessions since 1993. In its previous Global Economic Prospects report in June 2022, the bank had forecast 2023 global growth at 3.0%. It forecast global growth in 2024 to pick up to 2.7% and said average growth for the 2020-2024 period would be under 2%, the slowest five-year pace since 1960. The bank also expects major slowdowns in advanced economies, including the United States and the euro zone, for which it sharply cuts its forecast to 0.5% for both. In Canada, the main stock index remained relatively unchanged today. First Quantum Minerals Ltd edged lower after the metal miner said it was in talks with the government of Panama and submit an appeal by the end of the day against Panama's order to halt operations at the firm's local copper mine in the midst of a contract dispute. The Panamanian government and the Canadian miner have been at odds for more than a year over a new deal in which the Central American government aims to raise annual mining royalties to a minimum of $375 million. On the fixed-income side, traders see a 72.9% likelihood of the Bank of Canada raising interest rates by 25 basis points at its meeting later this month.

S&P/TSX: LEADERS	LAST	CHANGE	%CHG
Nuvei Corp	$40.70	$3.30	8.82%
Equinox Gold Corp	$5.73	$0.45	8.52%
Ivanhoe Mines Ltd	$12.04	$0.74	6.55%
Denison Mines Corp	$1.82	$0.10	5.81%
BlackBerry Ltd	$4.90	$0.25	5.38%

S&P/TSX: LAGGARDS	LAST	CHANGE	%CHG
Algoma Steel Group Inc	$8.04	-$0.46	-5.41%
Innergex Renewable Energy Inc	$15.64	-$0.75	-4.58%
ARC Resources Ltd	$15.83	-$0.57	-3.48%
Interfor Corp	$20.95	-$0.67	-3.10%
Nutrien Ltd	$99.80	-$3.11	-3.02%

S&P/TSX INDUSTRY	LAST	CHANGE	%CHG	YTD
ENERGY	233.18	-1.09	-0.47%	-4.04%
MATERIALS	350.16	3.18	0.92%	6.86%
UTILITIES	302.31	-1.20	-0.40%	2.42%
FINANCIALS	361.32	1.29	0.36%	2.64%
INDUSTRIALS	390.45	-1.09	-0.28%	2.37%
HEALTH CARE	20.41	0.16	0.79%	5.10%
CONS. DISCRETION.	262.67	0.95	0.36%	4.22%
CONS. STAPLES	841.40	-1.07	-0.13%	2.23%
INFO TECH.	141.64	0.79	0.56%	3.84%
COMMUNICATION SVS	189.24	-0.19	-0.10%	1.71%
REAL ESTATE	312.84	2.91	0.94%	3.98%

GOVERNMENT BONDS	2YR	5YR	10YR	30YR
CANADA (YLD%)	3.94%	3.24%	3.12%	3.14%
U.S. (YLD%)	4.25%	3.72%	3.62%	3.75%
COMMODITIES/ FX	LAST	CHANGE	%CHG	YTD
CRUDE OIL WTI	$74.70	$0.07	0.09%	-6.93%
NATURAL GAS	$3.57	-$0.35	-8.82%	-20.42%
GOLD	$1,878.10	$5.40	0.29%	3.21%
COPPER	$4.07	$0.05	1.16%	6.69%
CAD / USD	$0.7448	$0.0000	0.00%	0.95%
CAD / EUR	€0.6936	€0.0000	0.00%	0.64%
USD / EUR	€0.9314	€0.0001	0.01%	-0.29%
USD / JPY	¥132.13	-¥0.12	-0.09%	0.78%

Source: Refinitiv

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