Global Market Retreat Resumes

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Markets around the world have been sliding overnight. The main event has been a big selloff in cryptocurrencies where Bitcoin has broken down below $70,000 as both it and Ether have lost over 5.0% so far today. Precious metals are also under pressure with Gold down 2.0% and Silver down 10.0%.

The Pound has also been losing ground, falling 0.5% against the US Dollar. The Bank of England and the European Central Bank both maintained their benchmark interest rates as expected, but England had more dovish dissenters than expected (4 out of 9 MPC voters vs Street 2).

Renewed talks between the US and Iran has Crude Oil under pressure, falling 2.0%. Falling temperatures in some regions has Natural Gas rebounding 1.4%. Copper is down 1.0%, joining the general retreat in metals.

In earnings news, Google parent Alphabet* beat the Street on earnings ($2.82 vs Street $2.63), but management forecasting increased AI spending this year has the shares down about 3.9% premarket. Qualcomm, meanwhile, is down 9.1% premarket despite positive results ($3.50 vs Street $3.39). Earnings misses have ARM Holdings down 2.9% and clothier Canada Goose ($1.04 vs Street $1.20) down 20.5%. In Canada today, BCE ($0.50 vs Street $0.45), and Barrick Mining* ($1.04 vs Street $0.90) beat expectations.    

*Shares of Barrick Mining and Alphabet are held in portfolios managed by SIA Wealth Management

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