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70 ガイド · 172 用語集の用語
Market Basics
How markets actually work: quotes, futures, liquidity, volatility, and the forces that move every price on this site.
セクションハブ →What Are Financial Markets?
A financial market is any system where buyers and sellers come together to trade an asset and, in doing so, agree on a price. This site tracks five… · 8 分で読めます
How Market Quotes Work
A market quote is a snapshot of a financial instrument's price at a specific moment, showing not just the last traded price but also the bid, ask… · 6 分で読めます
Spot vs Futures Prices
The price shown on most commodity tables is a futures price — an amount agreed today for delivery of a standardized quantity at a future date — not… · 6 分で読めます
What Is a Futures Contract?
A futures contract is a legally binding agreement to buy or sell a specific asset — a set quantity, at a set price, on a set future date. Unlike… · 7 分で読めます
Contango and Backwardation
Contango and backwardation describe the shape of a futures curve — the pattern of prices across different delivery dates for the same commodity or… · 6 分で読めます
Market Liquidity, Explained
Market liquidity describes how easily an asset can be bought or sold in meaningful size without pushing its price significantly. A liquid market has… · 6 分で読めます
What Is Volatility?
Volatility measures how much an asset's price swings over time — not which direction it moves, but how large the typical moves are. Realized… · 6 分で読めます
Risk-On, Risk-Off: How Sentiment Moves Everything
Risk-on, risk-off describes a recurring pattern in financial markets where investor sentiment swings between appetite for reward and demand for… · 6 分で読めます
Reading Price Charts
A price chart is a visual record of what a market paid for something over time — it shows nothing more, nothing less. This guide explains the two… · 7 分で読めます
Day, Week, YTD, YoY: Reading Percentage Moves
The percentage-change columns on a market data table — Day, Week, Month, YTD, and YoY — each measure a different time window and answer a different… · 6 分で読めます
商品
Energy, metals, and agriculture — what each market is, its units and benchmarks, and what drives the price.
セクションハブ →Commodities: The Complete Guide
Commodities are raw materials — from crude oil and natural gas to gold, copper, wheat, and coffee — that trade on global exchanges and form the… · 7 分で読めます
Barrels, Bushels and Troy Ounces: Commodity Units
Commodity prices are quoted in units that vary wildly by market: oil trades by the barrel (42 US gallons), gold by the troy ounce (heavier than a… · 6 分で読めます
What Moves Commodity Prices?
Commodity prices are driven by a recurring set of forces: physical supply and demand, inventory levels, weather, geopolitics, the strength of the US… · 6 分で読めます
Crude Oil: WTI, Brent and What Moves Them
Crude oil is traded in two main global benchmarks: WTI (West Texas Intermediate), delivered at Cushing, Oklahoma, and Brent, sourced from the North… · 6 分で読めます
Natural Gas: Henry Hub, TTF and Seasonality
Natural gas prices are quoted in two main regional benchmarks: Henry Hub in the United States (priced in dollars per MMBtu) and TTF in Europe (priced… · 7 分で読めます
Gold: Why It Moves and Why It Matters
Gold is a commodity priced per troy ounce that traders and investors have historically used as a store of value and a hedge against uncertainty. Its… · 6 分で読めます
Silver, Platinum and Palladium
Silver, platinum, and palladium are precious metals traded in troy ounces, each with a dual identity: part financial asset, part industrial raw… · 6 分で読めます
Base Metals: Copper, Aluminum and Friends
Base metals are industrially essential metals — copper, aluminum, zinc, nickel, tin, and lead — traded primarily on the London Metal Exchange (LME)… · 7 分で読めます
Agricultural Commodities: Grains, Softs and Livestock
Agricultural commodities cover three broad families: grains and oilseeds (corn, wheat, soybeans), soft commodities (coffee, sugar, cocoa, cotton)… · 6 分で読めます
Lithium, Uranium and the Energy-Transition Metals
Lithium, cobalt, nickel, uranium, and rare-earth elements are the raw materials that power batteries, nuclear reactors, and electric motors at the… · 6 分で読めます
Currencies & FX
The foreign-exchange market: pairs and pips, central banks, pegs and regimes, and what moves exchange rates.
セクションハブ →The Forex Market: The Complete Guide
The foreign exchange (forex) market is the largest financial market in the world, where currencies are bought and sold in pairs around the clock… · 7 分で読めます
Currency Pairs: Base, Quote and What EURUSD Means
A currency pair shows how much of one currency it takes to buy another. In any pair, the currency listed first is the base currency and the currency… · 5 分で読めます
Pips, Spreads and Reading an FX Quote
An FX quote shows two prices — the bid (what a dealer buys at) and the ask (what they sell at) — and the tiny gap between them, called the spread, is… · 6 分で読めます
What Moves Exchange Rates?
Exchange rates move because of five main forces: interest-rate differences between countries, inflation gaps, trade and current-account balances… · 5 分で読めます
Central Banks and Currencies
Central banks move currency values through three main tools: interest-rate decisions, quantitative easing or tightening, and direct intervention in… · 6 分で読めます
The US Dollar Index (DXY)
The US Dollar Index, known by its ticker DXY, measures the value of the US dollar against a basket of six major currencies, with the euro making up… · 6 分で読めます
Safe-Haven Currencies: Dollar, Yen and Franc
Safe-haven currencies are currencies that traders historically seek out during periods of global stress because they are seen as reliable stores of… · 6 分で読めます
Emerging-Market Currencies
Emerging-market currencies are the money of developing economies — think the Brazilian real, Turkish lira, South African rand, or Indian rupee. They… · 6 分で読めます
The Carry Trade, Explained
The carry trade is a strategy where traders borrow money in a low-interest-rate currency, convert it into a higher-interest-rate currency, and earn… · 6 分で読めます
Currency Pegs, Regimes and Crises
A currency regime is the set of rules a government or central bank uses to manage its exchange rate — from a completely free float to a hard peg… · 8 分で読めます
Cryptocurrency: The Complete Guide
Cryptocurrency is a category of digital assets that live on public blockchains — decentralized networks with no central issuer, no government… · 8 分で読めます
What Is a Blockchain?
A blockchain is a shared digital ledger that records transactions in batches called blocks, with each block cryptographically linked to the one… · 6 分で読めます
Bitcoin: Supply, Halvings and Mining
Bitcoin is a digital currency with a hard cap of 21 million coins, enforced by its code and secured by a global network of computers called miners.… · 6 分で読めます
Ethereum and Smart Contracts
Ethereum is a programmable blockchain that runs self-executing code called smart contracts, allowing developers to build applications directly on a… · 6 分で読めます
Stablecoins: Crypto's Dollars
A stablecoin is a cryptocurrency designed to hold a fixed value — almost always one US dollar — by backing each token with reserves, collateral, or a… · 6 分で読めます
Altcoins, Tokens and Coins: What's the Difference?
An altcoin is any cryptocurrency other than Bitcoin, while a coin is native to its own blockchain and a token is issued on top of someone else's… · 6 分で読めます
Crypto Market Cap and Dominance
Crypto market cap is the price of a coin multiplied by its circulating supply — the number of coins actually available to trade right now. It is the… · 5 分で読めます
Exchanges, Wallets and Custody
Crypto exchanges are platforms where buyers and sellers trade digital assets, and they come in two main forms: centralized exchanges (CEXs), run by… · 6 分で読めます
DeFi: Lending, DEXs and Yield
DeFi, short for decentralized finance, refers to financial services — lending, borrowing, trading, and earning yield — that run on self-executing… · 6 分で読めます
Crypto Volatility and Market Cycles
Cryptocurrency markets are historically far more volatile than stocks, bonds, or most commodities, swinging 50–90% in either direction within a… · 7 分で読めます
Stocks & Indexes
Indexes, earnings, sectors, dividends, and valuation — how equity markets are measured and read.
セクションハブ →Stock Indexes: The Complete Guide
A stock index compresses an entire market — sometimes hundreds or thousands of companies — into a single number, letting investors and economists… · 8 分で読めます
How Stock Markets Work
A stock is a slice of ownership in a company, and a stock market is the continuous auction where buyers and sellers agree on a price for those slices… · 5 分で読めます
Price-Weighted vs Cap-Weighted Indexes
Index weighting determines how much each stock influences an index's daily moves. Price-weighted indexes like the Dow Jones Industrial Average give… · 6 分で読めます
Global Stock Markets: A Tour
Global stock markets follow the sun, opening in Asia, then Europe, then the Americas, with each session picking up sentiment from the one before.… · 5 分で読めます
Earnings Season, Explained
Earnings season happens four times a year when publicly traded companies report their quarterly financial results, including earnings per share and… · 6 分で読めます
Dividends: Yield, Dates and What They Signal
A dividend is a cash payment a company makes to its shareholders, usually expressed as a yield — the annual dividend divided by the current share… · 6 分で読めます
Stock Splits and IPOs
A stock split divides existing shares into more pieces at a lower price each, leaving the company's total value unchanged — more shares, same pie. An… · 5 分で読めます
Stock Sectors: Cyclicals, Defensives and the Map
Stock sectors divide the market into eleven industry families — from technology and financials to utilities and real estate — so investors and… · 6 分で読めます
Valuation Basics: P/E, EPS and Market Cap
Valuation basics in stocks come down to three numbers: market cap (what the whole company is worth at today's price), earnings per share (the profit… · 7 分で読めます
Bull Markets, Bear Markets and Corrections
A bull market is a sustained rise of 20% or more from a recent low; a bear market is a decline of 20% or more from a recent peak; and a correction is… · 6 分で読めます
Bonds & Rates
Government yields, the curve, credit spreads, and how central banks move fixed income.
セクションハブ →The Bond Market: The Complete Guide
The bond market is where governments, companies, and other institutions borrow money by issuing tradable loans called bonds. Each bond carries a face… · 8 分で読めます
Why Bond Prices and Yields Move Opposite
Bond prices and yields move in opposite directions because a bond pays a fixed coupon — when new bonds are issued at higher interest rates, older… · 6 分で読めます
Government Bond Yields: The 10-Year Benchmark
A government bond yield is the annual return a lender earns for holding a country's debt, expressed as a percentage of the bond's price. The 10-year… · 6 分で読めます
The Yield Curve, Explained
The yield curve is a line that plots interest rates (called yields) on government bonds of different maturities — from a few months out to 30 years —… · 5 分で読めます
Yield-Curve Inversion: The Famous Recession Signal
The yield curve inverts when short-term government bond yields rise above long-term yields — the opposite of the normal pattern. The most-watched… · 6 分で読めます
Duration: A Bond's Interest-Rate Sensitivity
Duration measures how sensitive a bond's price is to changes in interest rates — roughly, a bond with a duration of 7 will lose about 7% of its value… · 6 分で読めます
Credit Ratings and Spreads
A credit rating is a letter-grade assessment of how likely a borrower is to repay its debt, running from the top-tier AAA down through… · 5 分で読めます
Corporate vs Government Bonds
Corporate bonds are debt issued by companies; government bonds are debt issued by national governments. The key difference is credit risk… · 5 分で読めます
How Government Bond Auctions Work
A government bond auction is the process by which a treasury or finance ministry sells newly issued bonds directly to investors, creating debt for… · 6 分で読めます
QE, QT and How Central Banks Move Bonds
Central banks move bond markets through two main tools: the policy rate, which sets overnight borrowing costs, and the balance sheet, which they… · 7 分で読めます
Economic Indicators
GDP, inflation, jobs, PMIs, and how to read the economic calendar like a pro.
セクションハブ →Economic Indicators: The Complete Guide
Economic indicators are official statistics — GDP, inflation, jobs reports, PMI surveys, and more — that measure the health and direction of an… · 8 分で読めます
GDP: How Growth Is Measured
Gross domestic product (GDP) is the total value of all goods and services produced inside a country's borders in a given period. It is reported in… · 6 分で読めます
Inflation and CPI: How Prices Are Measured
Inflation is the rate at which prices across an economy rise over time, and the Consumer Price Index (CPI) is the most widely watched way to measure… · 5 分で読めます
Jobs Data: Payrolls, Unemployment and Participation
US jobs data — released every first Friday of the month — measures how many jobs the economy added or lost, what share of people are unemployed, and… · 6 分で読めます
Interest-Rate Decisions: How Central Banks Move Markets
A central bank interest-rate decision sets the "policy rate" — the baseline cost of borrowing money in an economy — and every financial market, from… · 6 分で読めます
PMI Surveys: The 50 Line
A PMI (Purchasing Managers' Index) is a monthly survey that asks company purchasing managers whether business conditions improved, stayed the same… · 6 分で読めます
How to Read the Economic Calendar
The economic calendar lists scheduled data releases — like jobs reports, inflation figures, and central bank decisions — along with three numbers… · 9 分で読めます
Trade Balance and Current Account
The trade balance is the difference between what a country exports and what it imports — when exports exceed imports, the country runs a surplus… · 5 分で読めます
Housing Data: Starts, Permits and Prices
Housing data tracks the construction and sale of homes through a chain of reports — building permits, housing starts, completions, and price indexes… · 6 分で読めます
Confidence Surveys and Retail Sales
Retail sales measure how much consumers actually spent at stores and online in a given month, making them one of the most direct reads on economic… · 7 分で読めます