Where markets were leaning on 2026-08-11
The net read we published that day, kept as a dated record. For where markets are leaning right now, see today's outlook.
Global Macro
The gist: The global macro outlook is characterized by a tug-of-war between rising inflationary/debt pressures and pockets of sector-specific growth. While geopolitical friction and rising US debt servicing costs lean the broader stability outlook lower, momentum is seen in digital finance infrastructure and selective regional real estate recoveries.
Updated 2026-08-11 23:50 UTC · sign up for the full net read + the markets you follow
Energy
The gist: The energy market shows a conflicting direction, with strong momentum in broad market measures and trade sectors being countered by downward pressure in natural gas and specific regional infrastructure concerns. While the broad energy measure (XLE) saw an outlier +4.7% single-day surge on 2026-08-10, the outlook for natural gas leans lower due to expected decade-high inventory levels heading into winter.
Updated 2026-08-11 23:50 UTC · sign up for the full net read + the markets you follow
Fx
The gist: The FX market is experiencing conflicting pressures, with the US Dollar showing signs of both fragility and strength. While some indicators suggest a "slight fall" or "plunging" USD due to Middle East uncertainty, the US Dollar Index (DXY) has recently risen 0.27% toward the 100-point level as investors seek safe-haven assets amid rising oil prices and geopolitical tensions.
Updated 2026-08-11 23:50 UTC · sign up for the full net read + the markets you follow
Rates Bonds
The gist: The outlook for rates and bonds is conflicted, with conflicting signals between US Treasury movements and broader monetary policy trends. While US Treasury prices saw slight gains and the 10-year yield fell to 4.68% amid hopes for geopolitical de-escalation, other signals show yields rising alongside jumps in oil prices and hawkish stances from central banks like the RBA.
Updated 2026-08-11 23:49 UTC · sign up for the full net read + the markets you follow
Emerging Markets
The gist: Emerging markets are leaning lower, driven primarily by significant volatility and downward pressure in Latin America and shifting structural dynamics in China. The dominant driver is a sharp, out-of-range decline in Brazilian equities, compounded by regional instability in Colombia and weakening trade data.
Updated 2026-08-11 23:49 UTC · sign up for the full net read + the markets you follow
Us Equities
The gist: US equities appear to be trending sideways with a fragile bias, as recent record highs face pressure from resurfacing inflation anxieties and market volatility. While AI-driven earnings provide a buoy for infrastructure and software supply chains, this upward momentum is being countered by headwinds in the travel, labor, and inflation sectors.
Updated 2026-08-11 23:49 UTC · sign up for the full net read + the markets you follow
Commodities
The gist: The commodities market is leaning higher, driven by a significant +3.5% single-day surge in the broad measure (DBC) that falls outside its normal range and a substantial rally in gold prices, which gained over 7% in one week to trade near $4,350 per ounce.
Updated 2026-08-11 23:49 UTC · sign up for the full net read + the markets you follow
Eu Equities
The gist: EU-equities appear to be trending sideways as markets balance resilient corporate earnings and capital inflows against mounting geopolitical risks and energy price volatility. While the DAX shows strength near record highs, broader sentiment is leaning lower due to rising crude oil prices and tensions in the Strait of Hormuz.
Updated 2026-08-11 23:49 UTC · sign up for the full net read + the markets you follow
Crypto
The gist: The crypto market is leaning lower as recent price declines in Bitcoin and Ethereum have dragged down total market capitalization. While there is evidence of growth in crypto-infrastructure and stablecoin utility, these gains are being outweighed by macro selling pressure and significant losses reported by crypto-adjacent corporate ventures.
Updated 2026-08-11 23:21 UTC · sign up for the full net read + the markets you follow
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