Where markets were leaning on 2026-11-11

The gist: US equities are leaning higher, driven primarily by rebounding sentiment in the AI sector and significant outsized gains in the S&P 500. While AI momentum provides a strong upward lift, the overall direction faces friction from Treasury sell-offs and volatility within specific semiconductor holdings. Watch: - Volatility in the semiconductor space and its impact on broader equity indices.

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The gist: The emerging markets outlook is mixed, with a notable tension between sector-specific growth and systemic vulnerabilities. While India shows strength in entrepreneurship, healthcare infrastructure, and capital inflows, the broader tech sector faces downward pressure from supply chain dependencies on critical minerals and regulatory friction.

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The gist: The global macro outlook is characterized by a tug-of-war between aggressive regional equity momentum in Asia and rising inflationary pressures driving higher interest rate expectations. While significant buying in Japanese equities and upgraded growth forecasts for India suggest a leaning higher for emerging market growth and trade, this is offset by consumer strain, falling consumption in Japan, and…

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The gist: The rates-bonds market is leaning lower, driven by a significant sell-off in broad bond measures and rising fears regarding US interest rates. While geopolitical instability in Russia suggests a potential downward lean for certain factors, the dominant momentum is being shaped by accelerating US consumer prices and a sharp, out-of-range decline in bond prices.

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The gist: The FX market is leaning higher for the US Dollar, driven by hawkish Fed expectations and rising Treasury yields following higher-than-expected US inflation data. This strength in the USD is exerting downward pressure on other currencies, specifically the Thai Baht (THB). Other market segments, including global labor markets, Euro area stability, and trade sentiment, appear to be moving sideways.

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The gist: The commodities market is currently defined by a tug-of-war between AI-driven industrial demand and macro-driven pressure on precious metals. While AI hardware momentum supports a higher outlook for certain industrial themes, gold and precious metals are leaning lower due to "hot" US inflation data that has increased expectations for Federal Reserve interest rate hikes.

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The gist: The energy market presents a fragmented outlook with conflicting pressures on different segments. While oil prices are leaning higher due to geopolitical reports regarding mines in Hormuz, the broader clean energy transition momentum is leaning lower as high financing costs pose a threat. Watch: - Geopolitical developments regarding mines in Hormuz.

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The gist: The crypto market is leaning lower, driven by a significant decline in market capitalization to its lowest level since August and a sharp price correction in BTCUSD from the $81,000 region toward $74,000.

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The gist: EU equities are leaning higher following a period of significant upward movement. The dominant driver is a massive single-day surge, with the EURO STOXX 50 closing +1.9% and the broad EU equities measure (VGK) moving +3.1%, both of which are described as being far outside their normal ranges.

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