Where markets were leaning on 2026-11-12
The net read we published that day, kept as a dated record. For where markets are leaning right now, see today's outlook.
Rates Bonds
The gist: The rates-bonds market is leaning lower as bond prices face significant downward pressure driven by rising yields. This direction is supported by verified investor action showing a broad measure of the market (TLT) moved -1.5% in a single day on 2026-11-12, a move described as being far outside its normal range.
Updated 2026-11-12 23:13 UTC · sign up for the full net read + the markets you follow
Us Equities
The gist: US equities are leaning lower, primarily driven by significant leadership upheaval and volatility within the AI and semiconductor sectors. While some specific healthcare biotech segments show upward momentum, the broader market direction is weighed down by the fallout from Nvidia's CEO resignation and conflicting signals within the AI landscape.
Updated 2026-11-12 21:43 UTC · sign up for the full net read + the markets you follow
Global Macro
The gist: Global macro sentiment is currently bifurcated, with a strong lean toward higher momentum in Japanese equities and regional Asian sentiment, driven by a +3.4% Nikkei 225 close that was far outside its normal range. This regional strength is being weighed against fragility in the US housing market and significant volatility/downward pressure in the global semiconductor and tech sectors.
Updated 2026-11-12 21:43 UTC · sign up for the full net read + the markets you follow
Fx
The gist: The US Dollar is showing upward momentum, supported by strengthening levels and rising interest in the greenback. This strength is driving a downward trend for several emerging market currencies, specifically the Indian Rupee and the Indonesian Rupiah, while gold is trending lower. Watch: - US unemployment claim trends and the four-week moving average.
Updated 2026-11-12 20:48 UTC · sign up for the full net read + the markets you follow
Commodities
The gist: The commodities market is trending sideways as significant supply-side capital commitments and rising food costs are offset by declining precious metal prices and weakening grain export forecasts. While consumer-facing food inflation is leaning higher, the overall direction is tempered by volatility in metals demand and downward revisions in grain projections.
Updated 2026-11-12 20:47 UTC · sign up for the full net read + the markets you follow
Crypto
The gist: The crypto market is leaning lower, driven by downward pressure from "hot" US inflation data that came in above expectations and a significant drop in Bitcoin's price. Sentiment is further weighed down by regulatory proposals in Thailand, sharp sell-offs in specific assets like Zcash, and notable personal divestment from industry figures.
Updated 2026-11-12 20:47 UTC · sign up for the full net read + the markets you follow
Energy
The gist: The energy market shows a split direction, with refining profitability and Alaskan crude production volumes leaning higher, while geopolitical risks to transit infrastructure and recent dips in crude and gasoline prices lean lower. The net balance is cautious, as lower energy costs appear to be supporting equity market gains, even as energy-driven inflation pressures remain a factor.
Updated 2026-11-12 20:47 UTC · sign up for the full net read + the markets you follow
Emerging Markets
The gist: Emerging market sentiment is currently caught in a tug-of-war between rising inflationary pressures in India and fiscal tightening in Brazil. While energy-sector earnings show strength, the broader outlook is weighed down by intensifying US-China technological friction and rising inflation expectations in the Indian subcontinent.
Updated 2026-11-12 20:47 UTC · sign up for the full net read + the markets you follow
Eu Equities
The gist: European equities are leaning higher, driven by three consecutive days of upward movement and strong corporate earnings from firms like Siemens and Merck. While the broader market shows momentum, specific sectors like healthcare services and UK labor-related themes appear sideways due to shifting policy frameworks and government restructuring.
Updated 2026-11-12 16:45 UTC · sign up for the full net read + the markets you follow
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