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Below are Views On Daily Global Market Update 09 November 2021 By Asheesh Chanda, Kristal.AI

Risk On

SPX closed on the above 4700 for the first time overnight and even though the headline gain was only 0.1% on the day, 65% of the constituents closed in the green. Earnings continued to be mostly positive with Tech shares gained modestly after Elon Musk's Saturday poll about liquidating 10% of this TSLA stock. If he does go through with it, as the poll came back, it has the potential to shake investor confidence in the company (and run him a massive tax bill). If he doesn't, it could be construed by the SEC as market manipulation, similar to the 'Funding Secured' tweet from earlier. Regardless, the index is on its longest daily gains streak since 2017.

The US dollar fell back on the day as the US yield curve flattened once again. The 10Y rose to 1.48% levels with the 5Y breakeven yield (indicating market inflation expectations) moving back up to 2.9% after the dip last week. Commodities were broadly positive too with Gold breaking higher for a second straight session. Crypto had a standout day with Bitcoin up 8.5% and Ethereum up 7%, despite the Fed's Financial Stability Report naming stablecoins as an emerging threat.

No news out of China as the party plenum is underway but the EdTech related ADRs traded higher after the announcement that new licenses were to be issued. These would state companies can run after school tuitions for kids only on a non-profit basis but could make a profit from helping adults prepare for competitive exams. The HY stress continued as the indebted property developers have still not been able to get their funding channels active again, mostly owing to their opaque off-balance sheet liabilities. Ahead today, we have more Fed speakers along with the ECB's Lagarde”

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