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Below are Views On Daily Global Market Update 17 November 2021 By Asheesh Chanda, Kristal.AI

US data boosts sentiment

We had two surprises to the upside overnight, with US Oct retail sales coming in at 1.7% MoM (1.4% exp and 0.7% prior). US Industrial Production at 1.6% MoM (0.9% exp and -1.3% prior). With strong data from both production and consumption, SPX broke above the 4700 level once again with 55% of the constituents in the green. Tech and Consumer Discretionary sectors led gains with Energy marginally positive.

Crude supply chatter continued with IEA and OPEC weighing in, calling a top on Oil's the recent bull run. They expect supply to normalize with demand in the coming month and there aren't many opinions in favor of Biden tapping into the US strategic reserves. Commodities were marginally lower overall with weakness in metals (gold back at 1850 now).

Biden and Xi's conversation went as expected. US diplomats are expected to boycott the Winter Olympics in Beijing next year (over human rights) but no formal invitation was extended to Biden on the call. Biden is also expected to announce the next Fed chair this week - frontrunners are Powell and Brainard. Ahead today, we have inflation data from Europe and US weekly crude inventories. Crypto is also trading lower (Bitcoin testing the 60k support) as a federal regulatory report is expected soon.”

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