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Morning Brew November 11 2025
Erik Schafhauser
Senior Relationship Manager
Summary: Risk on or Fiat CCY devaluation?
Good Morning,
The U.S. Senate has passed a bill to end the longest shutdown in U.S. history. It now needs approval from the House of Representatives and a signature from President Donald Trump to become official. This development has sparked varied reactions, with some seeing a boost in risk sentiment, while others fear a significant drop in fiat currency value.
The Dow Jones rose by 0.8%, the S&P 500 by 1.5%, and the Nasdaq by 2.3%. Nvidia saw an increase of nearly 6%, Palantir surged almost 9%, and Tesla gained 3.7%. Meanwhile, Metsera fell by 14.8% after Pfizer won a $10 billion bidding war to acquire the company. The GER40 index climbed above 24,000 once more. Airlines took a hit due to flight reductions, even though an end to the shutdown seems near. The VIX Index decreased by 1.7%.
Significant changes occurred in precious metals as Gold reached a trading price of $4,130, Silver exceeded $50 and is nearing $51, and Bitcoin hit $105,000! Bond yields remain stable with the 10-year Treasury at 4.11%, while the USD Index is at 99.70. The exchange rates for EUR/USD are 1.1550, GBP/USD at 1.3150, and USD/JPY at 154.20.
As President Trump’s approval ratings continue to fall, he is promising "at least $2,000" in tariff dividend payments to all but high-income households—an initiative that, if carried forward, may worsen the federal debt situation and increase inflation. On Monday, Trump stated that the U.S. would face an economic and national security crisis if the Supreme Court blocked his use of emergency powers to apply broad tariffs globally.
SoftBank announced impressive results with a profit of 2.5 trillion yen ($16.6 billion) in Q2, compared to the estimated average net profit of 207 billion yen ($1.37 billion). Additionally, SoftBank revealed a 1:4 stock split.
With limited economic events on the agenda until the U.S. shutdown is fully resolved and data becomes current, traders will look to politics and anything impacting market sentiment for guidance.
For a great summary of what is going on, read our new format: The Saxo Weekly Market Compass - 10 November 2025
Tuesday November 11
- UK Jobless data, DE ZEW,
- Beyond Meat
Wednesday November 12
- DE Inflation
- On, Cisco,
Thursday November 13
- AU Employment data, UK GDP, US Initial Jobless claims,
- Walt Disney, JD.Com,
Friday November 14
- China Retail sales, France CPI, EU GDP,