Deutsche Bank’s Early Morning Reid highlights a sharp rebound in US equities, led by AI‑linked and semiconductor names after CoreWeave’s strong earnings. The Philly Semiconductor Index and Nasdaq surged, lifting the S&P 500 back above pre‑midterm levels.

Here is what you need to know on Wednesday, November 11:

TradingKey - On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Bank of Japan (BoJ) board member Toichiro Asada said on Thursday that the central bank must be mindful of risk rate hikes that could push down underlying inflation given consumption lacks momentum.

Bank of Japan (BoJ) board member Toichiro Asada said on Thursday that the central bank must be mindful of expected effect of past rate increases on economy. Asada added that underlying inflation fluctuates around levels consistent with BoJ's price target. 

Deutsche Bank economists Sanjay Raja and Maui Brennan expect UK inflation to move higher in October, driven by energy, tobacco and modest food and services gains. They forecast headline CPI at 3.80% year-on-year, with Core CPI and Services CPI also rising. Looking ahead, they see headline CPI pushing closer to 4.25% early next year, with price pressures remaining sticky.

Iranian Armed Forces Deputy Chief of Staff Brigadier General Kioumars Heidari said that Tehran has closed the Strait of Hormuz and will not open it except by the order of the leader of the revolution, Al Jazeera reported on Wednesday.

Bank of England's (BoE) Monetary Policy Committee (MPC) member, Megan Greene, said on Wednesday that it was appropriate to "proactively tighten ‌our monetary policy stance" to ward against the risk of wage growth getting stuck at higher levels and firms passing those costs on.

Deutsche Bank economists Sanjay Raja and Maui Brennan expect UK inflation to move higher in October, driven by energy, tobacco and modest food and services gains. They forecast headline CPI at 3.80% year-on-year, with Core CPI and Services CPI also rising.

Deutsche Bank strategists explain that an upside surprise in US core and headline CPI, combined with hawkish comments from Fed officials, triggered a sharp selloff in US Treasuries. Two-year yields saw their biggest daily jump since 2025, while 10-year yields approached 5%. Market pricing now reflects a more extended and aggressive Fed hiking cycle into 2027.

Deutsche Bank analysts report that the strong US CPI data and hawkish Fed commentary sparked a selloff in US Treasuries and pressured US equities. The S&P 500 slipped as investors priced faster hikes, with Tech and AI-linked names underperforming initially. However, a revenue beat and upgraded guidance from CoreWeave later supported futures, pointing to some recovery in the S&P 500.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that a hotter-than-expected US October CPI report boosted the Dollar, triggered a sell-off in Treasuries led by the short end, and weighed on US stocks.

DBS Group Research, led by FX & Credit Strategist Chang Wei Liang, examines China’s evolving holdings of US securities over the past decade. The study looks for evidence of de-dollarisation, highlighting substantial Chinese net outflows from US equities and bonds and assessing how geopolitical tensions and sanctions risk are influencing China’s portfolio allocation decisions.

Brown Brothers Harriman (BBH) reports that stronger US inflation data and hawkish comments from several Fed officials have shifted market focus toward the size of a December rate hike.

TD Securities reports that US Treasuries bear flattened sharply after stronger US CPI and hawkish comments from Governor Waller led markets to price in additional Fed tightening.

Rabobank’s Global Daily flags comments from Dutch European Central Bank (ECB) presidential candidate Klaas Knot, who told the Financial Times that the ECB would not hesitate to act if circumstances require.

Commerzbank’s Dr. Christoph Balz highlights that persistent US inflation keeps pressure on the Federal Reserve to tighten further.

The comments from Bundesbank President Joachim Nagel, also a member of the European Central Bank (ECB) Governing Council, released during the European trading session on Wednesday, signaled that he is optimistic on German economic growth in the last quarter this year.

Here is what you need to know on Wednesday, November 11:

TD Securities’ macro research team argues that the upside US CPI surprise and firm Core PCE projections make a December Fed rate hike virtually certain. They still favor a 25bp move but see rising odds of an additional hike in early 2027 and consider a 50bp “catch-up” move in December as a clear possibility, pending PPI data and further Fedspeak.

Societe Generale’s Jan Groen analyzes October US inflation data, noting that October core CPI rose 0.3% month-on-month, surprising to the upside. He estimates PCE housing inflation at 0.28% and core-goods inflation around 0.25%. Depending on super-core PCE dynamics, core PCE inflation is projected in a 0.27%-0.33% range, with the October PPI release expected to refine these estimates.

Speaking in an interview on PBS Newshour early Wednesday, Chicago Federal Reserve President Austan Goolsbee said that “CPI was borderline disturbing on inflation.”

Federal Reserve (Fed) Bank of Philadelphia Governor Anna Paulson delivered a speech at the Federal Reserve Bank of Philadelphia's 81st Annual Field Meeting Capstone.

Federal Reserve (Fed) Governor Michelle Bowman said that “bringing inflation down remains a priority,” and that “CPI data suggests inflation pressures may persist.”

The European Central Bank (ECB) Chief Economist Philip Lane said that “it would be a surprise if there are no second-round effects,” and that if energy prices edge lower, “headline inflation could fall while underlying inflation rises,” he said at the Bank of England and its Watchers Conference.

Kansas City Federal Reserve (Fed) President Jeffrey Schmid said that “inflation is top of mind,” adding that current monetary policy is “fairly accommodative,” in hawkish comments delivered at a Conference in Houston, TX, hosted on Tuesday by the Dallas Fed and the Kansas City Fed.

Dallas Federal Reserve (Fed) President Lorie Logan said on Tuesday the Fed will need at least two additional 25-basis-point rate hikes, adding that the Fed is 50 basis points below a “modestly restrictive level.”

In an interview with Bloomberg TV, Bundesbank President Joachim Nagel, also a member of the European Central Bank (ECB) Governing Council, said that “it is rather obvious that we have to increase in December,” cementing the case for a rate hike next month.

TradingKey - U.S. inflation in October once again topped market expectations, driving investors to increase their bets on a large interest rate hike by the Federal Reserve in December. Although headli

United States Consumer Price Index Core s.a came in at 339.9, above forecasts (0) in October