Markets flash red despite the US government reopening – Market wrap for the North American session - November 13

Log in to today's North American session Market wrap for November 13

The news of the US government reopening yesterday evening did little to stop the bleeding in markets today.

Despite the absence of major negative headlines, global markets were hit by a broad and significant correction, spanning both equities and cryptocurrencies.

With no clear catalyst to blame, investors seem to be revisiting the tech overvaluation fears that triggered similar selloffs last week.

After an exceptional multi-month rally, sentiment increasingly feels like a market top, and high leverage across assets is amplifying every move.

Bitcoin has now slipped back below $100,000, ending a brief period of consolidation above that key psychological level.

Gold remains near its highs but is down slightly on the day, and US Treasuries also saw a pullback — leaving one big question: where did the money go?

Possibly into hedges: Put options demand appears to be rising sharply, with the VIX surging 15% and breaking above 20, signaling a rapid pickup in fear and protection buying.

Read More:

• Ethereum drops another 3% below $3,500 – Time for panic or opportunity?
• Dow Jones & S&P 500 Slip More Than 1%, Focus on US Data Releases as Rate Cut Bets Tumble
• DXY outlook: The dollar drops after the US Government reopens

You can observe how bloody the picture was in global markets today.

Only oil survived, but for short memories, the energy commodity fell 4% just yesterday.

With the yen struggling to find a ground, investors rushed into the Swiss Franc (CHF) and stands on top of the preferred risk-off currency this year.

These outflows in North America seems to have overall brought more demand in European currency, where (relative) political stability creates attraction.

Markets head into a busy Friday with Eurozone data in focus and high volatility expectations after today.

Eurozone economic highlights are the Eurozone GDP, with growth expected at 0.2% QoQ and 1.3% YoY, alongside employment change and the European Commission’s Economic Growth Forecasts, all of which will help shape expectations for the ECB’s 2026 policy path.

Add to the data a cluster of ECB speeches (Escrivá, Elderson twice, and Lane) this makes the morning session particularly dense for EUR traders.

The U.S. calendar remains speech-only, with appearances from Schmid, Logan, and Bostic — still no hard data due to the ongoing BLS release delays following the shutdown.

Expect some communication from the Bureau in upcoming days to detail when (and if) past releases will get published.

Markets are still missing two NFP releases, one CPI and some seven Jobless Claims (without mentioning Retail Sales which was expected tomorrow).

Safe Trades!

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