{"id":55090,"date":"2021-11-18T04:28:23","date_gmt":"2021-11-18T00:28:23","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=55090"},"modified":"2021-11-18T04:30:00","modified_gmt":"2021-11-18T00:30:00","slug":"market-drivers-us-session-17-11-2021","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-17-11-2021\/11\/18\/market-updates\/","title":{"rendered":"Market Drivers – US Session – 17-11-2021"},"content":{"rendered":"\n

US shares, treasury yields and the US dollar reversed direction and closed lower, Wednesday. The three assets were negatively several by several factors in the markets, most notably the decision by Amazon.com to stop accepting payments with Visa cards in the UK as of 2022 in addition to negative data and interest rate hike expectations.

Economic Data
<\/strong>The U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD) have released their findings on new residential construction statistics for October 2021, which found U.S. housing starts decreasing to an annual pace of 1.52 million in October, below its anticipated count of 1.58 million, but higher than totals just one year ago. The October rate for units in buildings with five units or more was 470,000.

Lowest since 2003, crude inventories dropped by 2.101 million barrels last week, compared with analysts’ expectations for a build of 1.398 million barrels.

Distillate stockpiles, which include diesel and heating oil, fell 824,000 barrels in the week against expectations for a draw of 1.229 million barrels, the EIA data showed.

Gasoline inventories fell 708,000 barrels last week, the EIA said, compared with expectations for a draw of 575,000 barrels.

Other Developments
<\/strong>
Amazon.com announced Wednesday that it will stop accepting payments with Visa cards in the United Kingdom, leading to a drop in the shares of Visa lnc. The decision also impacted the shares of peer companies.

OPEC and allies, including, Russia have resisted calls from Biden to speed up the rate of their supply increases, as a reaction, and only one day after Biden\u2019s good meeting with China\u2019s Xi, Washington asked some of the world’s largest oil consuming countries to consider releasing a portion of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery.

Anonymous US sources told Reuters to convey the news late on Wednesday night. It is noteworthy that WTI crude oil prices take offers to refresh the lowest levels in seven weeks, around $77.85 at the latest, following the news.
In recent weeks, Biden and top aides have raised the issue with close allies including Japan, as well as with China, sources said.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Bitcoin fluctuated around a key inflection point of $60,000 on Wednesday as traders appeared to rein in excessive speculation that is sent the world\u2019s largest cryptocurrency to a record last week.

Bitcoin has dropped roughly 13% from its all-time high of $68,990, recorded on Nov. 10, dipping below $60,000 on Wednesday.<\/p>\n\n\n\n

But the decline of meme coins like Dogecoin and Shiba Inu also suggests cryptocurrencies may be flushing out some of the speculation driven by retail traders. According to crypto market observers, the worst of bitcoin pullback may be over.<\/p>\n\n\n\n

Also Read:<\/p>\n\n\n\n

T-Yields Push Gold Higher Nearest $1,900<\/a><\/h2>\n\n\n\n

Treasury Yields Fall, Tepid Demand for 20-year auction<\/a><\/h2>\n\n\n\n

Washington Asks Big Countries To Coordinate Oil Reserve Releases<\/a><\/h2>\n\n\n\n

AUD\/USD Sinks To Fresh Lows<\/a><\/h2>\n\n\n\n

GBP\/USD Posts Fresh Highs on BoE expectations<\/a><\/h2>\n\n\n\n

EIA: US Crude Stockpiles Fall<\/a><\/h2>\n\n\n\n

USD\/CAD Records Fresh Highs<\/a><\/h2>\n\n\n\n

Bitcoin Fluctuates As Traders Decelerate Speculation<\/a><\/h2>\n\n\n\n

Visa Inc. Drags Card Industry Shares Lower<\/a><\/h2>\n\n\n\n

Fed\u2019s Williams: Treasury Market Need Support for Next Big Shock<\/a><\/h2>\n\n\n\n

Why is Biden Touring General Motors Plant?<\/a><\/h2>\n\n\n\n

Tech Shares Lead Wall Street Slump<\/a><\/h2>\n\n\n\n

Official: Germany Must Cut Economic Dependency On China<\/a><\/h2>\n\n\n\n

Treasury Yields React To Housing Starts<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"

US shares, treasury yields and the US dollar reversed direction and closed lower, Wednesday. The three assets were negatively several by several factors in the markets, most notably the decision by Amazon.com to stop accepting payments with Visa cards in the UK as of 2022 in addition to negative data and interest rate hike expectations.Economic …<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,40,37,39,36],"tags":[7214,6904,7664,7004,6875,7567,6984,6862,8013],"class_list":["post-55090","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-cryptocurrencies","category-forex-markets","category-global-stock-markets","category-market-updates","tag-biden","tag-bitcoin","tag-interest-rate-hike","tag-opec-2","tag-russia","tag-taper","tag-treasury-yields","tag-wall-street","tag-xi"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=55090"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55090\/revisions"}],"predecessor-version":[{"id":55105,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55090\/revisions\/55105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=55090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=55090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=55090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}