The Cortado
Monday, 9 November 2026

Nvidia probes its chief; Asia rebounds.

Nvidia’s board opened an inquiry into chief executive Jensen Huang’s links to an alleged Chinese spy.

MarketsWeek ahead7 min read
S&P 500 wk−2.68%Nasdaq wk−3.37%Stoxx 600 wk+0.24%FTSE 100 wk−0.52%DAX wk+0.01%Nikkei 225 wk−9.25%TASI wk+1.75%ADX wk−0.78%DFM wk+4.42%Brent (Jan) wk$98.32−13.32%WTI (Dec) wk$90.83−12.76%Gold wk$4,074.90+4.51%US 10-Yr wk4.86%−7.0bpEUR/USD wk1.1143−0.20%Bitcoin 7d$74,853−4.60%S&P 500 wk−2.68%Nasdaq wk−3.37%Stoxx 600 wk+0.24%FTSE 100 wk−0.52%DAX wk+0.01%Nikkei 225 wk−9.25%TASI wk+1.75%ADX wk−0.78%DFM wk+4.42%Brent (Jan) wk$98.32−13.32%WTI (Dec) wk$90.83−12.76%Gold wk$4,074.90+4.51%US 10-Yr wk4.86%−7.0bpEUR/USD wk1.1143−0.20%Bitcoin 7d$74,853−4.60%
01·The Weekend

An inquiry at Nvidia, Iran talks stall.

  • Nvidia: the board opened an independent investigation on Sunday after the New York Times and the Financial Times reported on a woman linked to Jensen Huang, CNBC reported.
  • The allegation: US intelligence agencies have expressed concerns that Alice Huang, who is not related to him and is tied to Nvidia customer Megaspeed, has been passing information to Beijing.
  • Huang: told staff he had an affair, writing “There is no excuse for what I did”; Nvidia said he will stay on as chief executive.
  • The board: said it has “no reason to believe” national security or Nvidia secrets were compromised; Nvidia reports results on 17 November.
  • Iran talks: foreign minister Abbas Araghchi said mediators have stopped travelling since the US midterms; Secretary of State Marco Rubio said no breakthrough is near.
  • Trump: told CNN new attacks on Iran are “highly unlikely” if talks progress.
  • APEC: Trump expects to discuss Iran with Xi and Putin at next week’s summit.
  • Blockade: US task force Iron Gate aims to extend the naval blockade to Iran’s land routes and the Caspian Sea; Trump said it is “in full force and effect”.
  • China prices: factory-gate prices rose 5.7% in October from a year earlier, the fastest since June 2022, CNBC reported.
  • China consumers: inflation slowed to 0.7% in October.
02·Markets

Futures edge up, gold gains.

Monday 9 Nov at about 07:15 GST against Friday’s close. The ticker above shows last week.

+0.60%

S&P futures

Mon 07:15 GST

$4,126.30

Gold

+1.26% Mon

$98.24

Brent (Jan)

−0.08% Mon

−0.78%

TASI

Sunday

Equities
US futures at about 07:15 GST against Friday’s settlement. Saudi Arabia traded on Sunday 8 Nov; the UAE markets open on Monday.
S&P 500 futures+0.60%
Nasdaq 100 futures+0.62%
TASI (Saudi), Sunday−0.78%
Commodities
At about 07:15 GST against Friday’s settlement.
Brent (Jan)$98.24−0.08%
WTI (Dec)$91.30+0.52%
Gold$4,126.30+1.26%
03·Chart of the Day

Asia’s Monday rebound.

Asian stocks · Monday morning · 07:00 GST

Taiwan leads the bounce.

Change from Friday’s close, %.

Key takeaway · Taiwan more than recovered Friday’s 4.5% fall; Tokyo won back about half of its 6% drop and Seoul about a quarter.

Source: Yahoo Finance, morning session Monday 9 Nov against Friday 6 Nov close. Taiwan: TAIEX; Shanghai: SSE Composite.

04·MENA Focus

Missiles over Riyadh, trade near Dh3tn.

  • Riyadh: the Saudi-led coalition said its air defences intercepted Houthi missiles on Sunday; falling shrapnel hit an Aramco building in Riyadh, the Energy Ministry said, with no casualties reported.
  • Houthi claims: the group said it also targeted Aramco sites including Abqaiq; Saudi Arabia has not confirmed any damage there.
  • Sea of Oman: the UAE said it rescued 22 crew from a burning cargo ship on Sunday, The National reported.
  • Hormuz: Iran’s Revolutionary Guards said three tankers caught fire in the strait on Sunday after using “unauthorised routes”, The National reported.
  • Iraq: a drone attack halted production at the Khor Mor gas field on Sunday; Kurdistan lost about 2.8 gigawatts of power generation, its electricity ministry said, Reuters reported.
  • UAE trade: foreign trade reached nearly Dh3 trillion in the first nine months, up 10%, Sheikh Mohammed bin Rashid said on Sunday.
  • Gulf rail: GCC transport ministers signed an agreement in Bahrain on Sunday for a railway of about 2,100km linking all six member states, The National reported.
  • Ukraine talks: the US will bring Russian and Ukrainian delegations together in Abu Dhabi on Tuesday and Wednesday, and France will take part, Arab News reported.

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05·The Week Ahead

Three things to watch.

Three things to watch

  1. 01Tue 10 NovUS consumer prices for October
  2. 02Thu 12 NovResults from Cisco and Applied Materials, a chip-equipment maker
  3. 03Fri 13 NovUS producer prices for October
Bull week

If If consumer prices cool, both companies beat forecasts and producer prices ease

Chip stocks recover.

Base week

If If consumer prices are close to forecasts, results are mixed and producer prices hold steady

Swings continue.

Bear week

If If consumer prices run hot, results disappoint and producer prices climb

Shares fall.

06·Calendar

This week’s calendar.

Monday
9 Nov
  • EarningsKKR, Occidental Petroleum and Constellation Energy
  • EarningsTake-Two, after the US close
Tuesday
10 Nov
  • DataUS consumer prices (Oct), 17:30 GST; China trade (Oct)
  • EarningsCoreWeave, after the US close
Wednesday
11 Nov
  • ListingDIP Holding expected to start trading on the DFM
  • DataGermany final consumer prices (Oct)
Thursday
12 Nov
  • DataUK GDP (Q3)
  • EarningsCisco and Applied Materials, after the US close
Friday
13 Nov
  • DataUS producer prices (Oct), 17:30 GST; euro zone GDP (Q3)
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