01·The Lead
A board under pressure.
The board was preparing to meet as soon as Wednesday to decide Huang’s future, CNBC reported, citing the Wall Street Journal.
- Shares: fell more than 9% in after-hours trading after the report, CNBC reported.
- New York Times: reported that Huang had a relationship with Kimberly Powell, Nvidia’s vice president of health care.
- Investigation: the board hired the law firm Wachtell, Lipton, Rosen & Katz over reports of Huang’s relationship with Alice Huang, whom US intelligence officials believe is a Chinese spy, CNBC reported.
- Baird: cut Nvidia to Neutral on Wednesday, citing uncertainty around Huang, possible China export limits and slowing growth in cloud companies’ capital spending into 2027, The Motley Fool reported.
- Results: Nvidia is due to report quarterly earnings on 17 November.
02·Market Reactions
Stocks rebound, oil firms.
- Wall Street: rebounded from Tuesday’s inflation-driven sell-off, The Motley Fool reported.
- Oil: Brent rose from a two-month low after new attacks on Hormuz shipping, Reuters reported.
- Dollar: the dollar index hit a 19-month high on Thursday on bets of further Fed rate hikes, Reuters reported.
- UBS: Giovanni Staunovo said “oil prices are being supported by fading hopes of an imminent de-escalation.”
Wednesday 11 Nov closes; oil at settlement.
17.49
VIX
−10.12%
+0.88%
Russell 2000
Wednesday
102.91
Dollar index
+0.67%
$51.88
Silver
+1.53%
Equities
| S&P 500 | +1.31% | |
| Nasdaq Composite | +1.60% | |
| Stoxx 600 | +0.72% | |
| FTSE 100 | +0.78% | |
| DAX | +1.20% | |
| Nikkei 225 | +1.31% | |
| TASI (Saudi) | +1.38% | |
| ADX (Abu Dhabi) | +0.31% | |
| DFM (Dubai) | +0.83% |
Commodities
| Brent (Jan) | $92.76 | +1.39% |
| WTI (Dec) | $86.53 | +0.57% |
| Gold (Dec) | $4,000.50 | −0.74% |
Rates
| US 10-Yr | closed |
FX
| EUR/USD | 1.1077 | −0.81% |
Digital Assets
| Bitcoin | $73,782 | +0.21% |
03·Chart of the Day
Chips lead the rebound.
US chip stocks · close Wed 11 Nov
Wednesday’s move, in per cent.
Change from Tuesday’s close; chip index is the PHLX Semiconductor index.
CoreWeave+24.7%
Micron+11.9%
AMD+7.3%
Chip index+5.7%
Broadcom+4%
Nvidia+2.9%
Source: Yahoo Finance closing prices, 10–11 Nov.
04·What Else Matters
Talks in Abu Dhabi, oil in storage.
Ukraine
A prisoner exchange agreed
- Abu Dhabi: two days of Russia–Ukraine talks ended on Wednesday with a deal on a major prisoner exchange, Reuters reported.
- Still open: US mediators said differences remained on major issues, including territory.
Reuters · 11–12 Nov
Oil supply
US crude stocks rise
- Inventories: US crude stocks rose 9 million barrels last week, market sources said, citing American Petroleum Institute data; official US data comes on Thursday.
- OPEC+: output jumped in October, led by Saudi Arabia, Reuters reported.
Reuters · 11–12 Nov
05·MENA Focus
Gulf shares rise, Iran sets terms.
- Gulf markets: Saudi shares reversed early losses as Aramco rose 1.6%; Emirates NBD gained 4.3% in Dubai, Reuters reported.
- FAB: the UAE’s biggest bank plans a Dh15 billion ($4.08 billion) rights issue at a 30% discount, The National reported.
- Iran: security chief Mohsen Rezaei said Iran will not let enriched nuclear material leave the country, Reuters reported.
- Warning: Rezaei warned of consequences if the US strikes again, Reuters reported.
- Talks: the Wall Street Journal reported that US Vice President JD Vance is considering meeting Rezaei; US officials called the discussions preliminary, with no date set.
- Tehran: an Iranian security official said on Tuesday no talks were taking place, Reuters reported.
- Saudi Arabia: the Saudi-led coalition said it intercepted Houthi missiles and a drone; alerts sounded in Riyadh, Abha and Khamis Mushait, Reuters reported.
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