01·The Lead
A new chair, an interim chief.
Nvidia announced the change on Thursday and said results will come on Tuesday 17 November, as previously scheduled.
- Why: Huang stepped down following reported extramarital affairs, including one with a woman US intelligence officials believe is a Chinese spy, CNBC reported.
- Chair: Harvey C. Jones becomes Nvidia’s first-ever chair; he said the board expects operations, customer commitments and the product roadmap to continue without interruption.
- Shares: fell 13% at the start of trading before recovering some ground, AFP reported.
02·Market Reactions
Stocks dip, oil and yields climb.
- Wall Street: the S&P 500 and Nasdaq still head for their best week since early August, CNBC reported.
- Oil: Brent rose after President Trump posted “We don’t need a deal with Iran,” CNBC reported.
- Bitcoin: fell below $70,000 for the first time since August as bitcoin exchange-traded funds saw a fifth straight day of withdrawals, FXStreet reported.
- Treasuries: the 10-year yield closed back above 5% on higher oil and expected Fed hikes, CNBC reported.
Thursday 12 Nov closes; oil at settlement.
18.70
VIX
+6.92%
−1.66%
Russell 2000
Thursday
103.17
Dollar index
+0.25%
$49.97
Silver
−3.68%
Equities
| S&P 500 | −0.35% | |
| Nasdaq Composite | −0.39% | |
| Stoxx 600 | +0.14% | |
| FTSE 100 | +0.25% | |
| DAX | +0.41% | |
| Nikkei 225 | −0.70% | |
| TASI (Saudi) | +0.18% | |
| ADX (Abu Dhabi) | +1.47% | |
| DFM (Dubai) | +0.22% |
Commodities
| Brent (Jan) | $95.82 | +3.30% |
| WTI (Dec) | $88.74 | +2.55% |
| Gold (Dec) | $3,885.30 | −2.88% |
Rates
| US 10-Yr | 5.10% | +12 bp |
FX
| EUR/USD | 1.1066 | −0.10% |
Digital Assets
| Bitcoin | $69,227 | −6.17% |
03·Chart of the Day
Chip stocks split.
US-listed chip stocks · close Thu 12 Nov
Thursday’s move, in per cent.
Change from Wednesday’s close; chip index is the PHLX Semiconductor index.
AMD+5.9%
Broadcom+5.5%
Chip index−0.5%
Micron−1.6%
TSMC (ADR)−1.9%
Nvidia−4.3%
Super Micro−11.3%
Source: Yahoo Finance closing prices, 11–12 Nov.
04·What Else Matters
Fed bets firm, the yen hits 160.
Rates
A December hike fully priced
- Fed: traders price a 100% chance of a December rate rise, CME Group’s FedWatch tool showed.
- Goldman Sachs: added another quarter-point hike to its forecast on Wednesday, now expecting one in March.
- Housing: US existing home sales in October hit their lowest in more than 16 years, the National Association of Realtors said.
- Today: October producer prices; economists polled by Dow Jones expect a 0.4% monthly rise.
CNBC · 12 Nov
Japan
Tokyo warns on the yen
- Yen: crossed 160 per dollar on Thursday, Bloomberg reported via CNBC.
- Finance minister: Satsuki Katayama said on Friday, “We’re currently seeing sharp, one-sided moves in the foreign exchange market.”
CNBC · 13 Nov
05·MENA Focus
Tankers burn, Tehran hardens.
- Shipping: an unknown projectile hit a commercial ship 14 nautical miles off the UAE coast on Wednesday, causing an engine-room fire with no injuries, UK firm Ambrey said.
- Tankers: Iran’s army said two more tankers caught fire after hitting mines east of the Strait of Hormuz, CBS News reported.
- Bahrain: Iran’s Revolutionary Guards said they targeted a US early-warning radar there, Iran’s first claimed attack on US military assets in a Gulf country since early September, Reuters reported.
- Nuclear treaty: Iran’s Assembly of Experts urged the leadership to consider leaving the Non-Proliferation Treaty, Iranian state media reported.
- Saudi Arabia: the Saudi-led coalition said it intercepted two drones, one over the Riyadh region and one in the east.
- War damage: insurer Allianz Trade on Wednesday put physical war damage in the Gulf at “just above $200bn”, CBS News reported.
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