01·The Lead
Nvidia down again, a big week ahead.
The shares lost about 13% over the week after Jensen Huang’s resignation.
- HSBC: cut Nvidia to hold from buy and its price target to $170 from $365.
- Results: due after Tuesday’s close; finance chief Colette Kress is interim chief executive.
- Anthropic: is expected to price its listing on Wednesday at $70 to $78 a share and start trading on Thursday on the Nasdaq as “ANT”.
- Size: up to $64.35 billion raised, valuing the company at up to $1.405 trillion on a fully diluted basis.
- View: Nationwide’s Mark Hackett said “the Nvidia story is now idiosyncratic,” meaning specific to the company rather than the wider market.
02·Market Reactions
A down Friday, an up week.
- Wall Street: the S&P 500 still gained 2.5% for the week and the Nasdaq 2.3%, their best weeks since early August.
- Bitcoin: heading for a sixth straight weekly fall.
Friday 13 Nov closes; Saudi market closed Friday.
19.30
VIX
+3.21%
−0.31%
Russell 2000
Friday
103.41
Dollar index
+0.23%
$48.65
Silver
−2.65%
Equities
| S&P 500 | −0.40% | |
| Nasdaq Composite | −0.91% | |
| Stoxx 600 | +0.02% | |
| FTSE 100 | +0.36% | |
| DAX | −0.08% | |
| Nikkei 225 | +0.53% | |
| TASI (Saudi) | closed | |
| ADX (Abu Dhabi) | −0.60% | |
| DFM (Dubai) | −0.59% |
Commodities
| Brent (Jan) | $96.08 | +0.27% |
| WTI (Dec) | $88.92 | +0.20% |
| Gold (Dec) | $3,887.60 | +0.06% |
Rates
| US 10-Yr | 5.15% | +5 bp |
FX
| EUR/USD | 1.1028 | −0.35% |
Digital Assets
| Bitcoin | $66,906 | −2.81% |
03·Chart of the Day
Out of tech, into staples.
S&P 500 sectors · close Fri 13 Nov
Friday’s move, in per cent.
Change from Thursday’s close in the SPDR sector funds.
Staples+1.4%
Communication+1.1%
Energy+1%
Financials+0.8%
Health care+0.5%
Utilities+0.5%
Real estate0%
Materials−0.2%
Industrials−0.4%
Discretionary−0.4%
Technology−2%
Source: Yahoo Finance closing prices, 12–13 Nov.
04·What Else Matters
Producer prices, and the yen.
Rates
Producer prices rise less than forecast
- PPI: US producer prices rose 0.3% in October, below the 0.4% economists polled by Dow Jones expected.
- Annual rate: 6.5%, the highest since November 2022.
- Fed: traders still see a December rate hike as certain, most likely a quarter point (about 87%) rather than half a point, CME FedWatch showed.
CNBC · 13 Nov
Japan
Yen near 160 per dollar
- Finance minister: Satsuki Katayama reportedly said Tokyo will keep working with the US on “appropriate action” after the yen crossed 160 on Thursday.
CNBC · 13 Nov
05·MENA Focus
Mines in Hormuz, claims on Yanbu.
- LNG tanker: Iran’s Revolutionary Guards navy said an unnamed liquefied gas tanker hit a naval mine and exploded in the Strait of Hormuz on Friday.
- Oil tankers: the Guards later said two oil tankers caught fire after hitting mines south of the strait while using what they called an unauthorised route.
- Saudi Arabia: Houthi spokesman Yahya Saree said an East-West pipeline pumping station and the Yanbu oil installation were hit on Thursday; Saudi authorities had not confirmed damage.
- Oil: Brent and WTI posted a second weekly fall as President Trump signalled he does not plan to resume the war with Iran.
- Summit: US officials said Trump will meet Xi and Putin in Shenzhen on Thursday and raise the Iran war.
- Qatar: signed a mutual defence pact with Turkey in Istanbul on Friday, pledging a joint stance against any attack on either.
- Nuclear: a confidential IAEA report said the agency is “increasingly concerned” that inspectors have not been allowed into Iran’s Isfahan enrichment plant.
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