Newsquawk 米国市場寄り付き前デイリーニュース - 2026年11月12日

NVIDIA is reportedly preparing to oust CEO Jensen Huang, according to WSJ; shares -5.5% in pre-market trade. European bourses firmer, whilst US equity futures are indicative of a weak open; NQ -0.7%. DXY is flat awaiting a number of key Fed speakers; JPY shrugs off jawboning efforts. Crude benchmarks lower as the complex digests reports that VP Vance could meet with an Iranian top official; some strength was seen after IRGC said there were explosions affecting two tankers in the Strait of Hormuz. Looking ahead, highlights include US Jobless Claims (Nov/07), Existing Home Sales (Oct), Speakers including Fed’s Hammack, Goolsbee, Daly, Williams & Barr, ECB's Lagarde, Supply from the US, Earnings from Cisco, Applied Materials. SNAPSHOT STOCKS Euro Stoxx 50 +0.4% DAX40 +0.9% Stoxx 600 +0.5% FTSE 100 +0.3% ES Dec'26 -0.3% RTY Dec'26 U/C NQ Dec'26 -0.7% YM Dec'26 +0.1% FX DXY U/C (102.82) EUR/USD +0.1% (1.1100) USD/JPY -0.1% (159.60) GBP/USD U/C (1.3274) BONDS US T-Note Dec'26 +3 ticks Bund Dec'26 +15 ticks US 10yr Yield 4.99% German 10yr Yield 3.30% ENERGY & METALS WTI Dec'26 -0.8% Brent Jan'27 -0.8% Spot Gold -0.9% LME Copper -0.8% CRYPTO Bitcoin -1% Ethereum -1% As of 10:55GMT / 05:55EST LOOKING AHEAD Looking ahead, highlights include US Jobless Claims (Nov/07), Existing Home Sales (Oct), Speakers including Fed’s Hammack, Goolsbee, Daly, Williams & Barr, ECB's Lagarde, Supply from the US, Earnings from Cisco, Applied Materials Click here for the Week Ahead preview EUROPEAN TRADE EQUITIES European bourses (STOXX 600 +0.5%) are broadly on a firmer footing, in contrast to the negative sentiment seen across Asia and US equity futures. The region appears to be benefiting from its relatively high exposure to industrials/financials, and less so in the Tech space, which has come under renewed pressure today. Overnight, it was reported that Nvidia CEO Huang had another affair, but this time with an executive at his own company. As it stands, the board is reportedly voting on whether to oust Huang; Bloomberg suggested that long-serving CFO Kress and hardware engineer Buck are the favourites on an interim basis. Industry execs expect short-term supply chain operations to remain stable, but given Huang’s excellent relationship with manufacturers, his removal could result in a slowdown in capacity expansion and/or aggressive investment. With a potential ousting today, Nvidia shares are down by 5.5% in pre-market trade; peers such as SK Hynix (-2%) follow the sentiment lower. However, competitors such as AMD (+4%) and Broadcom (+3.6%) both gain. Back to European sectors; Consumer Products leads, followed by Retail and then Healthcare. Unsurprisingly, Tech holds towards the foot of the pile, joined closely by Basic Resources. As for key movers this morning: Adecco (+14%, Q3 results topped forecasts), Siemens (+4.4%, Q4 revenue grows and raises mid-term rev. outlook), Allianz (+1.5%, reports record Q3 profit), Rolls Royce (+2.3%, announced GBP 1.5bln share buyback), Persimmon (+5%, generally positive trading update and optimism surrounding 2027). US equity futures are trading in the red, with underperformance in the NQ, pressured by losses in Nvidia (see above). Focus ahead will be on the potential Huang removal, and also on a slew of Fed speak, where markets will look to see whether any more policymakers show openness to a larger 50bps hike in December. NVIDIA (-5.5% pre-market): Potential ousting: NVIDIA (NVDA) is reportedly preparing to oust CEO Jensen Huang, according to WSJ. Board is preparing to meet today to determine Jensen Huang's future. US President Trump's administration is aware that NVIDIA's (NVDA) board of directors is preparing to oust Nvidia CEO Jensen Huang, very soon, according to CBS reporter Jennifer Jacobs. Some NVIDIA (NVDA) directors favour CFO Kress as interim CEO, according to Semafor. White House said it isn't intervening in NVIDIA (NVDA) board's decision, according to Washington Post. Other: Top Democrats target Trump administration's Nvidia (NVDA)-China records, with Senators Warren and Coons asking for documents to be preserved, which is often the initial step before formal congressional investigations, according to WSJ. Alleged Chinese spy in the NVIDIA (NVDA) scandal Alice Huang is reportedly in China and is living in Beijing with the knowledge of security officials, according to Bloomberg. NVIDIA (NVDA) CEO Huang is said to have had a relationship with an NVIDIA executive, according to NYT. US President Trump on Thursday authorised a crackdown on companies suspected of diverting Nvidia's (NVDA) advanced AI chips to China, reported Axios citing sources. Trump-approved curb on AI chips to China is yet to happen. Fox's Gasparino, on Nvidia (NVDA), posted "The solution, unfortunately, is for shareholders to get screwed more in the short run before someone smart rights the old ship, which might make what we are seeing now a buying opportunity for $NVDA". Citrini's Jukan said that "One thing I’ve been able to confirm is that NVIDIA's (NVDA) Rubin has been delayed again. I’m told motherboard warpage caused the latest delay and that the HBM issue was resolved in October". As a result, volume shipments of Rubin have slipped to 2027, and I’m told NVIDIA has increased its Blackwell orders in the meantime. FX Snapshot: G10s are mixed against the flat USD. The typical havens (CHF & JPY) hold towards the top of the pile, whilst the Antipodeans lag a touch, amidst the somewhat subdued risk tone. European equities are mostly firmer, though APAC stocks were mostly subdued and US equity futures point to a negative open, with sentiment driven lower by reports of a potential ousting of Nvidia CEO Huang. DXY briefly topped the 103.00 mark in the morning, but since scaled back towards the bottom end of a 102.82-103.08 range. The print above 103.00 allowed the index to trade back to levels not seen since April 2025. For the USD today there will be two key risk events; firstly, the potential removal of Nvidia CEO Huang, which may act as a USD-negative event, if a tech sell-off is sparked. Perhaps more pertinent will be a slew of Fed speak dotted throughout the day. Traders will be looking out for any indication of the policymakers’ openness to a larger 50bps hike in December, as suggested by the influential Waller. If one were to guess, any indication of a larger move would likely come via Hammack (dissented at the Oct confab), with fellow-hawks Barr and Schmid also a risk. USD/JPY sits firmly above the 159.00 mark, holding within a 159.47-159.95 range. Recent strength in the pair came after the hawkish comments made by the Fed’s Waller and the subsequent hotter-than-expected US CPI report. As mentioned in the European Market Wrap yesterday, the recent surge would likely spur some jawboning from Japanese officials, but likely to no avail. This in fact did occur; Japan’s Top FX diplomat Mimura mentioned that recent currency moves are too fast, but ultimately failed to move the pair at the time. Given that this latest move is fundamentally driven by widening yield differentials, any attempts to talk up the JPY will likely be ignored by markets. More aggressive signals of imminent intervention, rate checks or physical intervention itself would likely be required by the Japanese side to achieve a downturn in USD/JPY. Aside from FX, BoJ’s Asada (dove) stated that they need to watch downside economic risks and need to be cautious about the pace of rate hikes. Japan top FX diplomat Mimura said recent currency moves are too fast. FIXED INCOME A modestly bullish start for fixed, in a bit of a rebound from the continued pressure seen on Wednesday and as the downside in the energy space on a potential Vance-Rezaei meeting helps. A bit of weakness was seen in the early European morning on the IRGC reporting that two oil-carrying vessels were subject to “explosions” in the Strait of Hormuz, increasing the tally of such incidents from recent sessions. However, this has not changed the narrative with energy still lower, and fixed firmer given that and ongoing AI/Tech concerns around Nvidia, NQ -1.0% at most. USTs firmer by a handful of ticks, just off best in 106-00 to 106-09+ confines, just above Wednesday’s peak but essentially a point away from pre-Waller/CPI trade. Today, the docket is packed with Fed speakers who will all be scrutinised for insight around December and whether they also see 50bps as an option post-CPI. Thereafter, on Friday, PPI will inform the debate and firm up PCE expectations. Bunds and Gilts broadly in-fitting, bid by about 10-20 ticks and in familiar ranges. Specifics are somewhat light. No real move to the UK’s Q3/September GDP series, as while firm services continue to do the heavy lifting, some priors were revised lower. Overall, it factors somewhat in favour of those who support a back-to-back December hike by the BoE. Italy sold EUR 5.25bln vs exp. EUR 5-5.75bln 3.00% 2029, 3.35% 2033 BTP & EUR 1.5bln vs exp. EUR 1-1.5bln 4.10% 2046 BTP Green. UK sold GBP 4bln 4.125% 2033 Gilt: b/c 3.52x (prev. 3.4x), average yield 4.993% (prev. 4.761%) & tail 0.2bps (prev. 0.2bps). Japan sold JPY 1.9tln 5-year JGBs; b/c 3.67x (prev. 3.56x), average yield 2.186% (prev. 2.379%). Lowest accepted price 100.04 (prev. 100.07). Weighted average price 100.06 (prev. 100.09). Tail in price 0.02 (prev. 0.02). Australia sold AUD 100mln in 1.25% 2040 indexed bonds, avg. yield 2.9752%, b/c 3.50. COMMODITIES Energy on the back foot amid a WSJ report that US VP Vance could meet with Iran’s Rezaei. However, energy lifted off lows after the IRGC announced that two oil carrying vessels were subject to “explosions” within the Strait of Hormuz, adding to the tally of such incidents from recent sessions. Following that IRGC update, Brent Jan’27 hit a USD 93.94/bbl peak for the session, modestly firmer at that point but still essentially a dollar away from the Wednesday peak. Since, that move has unwound with focus back on the mediation efforts. As such, Brent is now just below USD 92/bbl, lower by around a dollar on the session. Dutch TTF bid, as the US envoys’ meeting with Russian President Putin approaches, and the commentary from Russia is not constructive/favourable with respect to Europe. Additionally, the Starshield system Ukraine relies on has seemingly had its speed curbed once again, a particularly notable intervention given the US-Russia meeting today. Further, the region’s weather models have turned colder again and the mild turn some showed on Wednesday has now largely been removed. Dutch TTF above EUR 90/MWh at best, firmer by over three Euros on the day. Spot gold hit by the ongoing USD strength and fixed income serving as the ‘haven’ amid the ongoing Nvidia/NQ pressure. XAU failed to hold the USD 4k/oz mark early on, and has since been gradually falling with the European risk tone constructive and while there remains clear US pressure, it is concentrated and not to the benefit of the precious metal. Base peers in the red, hit by the APAC pressure as the Nvidia board meeting began, with the potential loss of Huang a blow to the entire AI ecosystem. 3M LME Copper is off by under a percent, holding just below USD 13.7k. ASEAN is to begin a joint stockpile of petroleum products, according to Nikkei. Exxon (XOM) is assessing seven areas in Venezuela for potential energy projects, according to Reuters. TRADE/TARIFFS US Senator Cotton reportedly urges Commerce Secretary Lutnick to add Chinese memory maker CXMT (688825 CH) to the ban list, CNBC reported. Some Democrats are reportedly pushing to keep the US House’s China committee, Semafor reported. China's Commerce Minister exchanged views on electric vehicles with the UK Trade Minister. Chinese AI firms are rushing to secure more NVIDIA (NVDA)-powered computing capacity at overseas data centres and are concerned the NVIDIA CEO spy scandal may prompt Washington to restrict remote use of advanced chips, according to sources. EU and UK are poised to delay a 10% tariff on electric cars amid concerns it would make them more vulnerable against Chinese competition, according to FT. US Secretary of State Rubio and China's Foreign Minister Wang Yi discussed US President Trump's upcoming trip to China. NOTABLE EUROPEAN DATA RECAP UK GDP (Sep YY) 2.1% vs. Exp. 1.9% (Prev. 2.0%); UK GDP (Sep MM) 0.2% vs. Exp. 0% (Prev. 0.0%). UK GDP Growth Rate Prel (Q3 YY) 1.9% vs. Exp. 1.9% (Prev. 1.4%); UK GDP Growth Rate Prel (Q3 QQ) 0.7% vs. Exp. 0.7% (Prev. 0.5%). UK Trade Balance (Sep) -5.134B (Prev. -0.920B). UK Construction Orders (Q3 YY) -25.3% (Prev. -18.5%). UK Goods Trade Balance Non-EU (Sep) -8.99B (Prev. -6.82B). UK Goods Trade Balance (Sep) -22.29B vs. Exp. -19.2B (Prev. -19.61B). UK Business Investment Prel (Q3 YY) 3.0% (Prev. 5.2%). UK Industrial Production (Sep YY) 3.1% vs. Exp. 2.9% (Prev. 1.1%). UK GDP 3-Month Avg (Sep) 0.7% vs. Exp. 0.7% (Prev. 0.6%). UK Business Investment Prel (Q3 QQ) 0.4% vs. Exp. -0.2% (Prev. 1.8%). UK Manufacturing Production (Sep MM) 0.7% vs. Exp. -0.5% (Prev. 0.7%). UK Construction Output (Sep YY) -1.5% vs. Exp. -2.1% (Prev. -1.9%). UK Manufacturing Production (Sep YY) 4.4% vs. Exp. 3.8% (Prev. 2.5%). UK Industrial Production (Sep MM) 0.3% vs. Exp. -0.3% (Prev. 0.7%). UK RICS House Price Balance (Oct) -36 vs Exp. -34 (Prev. -32, Rev. -34); UK RICS House Price Balance (Oct) -36% vs. Exp. -32% (Prev. -32%). Swedish CPIF Final (Oct MM) 0.0% vs. Exp. 0.0% (Prev. 0.9%); Swedish CPIF Final (Oct YY) 1.1% vs. Exp. 1.1% (Prev. 1.5%) Swedish CPI Final (Oct MM) 0.0% vs. Exp. 0% (Prev. 0.9%); Swedish CPI Final (Oct YY) 0.9% vs. Exp. 0.9% (Prev. 1.1%). CENTRAL BANKS BoJ Board Member Asada said consumer spending is not strong enough to drive the economy. Must be mindful of expected impact of past rate hikes on the economy and that financial conditions remain accommodative, while he added that they need to watch downside economy risks from rate hikes. France signalled it may support Spain's ECB President candidate de Cos to succeed Lagarde, according to FT. RBNZ said its reverse stress tests demonstrate resilience in insurers and improves risk management. PBoC injected CNY 384bln in overnight reverse repos with the rate at 1.25%. GEOPOLITICS RUSSIA-UKRAINE Russian Official Ryabkov urges avoiding uncontrolled escalation after negotiations. Russian President Putin is reportedly to speak with the US envoys at around 09:00GMT. Romania's President offered to pay the US to keep its troops stationed in the country amid security concerns due to Russian drone incursions, according to FT. Russian forces hit energy facilities and a military storage site in the Kyiv region, while it also struck a Ukrainian cargo vessel, according to Russia's Defence Ministry. South Korea's Presidential Office said South Korea anticipates progress on Ukraine issues after productive talks in Paris, while it added that the possibility of US-North Korea contact around APEC appears low. South Korea's President Lee will visit Philippines and China between November 16th-19th and attend the APEC Summit in Shenzhen on November 18th-19th. US State Department said Secretary of State Rubio and China's Foreign Minister Wang Yi agreed on the importance of leader-level conversations to advance goals such as peace and denuclearisation, including in any trilateral summit with Russia. US-IRAN IRGC said there were explosions affecting two tankers in the Strait of Hormuz; "Both vessels were super tankers carrying in total more than 4 million barrels of oil, which are now burning in the fire of trust in the plundering and aggressive US Army." Ambrey said a merchant vessel was struck by an unknown projectile 14 NM off UAE's Ras Al Khaimah on Wednesday. Iran's Press TV states that Iran and Oman have reached an agreement on maritime traffic through the Strait, while Iran said 7 conditions must be met for talks and Hormuz reopening, according to Press TV. Iran's Foreign Ministry Spokesman Baghaei said the US falsely portrays itself as a victim of Iranian terrorism, while he accused the US of war crimes and state terrorism, according to ISNA. OTHERS Saudi-led coalition said that a drone was intercepted and destroyed in the Riyadh region. Chinese President Xi said resolving the Taiwan issue and achieving the complete reunification of the motherland is an unwavering historical mission of the Chinese Communist Party. We will leave no room for Taiwan independence separatist activities in any form. We will fully consider the realities in Taiwan and take into account the interests and sentiments of Taiwan compatriots. Israeli Defence Minister Katz said they would not wait for permission to take action against Iran, Gaza, Lebanon, Syria, or the West Bank; decision making is up to PM Netanyahu's cabinet. Israeli military said it struck a senior Hamas figure and other militants at Nasser Hospital in Gaza's Khan Yunis. Israeli bombing targets Nasser Medical Complex west of Khan Yunis in the southern Gaza Strip, according to Al Jazeera. Saudi Civil Defence said Houthi missiles were intercepted and debris fell in Mecca region. CRYPTO Bitcoin is a little lower this morning and trades around USD 74k; Ethereum also off by around a percent, and trades just above USD 2k. APAC TRADE APAC stocks were ultimately lower in two-way trade and with gains ultimately reversed as the momentum from the continued tech rebound on Wall St was clouded by the fallout from a report regarding NVIDIA CEO Huang's extramarital affair with a Co. executive. This spurred doubts regarding his future at the helm of the tech giant, with the board in a meeting on his future and said to be preparing to oust him. ASX 200 finished slightly lower as strength in financials and real estate was counterbalanced by underperformance in the mining, materials and resources sectors. Nikkei 225 swung between gains and losses, while participants also digested firmer-than-expected PPI data, as well as comments from Takaichi-appointed BoJ board member Asada, who stated that they need to watch downside economic risks and need to be cautious about the pace of rate hikes. KOSPI saw two-way price action amid the tech-related headwinds. Hang Seng and Shanghai Comp retreated, with weakness seen in tech and ecommerce stocks, as the likes of Alibaba and JD.com underperformed after the tepid Singles' Day sales growth underscored weak consumer spending, while there were reportedly concerns that the NVIDIA CEO spy scandal may prompt Washington to restrict remote use of advanced chips. NOTABLE ASIA-PAC HEADLINES Indonesia former president Jokowi's son Gibran resigns as Indonesia's Vice President. NOTABLE APAC DATA RECAP Australian Consumer Inflation Expectations (Nov) 5.3% (Prev. 5.3%). Japanese PPI (Oct YY) 7.1% vs. Exp. 6.5% (Prev. 6.8%); Japanese PPI (Oct MM) 0.7% vs. Exp. 0.3% (Prev. -0.3%). Japanese Stock Investment by Foreigners (Nov/07) -105.2B (Prev. 1129.3B); Japanese Foreign Bond Investment (Nov/07) -537.6B (Prev. 1312.0B).