GOLD CLOSED DOWN $110.40 TO $3881.95
SILVER CLOSED DOWN $1.75 TO $50.20
EXCHANGE: COMEX
CONTRACT: NOVEMBER 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,992.000000000 USD
INTENT DATE: 11/11/2026 DELIVERY DATE: 11/13/2026
FIRM ORG FIRM NAME ISSUED STOPPED
323 C HSBC 11
363 H WELLS FARGO SECURITI 19
661 C JP MORGAN SECURITIES 9
737 C ADVANTAGE FUTURES 2 1
TOTAL: 21 21
MONTH TO DATE: 4,602
GOLD: NUMBER OF NOTICES FILED FOR NOVEMBER./2026: 21 CONTRACTS NOTICES FOR 2100 OZ or 0.0653 TONNES
total notices so far: 4602 contracts FOR 460,200 OZ OR 14.314 TONNES
SILVER NOTICES: 0 NOTICE(S) FILED FOR NIL OZ /
total number of notices filed so far this month : 1532 CONTRACTS (NOTICES) for 7.660 million oz
GLD
WITH GOLD DOWN $110.40 INVESTORS SWITCHING TO SPROTT PHYSICAL INSTEAD OF FRAUDULENT GLD/SMALL CHANGES AT THE GLD: A WITHDRAWAL OF 1.14 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1040.22 TONNES
WITH NO SILVER AROUND AND SILVER DOWN $1.75 AT THE SLV.//SMALL CHANGES IN SILVER INVENTORY AT THE SLV///A WITHDRAWAL OF .361 MILLION OZ OUT OF THE SLV
NOV: INITIAL STANDING 5.820 MILLION OZ FOLLOWED BY TODAY’S TINY 2 CONTRACT QUEUE JUMP FOR 10,000 OZ//NEW STANDING ADVANCES TO 8.675 MILLION OZ//
NOV. 19.695 MILLION OZ
NOV: INITIAL STANDINGl 10.566 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 27 CONTRACTS FOR 2700 OZ//(0.08398TONNES)//NEW STANDING ADVANCES TO 14.3763 TONNES
GOLD PRICE LOSS OF $30.50
NOV INITIAL STANDING 10.566 TONNES FOLLOWED BY TODAY’S 27 CONTRACT QUEUE JUMP FOR 2700 OZ OR 0.08398 TONNES///NEW STANDING ADVANCES TO 14.3763 TONNES
NOV// 50.189 MILLION OZ
SHANGHAI CLOSED DOWN 24.81 PTS OR 0.67%
HANG SENG CLOSED DOWN 302.37 PTS OR 1.26 %
Nikkei CLOSED DOWN 432.59 PTS OR 0.71%
//Australia’s all ordinaries CLOSED UP 0.44%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 6.6695
/ OFFSHORE CLOSED DOWN AT 6.6696 Oil DOWN TO 86.15 dollars per barrel for WTI and BRENT DOWN TO 92.11 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP 6.6695//OFFSHORE YUAN TRADING UP TO 6.6696 ONSHORE YUAN TRADING ABOVE LEVEL // OFF SHORE AND UP ON THE DOLLAR)// / AND THUS STRONGER OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
NOV 0//SO FAR
NOV 0 SO FAR
NOV 0//SO FAR EXCHANGE FOR RISK!
THE SPECS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE ( IT FELL BY $30.50)
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES |
| Deposit to theDealerInventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold 0 ENTRIES xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 21 CONTRACTS 2100 OZ 0.0653 TONNES OF GOLD |
| No of oz to be served (notices) | 20 Contracts 1400 OZ 0.0672 TONNES |
| Total monthly oz gold served (contracts) so far this month | 4602 notices 460,200 OZ 14.314TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxx
DEPOSITS:CUSTOMER ACCT
ENTRIES: 0
xxxxxxxxxxxxxxxxxx
comex withdrawal
0 ENTRIES
adjustments: 0
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF NOV OI STANDS AT 41 CONTRACTS HAVING A GAIN OF 18 CONTRACTS.
ON WEDNESDAY WE HAD 459,500 OZ(14.292 TONNES) STAND FOR DELIVERY: TODAY, 462,200 OZ (14.3763 TONNES) FOR A GAIN OF 2700 OZ //27 CONTRACTS (.08398 TONNES)//NEW STANDING ADVANCES TO 14.3763 TONNES OF GOLD
.
DECEMBER, THE LARGEST DELIVERY MONTH IN THE CALENDAR, ITS OI FALLS BY 1318 CONTRACTS DOWN TO 236,238
JANUARY RISES BY 80 CONTRACTS TO 1317 OI
.
We had 21 contracts filed for today representing 2100 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 21 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 9 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for NON /2026. contract month, we take the total number of notices filed so far for the month (4,602) to which we add the difference between the open interest for the front month of NOV (41) CONTRACTS) minus the number of notices served upon today 21 x 100 oz per contract) equals 462,200 OZ OR(14.3763Tonnes of gold)
THUS: INITIAL total number of gold ounces standing for NOV. /2026. contract month,we take the total number of notices filed so far for the month (4,602) to which we add the difference between the open interest for the front month of NOV( 41) contracts minus the number of notices served upon today 21 x 100 oz per contract) equals 462,200 OZ OR(14.3763Tonnes of gold)
new total of gold standing in NOV becomes 14.3763 TONNES//
TOTAL COMEX GOLD STANDING FOR NOV: 14.3763 TONNES WHICH IS NOW VERY STRONG FOR THIS NON ACTIVE DELIVERY MONTH OF NOV/
WEDNESDAY VOLUME: 175,389 GOOD
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,676,023.357 oz 52.13tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,676,023.357.tonnes oz 52.13 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 22,930,447.996oz//
TOTAL REGISTERED GOLD 14,241,501.342 tonnes (442.970 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 8,688,946.624 oz.
REGISTERED GOLD THAT CAN BE SERVED UPON in oz 12,565,478 ((REG GOLD- PLEDGED GOLD)=
390.983 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
NOV DELIVERY MONTH
NOV 12
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 entries i) Out of Stonex: 271,286.770 oz total withdrawal: 271.286.770 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | ENTRIES: 0 |
| No of oz served today (contracts) | 0 CONTRACT(S) ( NIL OZ) |
| No of oz to be served (notices) | 203 Contracts (1.015 MILLION oz) |
| Total monthly oz silver served (contracts) | 1532 contracts 7.660 MILLIONoz |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
ENTRY:0
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 ENTRIES:
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals:
1 ENTRIES
i) Out of Stonex: 271,286.770 oz
total withdrawal: 271.286.770 oz
adjustments : //
dealer to customer: 9879.108 oz Delaware
TOTAL REGISTERED SILVER: 101.715 MILLION OZ//.TOTAL REG + ELIGIBLE. 332.192 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR NOV
FRONT MONTH: SILVER OPEN INTEREST CONTRACTS: 203 FOR A LOSS OF 6 CONTRACTS .
ON WEDNESDAY WE HAD 8.665 MILLION OZ STAND FOR DELIVERY. TODAY 8.675 MILLION OZ FOR A GAIN OF 10,000 OZ OR A QUEUE JUMP OF 2 CONTRACTS DECIDED TO TAKE DELIVERY ON THIS SIDE OF THE POND.
.
DECEMBER LOST 3509 CONTRACTS DOWN TO AN OI OF 59,883
JANUARY GAINED 27 C0NTRACTS TO 1,062 OI
TOTAL NUMBER OF NOTICES FILED FOR TODAY:0 or 0oz
CONFIRMED volume WEDNESDAY; 69.091 fair/
AND NOW NOV DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in NOV. we take the total number of notices filed for the month so far at 1532 X5,000 oz = 7.660 MILLION oz.
Then we take the difference between the front month of NOV. and the number of notices filed for today x 5000 to give us our standing
Thus the standings for silver for the NOV 2026 contract month: (1532 Notices served so far) x 5000 oz + OI for the front month of NOV (203 minus number of notices served upon today ( 0 x 5000 oz) equals silver standing for the NOV .contract month equating to 8.675 MILLION OZ t
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 101.715 million oz of registered silver
JPMorgan as a percentage of total silver: 125.080 ///332.192million: 37.65%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42.
The previous record was 224,540 contracts with the price at that time of $20.44.
BOTH GLD AND SLV ARE MASSIVE FRAUD
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
NOV12 WITH GOLD DOWN $112.40 HUGE CHANGES IN GOLD AT THE GLD. A WITHDRAWAL OF 1.14 TONNES OF GOLD OUT OF THE GLD.INVENTORY RESTS AT 1041.08 TONNNES
NOV11 WITH GOLD DOWN $30.50 SMALL CHANGES IN GOLD AT THE GLD. A WITHDRAWAL OF 0.29 TONNES OF GOLD OUT OF THE GLD.INVENTORY RESTS AT 1042.29 TONNNES
NOV10 WITH GOLD DOWN $83.10 HUGE CHANGES IN GOLD AT THE GLD. A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD.INVENTORY RESTS AT 1042.51 TONNNES
NOV9 WITH GOLD UP $36.20 HUGE CHANGES IN GOLD AT THE GLD. A DEPOSIT OF 0.8600 TONNES OF GOLD INTO THE GLD.INVENTORY RESTS AT 1041.37 TONNNES
NOV6 WITH GOLD DOWN $32.30 HUGE CHANGES IN GOLD AT THE GLD. A DEPOSIT OF 2.850 TONNES OF GOLD INTO THE GLD.INVENTORY RESTS AT 1040.51 TONNNES
NOV4 WITH GOLD UP $133.00 HUGE CHANGES IN GOLD AT THE GLD. A WITHDRAWAL OF 2.850 TONNES OF GOLD OUT OF THE GLD.INVENTORY RESTS AT 1037.66 TONNNES
NOV3 WITH GOLD DOWN $28.35 HUGE CHANGES IN GOLD AT THE GLD. A WITHDRAWAL OF 1.14 TONNES OF GOLD OUT OF THE GLD.INVENTORY RESTS AT 1040.51 TONNNES
NOV2 WITH GOLD UP $68.40 SMALL CHANGES IN GOLD AT THE GLD. A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD.INVENTORY RESTS AT 1041.65TONNNES
OCT 30/ WITH GOLD DOWN $129.60 HUGE CHANGES IN GOLD AT THE GLD. A WITHDRAWAL OF 2.28 TONNES OF GOLD INTO THE GLD.INVENTORY RESTS AT 1041.08TONNNES
0CT 29 2026 WITH GOLD DOWN $23.45 HUGE CHANGES IN GOLD AT THE GLD. A DEPOSIT OF 2,56 TONNES OF GOLD OUT OF THE GLD INVENTORY RESTS AT 1043,34 TONNNES
OCT 28/2026 WITH GOLD DOWN $23,45 SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.20 TONNES OF GOLD INTO THE GLD..INVENTORY REST AT 1041,65 TONNES
0CT 27/ WITH GOLD UP $38.30//HUGE CHANGES IN GOLD AT THE GLD.. A WITHDDRAWAL OF ,65 TONNES OF GOLD AT THE GLD..INVENTORY RESTS AT 1040,80 TONNES
OCT 26/ WITH GOLD UP $28,40 HUGE CHANGES IN GOLD AT THE GKD.. A MASSIVE WITHDRAWAK IF 16.17 TONNES OF GOLD OUT OF THE GLD..INVENTORY RESTS AT 1041.47 TONNES
OCT 23//2026/WITH GOLD DOWN $49.65 /HUGE CHANGES IN GOLD AT THE GLD. A WITHDRAWAL OF 2.56 TONNES OF GOLD OUT OF THE GLD//// //:/INVENTORY RESTS AT 1057.62 TONNES
OCT 22//2026/WITH GOLD DOWN $87.75 /HUGE CHANGES IN GOLD AT THE GLD. A DEPOSIT OF 1.14 TONNES OF GOLDINTO THE GLD//// //:/INVENTORY RESTS AT 1060.18 TONNES
OCT 21//2026/WITH GOLD UP $8.55 /NO CHANGES IN GOLD AT THE GLD.// //:/INVENTORY RESTS AT 1059.04 TONNES
OCT 20//2026/WITH GOLD DOWN $41.05 /NO CHANGES IN GOLD AT THE GLD. //:/INVENTORY RESTS AT 1059.04 TONNES
OCT 19//2026/WITH GOLD DOWN $19.65 /HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 5.13 TONNES OF 0.29 TONNES OF GOLD INTO THE GLD/. //:/INVENTORY RESTS AT 1059.04 TONNES
OCT 16//2026/WITH GOLD UP $60.50 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.29 TONNES OF GOLD FROM THE GLD/. //:/INVENTORY RESTS AT 1053.91 TONNES
OCT 15//2026/WITH GOLD UP $60.50 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.21 TONNES OF GOLD FROM THE GLD/. //:/INVENTORY RESTS AT 1054.20 TONNES
OCT 14//2026/WITH GOLD DOWN $66.25 /NO CHANGES IN GOLD AT THE GLD: //:/INVENTORY RESTS AT 1055.41 TONNES
OCT 13//2026/WITH GOLD DOWN $13.25 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF OF 2.281TONNES OF GOLD INTO THE THE GLD//: //:/INVENTORY RESTS AT 1055.411 TONNES
OCT 12//2026/WITH GOLD DOWN $24.20 /HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2TONNES OF GOLD OUT OF THE GLD//: //:/INVENTORY RESTS AT 1053.13 TONNES
OCT 9//2026/WITH GOLD UP $60.00 /HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.562 TONNES OF GOLD OUT OF THE GLD//: //:/INVENTORY RESTS AT 1055.411 TONNES
OCT 8//2026/WITH GOLD UP $16.85 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.703 TONNES OF GOLD INTO THE GLD//: //:/INVENTORY RESTS AT 1059.873 TONNES
OCT 7//2026/WITH GOLD DOWN $46.70 /NO CHANGES IN GOLD AT THE GLD:: //:/INVENTORY RESTS AT 1056.27 TONNES
OCT 6//2026/WITH GOLD UP $30.60 /HUGE CHANGES IN GOLD AT THE GLD:: A DEPOSIT OF 0.754 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1056.27 TONNES
OCT 5//2026/WITH GOLD DOWN $2.20 /HUGE CHANGES IN GOLD AT THE GLD:: A WITHDRAWAL OF 0.854 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1055.696 TONNES
GLD INVENTORY: 1041.08 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
NOV 12// WITH SILVER DOWN $1.75// SMALL CHANGES AT THE SLV:A WITHDRAWAL OF 0.361 MILLION OZ FROM THE SLV/ ../ //INVENTORY RESTS AT 504.269 MILLION OZ
NOV 11// WITH SILVER UP $0.69// NO CHANGES AT THE SLV: ../ //INVENTORY RESTS AT 504.630 MILLION OZ
NOV 10// WITH SILVER DOWN $1.54// HUGE CHANGES AT THE SLV: A WITHDRAWAL OF 0.451 MILLION OZ FROM THE SLV//../ //INVENTORY RESTS AT 504.630 MILLION OZ
NOV 9// WITH SILVER UP $0.65// HUGE CHANGES AT THE SLV: A WITHDRAWAL OF 1.3540 MILLION OZ FROM THE SLV//../ //INVENTORY RESTS AT 505.081 MILLION OZ
NOV 6// WITH SILVER DOWN $0.35// NO CHANGES AT THE SLV: ../ //INVENTORY RESTS AT 506.435 MILLION OZ
NOV 4// WITH SILVER UP $2.44// SMALL CHANGES AT THE SLV: A WITHDRAWAL OF 242,000 OZ OUT OF THE SLV../ //INVENTORY RESTS AT 506.435 MILLION OZ
NOV 3// WITH SILVER DOWN $1.05// HUGE CHANGES AT THE SLV: A HUGE DEPOSIT OF 3.656 MILLION OZ INTO THE SLV../ //INVENTORY RESTS AT 506.677 MILLION OZ
NOV 2// WITH SILVER UP $1.55// HUGE CHANGES AT THE SLV: A HUGE DEPOSIT OF 3.34 MILLION OZ INTO THE SLV../ //INVENTORY RESTS AT 503.021 MILLION OZ
OCT 30// WITH SILVER DOWN $3.06// NO CHANGES AT THE SKV/ //INVENTORY RESTS AT 499.681 MILLION OZ
OCT 29 WITH SILVER DOWN $0.25: HUGE CHANGES AT THE SLV: A HUGE DEPOSIT OF 1.334 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 499.681 MILLLION OZ
OCT 28/WITH SILVER DOWN $0.25: NO CHANGES IN SILVER INVENTORY AT THE SLV..INVENTOR RESTS AT 498,327 MILLION OZ
OCT 27/ WITH SILVER UP $0.25 NO CHANCES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 498.327 MILLION OZ
OCT 26/ WITH SILVER UP 0.25 SMALL CHANGES AT THE SLV//A DEPOSIT OF 451,000 OZ OF SILVER INTO THE SLV//INVENTORY RESTS AT 498.327 MILLION OZ
OCT 23 WITH SILVER DOWN $0.94 : :NO CHANGES AT THE SLV:// // :INVENTORY RESTS AT 497.876 MILLION OZ
OCT 22 WITH SILVER DOWN $2.72 : : SMALL CHANGES AT THE SLV: A WITHDRAWAL OF 632,000 OZ INTO SLV// // :INVENTORY RESTS AT 497.876 MILLION OZ
OCT 21 WITH SILVER DOWN $0.28 : : STRONG CHANGES AT THE SLV: A DEPOSIT OF 858,000 OZ INTO SLV// // :INVENTORY RESTS AT 498.508 MILLION OZ
OCT 20 WITH SILVER UP $0.68 : :NO CHANGES A WITHDRAWAL OF 943,000 OZ INTO OUT OF SLV// // :INVENTORY RESTS AT 497.650 MILLION OZ
OCT 16 WITH SILVER UP $1.19 : :MEGA HUGE CHANGES A DEPOSIT OF 4.374 MILLION OZ INTO THE SLV// // :INVENTORY RESTS AT 498.593 MILLION OZ
OCT 15 WITH SILVER UP $1.19 : :SMALL CHANGES A DEPOSIT OF 406,000 OZ INTO THE SLV// // :INVENTORY RESTS AT 494.219 MILLION OZ
OCT 14 WITH SILVER DOWN $3.25 : :SMALL CHANGES A WITHDRAWAL OF 135,000 OZ OUT OF THE SLV// // :INVENTORY RESTS AT 493.948 MILLION OZ
OCT 13 WITH SILVER DOWN $0.97 : :HUGE CHANGES A DEPOSIT OF 722,000 OZ INTO THE SLV// // :INVENTORY RESTS AT 493.813 MILLION OZ
OCT 12 WITH SILVER DOWN $0.51 : :HUGE CHANGES A DEPOSIT OF 722,000 OZ INTO THE SLV// // :INVENTORY RESTS AT 493.948 MILLION OZ
OCT 9 WITH SILVER UP $0.62 : :SMALL CHANGES A DEPOSIT OF 948,000 OZ INTO THE SLV// // :INVENTORY RESTS AT 493.226 MILLION OZ
OCT 8 WITH SILVER DOWN $0.74 : :SMALL CHANGES IN INVENTORY AT THE SLV:A WITHDRAWAL OF 532,000 OZ FROM THE SLV// // :INVENTORY RESTS AT 492.278 MILLION OZ
OCT 7 WITH SILVER DOWN $1.36 : :SMALL CHANGES IN INVENTORY AT THE SLV:A WITHDRAWAL OF 451,000 OZ FROM THE SLV// // :INVENTORY RESTS AT 492.910 MILLION OZ
OCT 6 WITH SILVER UP $0.31 : :NO CHANGES IN INVENTORY AT THE SLV: // :INVENTORY RESTS AT 493.361 MILLION OZ
OCT 5 WITH SILVER UP $0.87 : :NO CHANGES IN INVENTORY AT THE SLV: // :INVENTORY RESTS AT 493.361 MILLION OZ
CLOSING INVENTORY 504.269 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF//JOHN RUBINO//RAVEN/JIM RICKARDS
2/ ALASDAIR MACLEOD…
CHRIS POWELL AND HIS GATA DISPATCHES
If GATA’s work is worth something to you, please help us
Submitted by admin on Wed, 2026-11-11 19:07Section: Daily Dispatches
7:06p ET Wednesday, November 11, 2026
Dear Friend of GATA and Gold:
GATA would like to think it has had a good couple of weeks.
First we brought you and the New Orleans Investment Conference a comprehensive summary of the last year’s international intrigue about gold, bringing the secret knowledge of the financial universe out into the open so people outside the financial elites might act on that knowledge as the elites do:
Today we brought you more documentation of the most recent desperate surreptitious interventions still being waged against the monetary metal behind the camouflage of the Bank for International Settlements:
Unfortunately for the world this information isn’t available anywhere else, and mainstream financial news organizations keep striving to conceal it in the service of their elites and governments.
For the most part the monetary metals mining industry remains skittish about GATA, if for understandable reasons. Mining is the most capital-intensive industry and thus almost entirely dependent on the biggest banks, which are tools of their governments. Mining is also the industry most regulated by government, dependent on government for mining rights and environmental permits and always vulnerable to royalty requirements. Few gold and silver mining companies want to risk offending their governments with complaints about the market rigging those governments do or cooperate with.
As a result GATA’s audience tends to be limited to civic-minded people who believe in free and transparent markets, limited government, and “sound money” — which begins with the monetary metals and always must be something much less than the infinite money and corruption that have taken over the world.
So today we appeal to you again for financial support. Contributions of any amount are much appreciated —
— and they are easier than ever to make now that GATA can accept them by credit card over the internet via the excellent Zeffy service:
Donors of $500 or more will be entitled to a one-ounce silver round minted by Money Metals Exchange commemorating GATA’s work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
We’d love to send you one.
Maybe you can take inspiration from an anonymous GATA supporter in Arizona known to us only as Jim who frequently has responded to our fundraising appeals by mailing us a twenty-dollar bill but who hasn’t provided any address by which we can thank him. (Jim, please don’t respond to this appeal.) We mention Jim here so that everyone will know that his $20 is $20 more support than GATA has ever gotten from Newmont Mining, Barrick Gold, Freeport-McMoRan, or the World Gold Council, the latter entity often seeming to exist mainly to ensure that there never is a world gold council.
This struggle can be won. Liberty and decency require it to be won. Indeed, GATA believes that it is being won as many governments and central banks, informed by GATA’s work, in recent years have defected from the longstanding Western gold price suppression policy and are acquiring gold instead of knocking its price down.
But the struggle isn’t won yet. So if our work is worth something to you and you haven’t helped us already, please consider doing so now.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
Reserve managers say gold is politically toxic to manage
Submitted by admin on Wed, 2026-11-11 18:56Section: Daily Dispatches
By Levente Koroes
Central Banking, London
Wednesday, November 11, 2026
Gold is a politically difficult asset to manage as it about the “only thing that local politicians think they understand from a central bank balance sheet,” a European reserve manager has told Central Banking’s virtual meetings.
Speaking on a panel at the event on November 10, they explained that owning bullion led to “complete paralysis.”
“We own a lot of gold but we are not capable of doing anything with it because any moment you suggest doing anything, you get a lot of politicians from one side or another criticising you at once,” the official said. “Nobody is happy, so you are almost in a state of paralysis.”
A second panelist said the issue was finding the right time to enter the market. The panelist said gold had become a very attractive proposition thanks to its steep appreciation since 2020 but was unsure about how much of a portfolio should be invested in it because there was “no best practice.”
For a third reserve manager on the panel, gold complemented rather than replaced traditional liquid asset classes. However, there were “impractical considerations” that the manager’s central bank had had to look into, such as liquidity and the difficulty in mobilizing bullion. “There could be some liquidity constraints in terms of converting physical gold to immediate cash,” the manager said.
One panelist said geopolitics had moved from causing short-term market noise to being a concrete factor in how reserves were allocated. The panelist said the panelist’s institution had reduced “jurisdiction risk” — the fear of having assets frozen — by shifting away from U.S. Treasuries toward buying supranational bonds, so the panelist’s bank did not have to change currency. The panelist noted that the actual risk of sanctions or asset seizures was “very, very small” but not zero, and so it had to be planned for.
Another reserve manager noted that the manager’s central bank had cut its dollar exposure by about five percentage points and invested in euros, yen, Australian and Canadian dollars, gold, and Korean won.
One of the reserve manager’s counterparts had cut dollar assets for a different reason: expected returns on U.S. assets were lower than those elsewhere, and so it was decided to reduce U.S. equities. The reserve manager noted that offsetting the reduction in equities had been achieved by increasing U.S. bond holdings, as Treasuries remained the best hedge against equity sell-offs.
One panelist said the panelist was uneasy about who owned Treasuries. The panelist noted that hedge funds holding about 8% of Treasuries might lead to a different, and potentially sharper, volatility spike during time of stress. This official also called the trade in artificial intelligence-related equities a “bit overstretched” and said it made sense for the panelist’s central bank to reduce its exposure to U.S. assets.
A different panelist said the panelist’s bank had lengthened the horizon of their long-term asset allocation from five to 10 years to avoid reacting to short-term geopolitical swings. The panelist said there was no defined plan for what would happen during a major market downturn, as there were “no good books for that.”
Most panelists said they were moving towards shorter duration, higher credit quality and more liquid assets, though one reserve manager said the manager was explicitly seeking returns. Another panelist said the panelist’s institution had ring-fenced 90% of its assets and allocated the remainder to reserve managers to take risks with.
The reserve managers agreed there was no single replacement for the dollar and that diversification was happening slowly across a number of currencies.
Several speakers framed a resilient portfolio as one that did not need constant changes rather than one that never generated losses. They admitted that strong markets might have flattered their portfolios.
* * *
Support GATA by purchasing
Stuart Englert’s “Rigged”
“Rigged” is a concise explanation of government’s currency market rigging policy and extensively credits GATA’s work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
Russia’s push to replace dollar with China’s yuan collapses
Submitted by admin on Tue, 2026-11-10 21:49Section: Daily Dispatches
From Bloomberg News
Tuesday, November 10, 2026
Russia has effectively abandoned attempts to replace the dollar with China’s yuan under the pressure of U.S. secondary sanctions, underlining the difficulties facing other nations looking for an alternative global currency.
Despite rising trade with China, the yuan’s share in payments for Russian exports has halved this year to 22% from its peak in mid-2024 when the U.S. widened secondary sanctions, according to the latest Russian central bank data. In trade with Asia, Russia now receives rubles for 69% of its exports.
Russia’s experience represents an unprecedented experiment that ultimately showed the limitations of President Xi Jinping’s ambition to turn the yuan into a “powerful currency” for international trade, financial markets, and central banks’ reserves.
Chinese officials, however, have been equally clear they aren’t trying to turn the yuan into a replacement for the dollar, as Beijing keeps tight capital controls to guard currency flows. …
… For the remainder of the report:
END
4. ANDREW MAGUIRE//KINESIS LIVE FROM THE VAULT/297
5. COMMODITY REPORT ///GOLD/
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 24.81 PTS OR 0.67%
HANG SENG CLOSED DOWN 302.37 PTS OR 1.26 %
Nikkei CLOSED DOWN 432.59 PTS OR 0.71%
//Australia’s all ordinaries CLOSED UP 0.44%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 6.6695
/ OFFSHORE CLOSED DOWN AT 6.6696 Oil DOWN TO 86.15 dollars per barrel for WTI and BRENT DOWN TO 92.11 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP 6.6695//OFFSHORE YUAN TRADING UP TO 6.6696 ONSHORE YUAN TRADING ABOVE LEVEL // OFF SHORE AND UP ON THE DOLLAR)// / AND THUS STRONGER OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED UP TO 6.6696
OFFSHORE YUAN: UP TO 6.6697
1A.HANG SANG CLOSED DOWN 301.37 PTS OR 1.26%
1 B. SHANGHAI CLOSED DOWN 24.81 PTS OR 0.67%
2. Nikkei closed DOWN 432.59 PTS OR 0.71%
WEST TEXAS INTERMEDIATE OIL UP TO 86.15
BRENT; 92.11
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN 2 BASIS PTS TO 102.81 EURO FALLS TO 1.1093 DOWN 2 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.806 UP 3 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 159.12… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.930 DOWN 1 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP //CHINESE ONSHORE YUAN: UP (6.6695 AND OFFSHORE: UP AT 6.6696
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA. CENTRAL BANK OF JAPAN WILL NO LONGER DO QE.
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt. GOVERMENT ASKED JAPAN PENSION FUNDS AND INSURANCE FUNDS TO BUY MORE JAPANESE BONDS AND REPATRIATE ALL FOREIGN BONDS.
3g Oil DOWN for WTI and DOWN for Brent this morning
3h European bond buying continues to push yieldsLOWER on all fronts in the EU German 10yr bund YIELD UP TO +3.2912 Italian 10 Yr bond yield DOWN AT 4.335 SPAIN 10 YR BOND YIELD DOWN TO 3.8580
3i Greek 10 year bond yield UP TO 4.1473%
3j Gold at $3943.40 /Silver at: 51.12 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 6/ 100 roubles/82.70
3m oil (WTI) into the 86 dollar handle for WTI and 93 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 159.68 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.806% UP 3 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 3.9300 DOWN 1 PTS..: USA/SF this 0.8317 as the Swiss Franc . Euro vs SF: 0.9226
USA 10 YR BOND YIELD: 4.988 DOWN 2 BASIS PTS…NOW ABOVE 5.00%
USA 30 YR BOND YIELD: 5.341 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.759 UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 50.26 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 5.2121 DOWN 1 PTS
30 YR UK BOND YIELD: 5.6345 DOWN 1 BASIS PTS
10 YEAR FRENCH BOND YIELD; 4.762 //UP 0 BASIS PTS
10 YR CANADA BOND YIELD: 3.717 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 3.4560 UP 0 BASIS PTS.
1a New York Opening report
Nasdaq Futures Slide As Nvidia Board Hunts For Huang’s Replacement, Rivals Feast
Thursday, Nov 12, 2026 – 08:27 AM
US futures are lower, led by a slide in Nasdaq contracts, after Nvidia’s board started hunting for a replacement for Jensen Huang following reports of multiple extramarital affairs, including one with an alleged Chinese spy, turning the AI trade’s central bank into its biggest single risk; meanwhile the haven bid sent long-end Treasuries higher and 30Y yields as low as 5.32%. As of 8:20am ET, S&P futures are down 0.7%, while Nasdaq futures are 1.5% lower; Dow futures are down 0.4% as money rotates out of tech. That follows a session in which the S&P rose 1.3% to 7,619 and the Philly semis index soared 5.7% as CoreWeave’s results eased fears about AI spending, erasing the Nasdaq’s post-midterm losses. Premarket, Nvidia is down 6-7% after sliding as much as 9% after hours, confirming our report from last night, while the rest of the Mag 7 is little changed and Nvidia’s rivals are feasting on the carnage: AMD is up 4% and Broadcom 2.9%, while neoclouds and AI hardware names such as CoreWeave and Super Micro slump. The day’s driver is Nvidia (and its HR department): the board is meeting to decide Huang’s fate, is working with an outside firm to find candidates, and some directors favor CFO Colette Kress as interim CEO; Democratic senators want records on Nvidia chip exports to China preserved, days before Xi hosts Trump in Shenzhen. In rates, long-end Treasuries rose as cash trading resumed after the Veterans Day holiday, with the curve twisting flatter as the short end underperforms; the 10Y is flat near 4.99% and swaps still price 28bps of Fed hikes in December, i.e. a certain quarter-point move and a small chance of a jumbo half-point hike. The Bloomberg dollar index dipped 0.1% after touching its highest since May 2025, and the yen hovers just below 160 despite more jawboning from Tokyo. In commodities, oil slipped toward a two-month low near $86 WTI despite Iran saying two supertankers were halted by explosions in Hormuz, gold fell 1% to about $3,950 after failing to hold $4,000, and copper is lower; bitcoin is down 1% around $73,500. US economic data slate includes initial jobless claims (8:30am), October existing home sales (10am) and the October federal budget balance (2pm). Fed speaker slate includes Hammack (9am), Barr (10am), Goolsbee (11:15am), Daly (1:10pm), Schmid (1:30pm) and Williams (6:30pm). The Treasury sells $25 billion of 30-year bonds at 1pm.
In premarket trading, Mag 7 stocks are mostly lower: NVDA falls 7% as the company’s board has been working with an outside firm to identify potential replacements for Chief Executive Officer Jensen Huang following reports of multiple extramarital affairs (Alphabet (GOOGL) -0.2%, Amazon (AMZN) +0.4%, Apple (AAPL) +0.4%, Meta Platforms (META) -0.6%, Microsoft (MSFT) -0.2%, Tesla (TSLA) -0.9%)
- Artificial intelligence-related stocks fall amid the leadership crisis at Nvidia.
- Advanced Micro Devices (AMD) climbs 1% and and Broadcom (AVGO) rises nearly 1% on bets they may win business from chip giant Nvidia.
- Corteva (CTVA) falls 9% after after the agricultural chemical and seed company cut its full-year Ebitda guidance, citing materially weaker market conditions in Brazil.
Digi International (DGII) falls 18% after the communications software company’s first-quarter and full-year outlooks failed to impress. - Eli Lilly (LLY) gains 2% after its China unit said Foundayo tablet was approved as a Class 1 new drug for adult weight managbioement by the country’s National Medical Products Administration, according to a WeChat statement.
- Maravai LifeSciences (MRVI) climbs 4% after KeyBanc upgraded the stock to overweight, saying the life sciences firm is best positioned to benefit from Democrats’ win in the US midterm elections.
- National Vision Holdings (EYE) falls 16% after the the optical retailer posted disappointing third quarter revenue.
- Nebius Group (NBIS) falls 8% after the provider of a cloud platform designed for AI builders sees 2027 capital expenditures of $40 billion to $45 billion versus the Bloomberg average analyst estimate of $28.76 billion.
- T1 Energy (TE) falls 9% after the solar equipment maker reported third-quarter revenue that missed the average analyst estimate as production costs rose.
- Tetra Tech (TTEK) climbs 10% after the engineering company’s 2027 net revenue forecast topped analysts’ estimates at the midpoint of the range.
- Yeti (YETI) plunges 7% after the maker of travel drinkware and coolers cut its adjusted earnings per share guidance for the full year.
In other corporate news, while Nvidia’s board searches for a CEO, the rest of the AI capital machine keeps humming: CoreWeave plans to raise at least $4 billion via an investment-grade loan, and Anthropic’s IPO, which could raise as much as $90.4 billion including a private placement, is already multiple times oversubscribed before pricing on Nov. 18 (as we noted, oversubscribed books have a mixed track record). MSCI dropped Strategy from its global equity benchmarks, potentially triggering billions of dollars in stock sales. BP is in talks to sell a stake in Brazil’s Bumerangue block, its biggest discovery in 25 years, to Petrobras. Google suffered a setback in its fight over a nearly €1.5 billion EU antitrust fine after an adviser to the bloc’s top court sided with the Commission. Canada’s CPPIB plans to boost its hedge fund allocation to about $160 billion. Southern Co. is offering $1.75 billion of equity units and Guardant Health priced $500 million of zero-coupon converts. Separately, Citrini’s Jukan claims Nvidia’s Rubin has been delayed again, with volume shipments slipping to 2027, and Axios reports Trump authorized a crackdown on companies diverting Nvidia’s advanced chips to China.
The global framing this morning is a simple one: a rebound in tech came to a halt as traders confronted a leadership crisis at the company that sits at the center of the AI supply chain, and which has spent the past two years handing out the circular financing that kept the whole ecosystem humming. The early read is that money is moving within the theme rather than out of it: AMD, Broadcom and Alphabet have all gained on bets they could win business from Nvidia, while Europe is rising for a fourth day as investors rotate out of AI and into healthcare and consumer names. As Bloomberg’s Before the Bell put it, if Nvidia’s rivals keep rising this is a reshuffle within the AI trade; if they crack too, the wider market’s calm may not last.
JonesTrading’s Mike O’Rourke argues that whoever succeeds Huang will not be able to keep handing out circular financing deals the way Nvidia has, which is a problem for every neocloud and startup on the other side of those deals.
Barclays strategist Julien Lafargue notes that since Nvidia has been called the central bank of the AI trade, the turmoil will have implications, though he does not expect the AI trade to be derailed in the long run.
Bloomberg Intelligence’s Mandeep Singh expects any replacement to be “quite conservative,” and Dan Ives at Yorkville Ives reckons Nvidia is worth 25% less without Huang as CEO. Analyst downgrades have started rolling in, with Oppenheimer cutting the stock to Market Perform.
And yet, the market keeps doing what it’s not supposed to: the VIX closed at 17.5 last night, back below the 20 stress threshold, and the AI complex has bounced hard even as core parts remain deep in bear territory, as the chart below shows. Today is the first real test of whether that calm holds.
Goldman Delta-One head Rich Privorotsky found it “quite impressive how much we’ve managed to rally in the face of the macro backdrop and increasingly idiosyncratic problems at Nvidia.” He stressed that Wednesday was emphatically not a broad move: semis did the heavy lifting (SOX +5.5%, ARM and Micron +12% each) while Microsoft, Meta and Amazon finished lower, and the standout was GS’s Retail Favorites basket, up 495bps in its third-best day in three years. The vol complex has largely reset, with the SPX vol curve un-inverting and skew flattening, and he notes that the fact the market can absorb this much Nvidia-specific pressure without broader capitulation is noteworthy. His open question is whether this is just the mechanical result of light positioning and short covering, or the start of something more durable. On AI, he still separates fundamental compute demand from multiples, with hyperscalers best placed, and expects the infrastructure trade to deliver episodic, high-beta rallies rather than buy-and-hold returns. His bottom line: a durable breakout needs lower rates, lower energy and broader leadership, and “the market needs oil fixed and rates lower… absent that, I suspect we chop rather than break out”, although reset positioning and elevated vol are powerful short-term tailwinds (more on his views here).
Elsewhere at Goldman, Sean Johnstone on the London TMT desk says hedge funds and long-only accounts have started chasing the US semis bounce, with the SOX up nearly 20% from its lows but still about 25% below its highs; similar buying has yet to show up in Europe. Prime Brokerage’s Marco Laicini reports that systematic long/short managers had their best two-day return in almost three years as momentum renormalized and crowded trades recovered. In FX, Mike Cahill points out that CPI has now beaten consensus by a cumulative 32bps over four months with no single category driving it, a broad-based pattern that looks like a missed “trend factor” reminiscent of 2021-22, which helps explain why Goldman added a third hike. And GS economists estimate US AI investment will hit $1.4 trillion annualized by end-2027, about 4% of GDP, while flagging the risk of data-center moratoria from newly elected Democratic governors in Texas, Georgia and Michigan.
JPMorgan’s Market Intelligence desk under Andrew Tyler calls this morning’s weakness more profit-taking than a reversal, noting semis have retraced all their post-midterm losses, but stays hesitant to declare the all-clear on AI because clients are selling into up-days in tech and semis. The desk remains Tactically Bullish, sees hyperscalers as the main beneficiaries of any residual semis weakness, and prefers playing cyclicals through Europe rather than the US. Manish Sinha warns rotation risk in semis is rising, with a possible 10% pullback, as Wednesday’s move came on light liquidity. JPM’s positioning team (John Schlegel) says investors are closing gaps and neutralizing risk mostly by covering shorts rather than chasing: global equity futures positioning moved from -0.9z to -0.1z in a week, and Stoxx 50 positioning is at a 12-month high. Strategist Dubravko Lakos-Bujas reiterates his 8,000 year-end S&P target, arguing the de-leveraging is far along: October was the biggest single-month unwind for long momentum on record, and AI multiples have dropped about 35% since May.
Commenting on the overnight action, Integrity Asset Management’s Joe Gilbert told Bloomberg that “This is an unequivocal negative for Nvidia and the entire AI ecosystem. He is not only the face of AI but arguably the architect of the AI infrastructure. It will be difficult if not impossible to replicate Jensen’s vision.” Bloomberg Markets Live team leader Garfield Reynolds said “The broadening turmoil surrounding Nvidia CEO Jensen Huang may hit the AI ecosystem all the harder for coming at a time when optimism was building for a sustained rebound. Nvidia’s role at the heart of financing for much of the sector means that the prospect of a sudden change of management carries risks well beyond those for the company alone.” Natixis CIB strategist Emilie Tetard added that “a good safe haven would be bonds,” and that “Maybe the dollar will be the safe haven if rates are higher. It’s tough to see which one will materialize.”
In Europe, the bond story is a quiet one: bunds and gilts are bid by 10-20 ticks as lower energy prices and the tech wobble help, shrugging off UK GDP that grew 0.7% in Q3 (its fastest in two and a half years) and supports the case for a back-to-back BOE hike in December; BlackRock’s Alex Brazier thinks the BOE may deliver the three to four additional hikes priced in. Germany’s Constitutional Court dismissed the challenges to the ECB’s PEPP bond buying.
In Europe, the Stoxx 600 is up 0.5% at 665.56, extending its streak to a fourth day and building on Wednesday’s first record close since August, with 436 members up and 150 down as investors rotate out of AI and into healthcare and consumer names; the DAX is up 1.1% at a record. Retail, consumer products and healthcare lead while tech and basic resources lag, with ASML, Infineon, Nokia and Soitec sliding on the Nvidia news. JPM’s desk notes Germany and SMIDcaps lead and Spain lags, with value and size beating momentum, consistent with Privorotsky’s view that Europe’s broader leadership is what US markets lack. Here are the biggest European movers:
- B&M shares gain as much as 20%, the biggest intraday advance since the discount retailer listed in London 12 years ago, after a trading performance Jefferies described as “impressive.”
- Adecco shares rise as much as 16% after the Swiss staffing company reported a third-quarter earnings beat and analysts pointed to improving margins and hiring volumes, as well as additional cost savings.
- Siemens shares rise as much as 5.2%, the most since April, after 4Q results beat estimates, fiscal year 2026 orders hit a record, and the German industrial group raised its medium-term growth targets.
- Burberry shares climb as much as 9.6%, the biggest intraday gain since April, after the company reported results that analysts said compared favorably in a more challenging luxury trading environment.
- Allegro shares advance as much as 5.7%, to the highest in five years, after the Polish e-commerce platform delivered a third-quarter earnings beat, upgraded full-year guidance and won cheaper parcel rates from InPost.
- Merck KGaA shares rise as much as 3.1%, to the highest since October 2024, after the German conglomerate boosted its 2026 earnings forecast for the third time this year.
- Rolls-Royce shares rise as much as 3.9% after the engineering and defense company announced a new £1.5b interim buyback and delivered what Morgan Stanley sees as a “positive and reassuring” trading update.
- Chipmakers and companies part of Europe’s broader AI ecosystem decline as Nvidia’s board meets to consider replacing CEO Jensen Huang. Decliners include ASML, Soitec, Infineon and Nokia.
- Endeavour Mining shares slump as much as 10% after a third-quarter EBITDA beat was overshadowed by concerns that disruptions to operations at its Mana mine could pose downside risks.
- FLSmidth shares drop as much as 7.1%, the most since early February, as JPMorgan says the mining-equipment maker’s new mid-term target for organic revenue growth is disappointing.
- Partners Group shares slips as much as 2.3% as Goldman Sachs downgrades the Swiss private equity firm to sell from neutral, citing mixed fundamentals.
- Telefonica shares fall as much as 3.2% after the Spanish telecom cut its full-year revenue growth forecast and reported 3Q results in Germany that analysts see as weak.
Asian stocks fell as Nvidia’s leadership turmoil overshadowed the Wall Street tech rebound, with the MSCI Asia Pacific Index down 0.8% after erasing an early gain of as much as 0.4%. Taiwan’s Taiex sank 2.6% after a 17% four-session rally, with TSMC down 2.3%, and the Taiwan dollar closed at a 19-month low. The Hang Seng fell 1.3% and the Hang Seng Tech index 2%, with Alibaba down 6.8% on chip-access fears and a tepid Singles’ Day, while SMIC and Hua Hong rose on the prospect of local substitution. The Kospi slipped 0.6% even as foreigners were net buyers for a third day, and the CSI 300 dropped 0.8%. The Nikkei fell 0.7% to 60,819 after hitting 61,788 intraday, with Nvidia supplier Ibiden sliding more than 8%, while the Topix edged up 0.2%; Goldman’s Tokyo desk titled its note “Jensen anxiety” and saw net selling led by European accounts. Japan’s October PPI ran hotter than expected at 7.1% y/y, but BOJ dove Asada urged caution on the pace of hikes. Indonesia’s JCI rallied 2.3% even as the rupiah hit a record low that drew central bank intervention, and Indian CPI accelerated to 6.09%.
In FX, the Bloomberg Dollar Spot Index is down 0.1% after touching its highest since May 2025, and the DXY briefly topped 103 (its highest since April 2025) before easing back toward 102.85. Havens lead the G10, with the Swiss franc up 0.2% against the dollar, while the Aussie is the worst performer at 0.6835 after earlier hitting its lowest since January on RBA slowdown and AI fears. USD/JPY sits near 159.75 after Japan’s top currency diplomat Mimura said moves were too fast, a warning traders ignored given widening yield differentials; Goldman says pre-CPI dollar shorts and long-yen positions were stopped out. EUR/USD is around 1.1090, near an 18-month low.
In rates, Treasuries are modestly firmer as cash trading resumes after the Veterans Day holiday, with the long end catching a haven bid on the Nvidia turmoil while the front end underperforms, extending the curve flattening that followed Tuesday’s hot CPI. The 30-year yield fell as much as 3bps to 5.32% and the 10Y is unchanged around 4.99%. Swaps continue to price 28bps of hikes for the December meeting, meaning traders see a quarter-point move as certain plus a small chance of a half-point move after Waller floated the idea and Goolsbee called the latest inflation data “borderline disturbing”; today’s six Fed speakers will be parsed for any further openness to 50bps (yes, the debate is about how much to hike). Supply comes in the form of a $25 billion 30-year bond auction at 1pm. In Europe, bunds and gilts are up 10-20 ticks, Italy sold €6.75 billion of BTPs, and the UK’s 2033 gilt sale drew a 3.52x bid-to-cover.
In commodities, WTI is down 0.9% at $85.76 and Brent is down 0.9% at $91.96, hovering near two-month lows. Prices briefly spiked, with Brent touching $93.94, after the IRGC said explosions halted two supertankers carrying more than 4 million barrels on the “unauthorized” route through the Strait of Hormuz, but the move unwound as focus returned to a WSJ report that VP Vance could meet Iran’s Rezaei; Saudi Arabia also told OPEC its output surged 26% in October. Later Iran said it is reviewing an NPT exit as an “unavoidable necessity,” per Fars. European gas is the exception, with Dutch TTF up more than €3 to above €90/MWh on colder weather models and unconstructive Russian commentary ahead of Putin’s meeting with US envoys Witkoff and Kushner. Spot gold is down about 1% near $3,950 after failing to hold $4,000 as the dollar stays firm and Treasuries act as the haven, and LME copper is just below $13,700 on the AI-ecosystem hit. The EIA weekly inventory report is due at noon, delayed a day by the holiday.
US economic data slate includes initial jobless claims (8:30am, est. 194k, prior 189k), October existing home sales (10am, est. 3.85m) and the October federal budget balance (2pm). Fed speaker slate includes Hammack (9am), Barr (10am), Goolsbee (11:15am), Daly (1:10pm), Schmid (1:30pm) and Williams (6:30pm). Applied Materials and Cisco report after the close; Kraft Heinz hosts an investor day in New York and Woodside holds a capital markets day.
Market Snapshot
Top Overnight News
- Vice President JD Vance is considering face-to-face talks with a top Iranian security official as he emerges as the lead negotiator with Iran, in an effort to end a war seen as a drag on the Republican Party: WSJ (probably not any more after the Trump post)
- American efforts to bring down diesel prices allowed Russia to double its exports of the fuel last month, although none of the shipments generated by Trump’s decision to lift fuel sanctions against Moscow have reached the US: FT
- Beijing said the US should stop using allegations of Chinese spying on Nvidia CEO Jensen Huang to justify technology restrictions, a dispute that has put the US-China trade truce (which expires in January) to the test, while Democratic senators asked the Trump administration to preserve all records regarding the export of Nvidia chips to China: BBG
- Democrats added Mississippi to their midterm gains as Scott Colom upset Republican Cindy Hyde-Smith, becoming the state’s first Black senator since Reconstruction: BBG
- Nvidia’s board met to discuss Jensen Huang’s future following a NYT report that he had a relationship with one of his direct reports, and the company is said to be working with an outside adviser on potential replacements; a Huang exit may make it harder for Nvidia to keep pulling ahead in chips and AI and would weaken the industry’s most influential opponent of tighter US controls on China: BBG
- Nvidia closed with a 14-day RSI of ~24 yesterday, the lowest since mid-2019, as the two highest-volume days of the past year for the shares came this week and the stock has shed about $430bn of market cap: GS
- China’s central bank gave little away in its latest quarterly report, but analysts’ key takeaway is that no rate cuts are on the near-term horizon, with the PBOC reiterating a pro-growth, accommodative stance while again flagging the risk of too-low rates: WSJ
- Japan’s corporate goods inflation accelerated for the first time in three months, with the PPI up 7.1% in October from a year earlier and 0.7% on the month, the fastest since May, adding to the case for a Bank of Japan rate increase next month: BBG
- Japan’s FX chief Atsushi Mimura warned the yen’s recent moves were too fast, signaling authorities remain ready to intervene, while BOJ board member Toichiro Asada urged caution on the pace of rate hikes: BBG
- The UK economy grew 0.7% in the third quarter, its fastest pace in two and a half years, matching estimates, and GDP rose 0.2% in September alone: BBG
- Some NVIDIA (NVDA) directors favour CFO Kress as interim CEO: Semafor
- White House said it isn’t intervening in NVIDIA (NVDA) board’s decision: WaPo
- 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: BBG
- US President Trump on Thursday authorised a crackdown on companies suspected of diverting Nvidia’s (NVDA) advanced AI chips to China, with the Trump-approved curb yet to happen: Axios
A more detailed look at global markets courtesy of Newsquawk
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.
Top Asian News
- Indonesia former president Jokowi’s son Gibran resigns as Indonesia’s Vice President.
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 (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. 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.
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%.
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.
Geopolitics: 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.
Geopolitics: 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.
Geopolitics: Other
- 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.
US Event Calendar
- 8:30am: Nov. 7 Initial Jobless Claims, est. 194k, prior 189k
- 8:30am: Oct. 31 Continuing Claims, est. 1710k, prior 1718k
- 10:00am: Oct. Existing Home Sales, est. 3.85m, prior 3.99m
- 10:00am: Oct. Existing Home Sales MoM, est. -3.5%, prior 1.5%
- 11:30am: US to sell $110 billion of 8-week bills and $115 billion of 4-week bills
- 12:00pm: EIA weekly oil inventories (delayed by holiday)
- 1:00pm: US to sell $25 billion of 30-year bonds and $75 billion of 17-week bills
- 2:00pm: Oct. Federal Budget Balance, est. -$317.5b, prior -$284.3b
Central Bank Speakers
- 9:00am: Fed’s Hammack Speaks in Moderated Conversation
- 10:00am: Fed’s Barr Delivers Virtual Address on AI and Inequality
- 11:15am: Fed’s Goolsbee Speaks in Moderated Q&A at Yahoo! Finance
- 1:10pm: Fed’s Daly Delivers Keynote Remarks at Stanford
- 1:30pm: Fed’s Schmid Speaks on Fed and the Economic Outlook
- 6:30pm: Fed’s Williams Participates in Panel Discussion
DB’s Jim Reid concludes the overnight wrap
My favourite guilty pleasure returned last night, namely the TV show “Rivals”. If you think real life has in recent times bordered on crazy, then feel free to watch this as you’ll end up feeling a bit better about the sanity of the current world and get some great 1980s music and some garish clothes thrown in for free. The crazy whipsawing post midterms continued yesterday as after the post-CPI selloff on Tuesday, markets bounced back again over the last 24 hours, as the positive momentum from CoreWeave’s (+24.71%) earnings drove a sharp rally in tech stocks. So the Philly semiconductor index (+5.66%) helped drive the S&P 500 (+1.31%) back above its levels before the midterm elections. Who said markets didn’t always go up after midterms! And over in Europe, both the STOXX 600 (+0.72%) and the DAX (+1.20%) moved up to fresh records. However, the current volatility in the tech trade continues this morning as the WSJ reported after the US closing bell that the Nvidia board are planning to oust CEO Jensen Huang after the last few days of stories around him have surfaced. Their stock fell -8.6% in after-hours trading, which has pushed Nasdaq (-1.09%) and S&P (-0.45%) lower. So a big deal for one of the largest companies in the world.
This is also impacting Asian equity markets with the Kospi (-1.04%), Hang Seng (-0.86%) and Nikkei (-0.78%) all notably lower as I type this morning. The Shanghai Comp is -0.22%. European futures have maintained their gains overnight though with DAX futures +0.66% as I type, which hints at some rotation after the latest Nvidia story.
Before the overnight news the AI trade was firmly back in action yesterday after CoreWeave’s earnings on Tuesday night. Its share price (+24.71%) saw its biggest daily jump since June 2025, a few months after its IPO, although it remains around -45% below August levels. CoreWeave has often been viewed as a bellwether of the AI trade, given the company’s significantly heavy debt burden and capital-intensive model of building data centres and leasing them out to major AI customers and hyperscalers.
Those upbeat earnings from CoreWeave were a boon for tech and chip stocks, with the Philly Semiconductor Stock Exchange up +5.66%, while the Nasdaq Composite (+1.6%) also climbed. So with tech stocks rallying, that lifted the S&P 500 (+1.31%) above its levels before the midterm election results. European equities followed a similar pattern, with gains led by the DAX (+1.20%), while the FTSE 100 (+0.78%), STOXX 600 (+0.72%) and CAC 40 (+0.66%) also advanced. In fact, the Stoxx 600 reached a record high for the first time since August.
Whilst US Treasury markets were closed yesterday, the hawkish implications from the CPI print continued to be felt in futures pricing yesterday. Indeed, Fed funds futures continued to shift in a hawkish direction, with pricing for the December meeting edging up to 28.5bps. And further out the curve, expectations for the September 2027 meeting surged another +7bps to 82bps, although that’s edged back down to 77bps overnight. The prospect of a more hawkish Fed helped push the dollar index (+0.66%) to its highest level since April 2025. Conversely, that also saw the euro (-0.66%) reach an 18-month low against the dollar, closing at around $1.109.
Given the US holiday, there wasn’t any fresh data or Fed commentary, so all eyes are now on the latest round of speakers today, along with tomorrow’s PPI print.
Turning to the Middle East, oil prices were back up again yesterday, albeit with no obvious headline driving the moves. So after two days of consecutive declines, Brent crude rose +1.2% after being higher earlier in the session. And in turn, we saw the impact on inflation pricing, with 1yr Euro inflation swaps (+9.3bps) rising to +3.02%. So that led investors to price an increasingly hawkish ECB path as well, with the number of hikes priced in by the ECB’s July 2027 meeting up another +3bps to +63.5bps yesterday. So that meant 2yr German yields (+1.7bps) rose to 3.11%. However, there was also a fresh flattening in the yield curve, with the 10yr bund yield (-0.2bps) falling to 3.31%, alongside declines for yields on 10yr OATs (-2.1bps) and BTPs (-3.8bps). However, overnight Brent has fallen around a percent taking it back to roughly where it was this time yesterday. So a big round trip. That’s helped 10yr US yields reopen half a basis point lower this morning after the holiday.
Elsewhere, focus remains on Russia-Ukraine peace efforts after US envoys Steve Witkoff and Jared Kushner met President Vladimir Putin in Moscow, with officials citing some progress in talks despite territorial issues remaining a key sticking point. The sides agreed to a sizable prisoner exchange, while the US delegation is set to meet Ukrainian President Volodymyr Zelenskyy to discuss potential next steps, keeping hopes of a diplomatic breakthrough alive.
Early morning data showed Japan’s PPI rose a stronger-than-expected +7.1% y/y in October, up from +6.8% in September and above consensus expectations of +6.5%. The hope would be that this now declines after recent oil price falls, assuming they hold.
To the day ahead now, data releases include the UK’s Q3 GDP. In the US, we’ll also get the October existing home sales and weekly initial jobless claims. A host of central bank speakers will be on the docket as well today, including the Fed’s Hammack, Barr, Goolsbee, Daly and Williams, and the ECB’s Lagarde, Vujcic and Nagel. Notable earnings include Applied Materials and Cisco. Finally, the US will also be holding a $25bn auction for its 30yr bonds.
1b) European opening report
NVDA -5.5% in pre-market trade with reports pointing towards a potential ousting of CEO Huang; DXY flat awaiting Fed speak – Newsquawk US Market Open
Thursday, Nov 12, 2026 – 06:22 AM
- 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
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
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).
1c Asian opening report
US VP Vance reportedly considering a face-to-face with a top Iranian official; NVDA said to preparing ousting CEO Huang – Newsquawk EU Market Open
Thursday, Nov 12, 2026 – 02:45 AM
- US VP Vance is considering a face-to-face with a top Iranian official, WSJ reported; weighing modestly on the energy space.
- APAC sentiment was choppy, but ultimately pressured, with further reporting around the Nvidia CEO hitting tech.
- European futures point to a modestly firmer cash open, US futures remain in the red, NQ -0.9%.
- USD remains bid, to the detriment of G10 peers across the board, USD/JPY not too fazed by Mimura.
- Fixed income off lows on the energy move and some haven allure amid the ongoing tech pressures, JGBs slip after firmer-than-expected PPI.
- Looking ahead, highlights include UK GDP (Q3/Sep), US Jobless Claims (Nov/07), Existing Home Sales (Oct), Speakers including Fed’s Hammack, Goolsbee, Daly, Williams & Barr, ECB’s Lagarde, Supply from Italy, UK & US, Earnings from Cisco, Applied Materials, Siemens, Allianz, Munich Re, Poste Italiane & Burberry.
- Click for the Newsquawk Week Ahead.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
IRAN CONFLICT
- US President Trump said the US has won in Iran, while he added that the conflict would end soon and the world would then be a better place.
- US VP Vance is considering face-to-face talks with a top Iranian security official as he emerges as the lead negotiator with Iran, in an effort to end a war seen as a drag on the Republican Party, according to WSJ citing officials. Furthermore, sources said US President Trump told aides he is open to VP Vance restarting talks with Iran and has empowered him to negotiate, although the discussions remain preliminary.
- US military said the blockade had prevented Iran from exporting 30bln bbls of oil, according to Al Arabiya. It was separately reported that US forces were working around the clock to keep the Strait of Hormuz open to commercial shipping while strictly enforcing the naval blockade against Iran.
- US officials have reportedly tried and failed to pressure Iran’s neighbours into closing their border crossings, according to US and Iraqi officials cited by the New York Times.
- Iran’s Security Chief Rezaei warned if the US launches another war against Iran, every military base involved in the aggression, from West Asia to Europe, will be a legitimate target for Iran’s lethal strikes.
- Iran’s Parliament Speaker Ghalibaf said an agreement could be reached with Washington if it adhered to what had been agreed and avoided behaviour that undermined trust, according to Al Jazeera. He also stated that the main obstacle to an agreement was Iran’s lack of trust in Washington and its attempts to impose excessive demands. Ghalibaf warned that US President Trump would face another defeat if he decided to resume the war, adding that Iran was determined to overcome the state of neither war nor peace, not necessarily through negotiations but through sustained deterrence.
- 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
- Iranian senior officials believe the US is planning either further military strikes or an ever-tightening economic stranglehold that will push Tehran into retaliatory action, according to The Guardian citing the Telegram of an advisor to Iran’s Ghalibaf. It was separately reported that an advisor to Iran’s Ghalibaf said containing the UAE was the best way to attack the siege.
- Iran attacked ship navigation systems on Oman’s Didamar island in the Strait of Hormuz, while it was also reported that missiles were launched from the Iranian coast towards the Strait of Hormuz.
- Saudi-led coalition said it intercepted and destroyed two ballistic missiles launched by Houthis towards the western region.
- Israeli bombing targeted the Nasser Medical Complex west of Khan Yunis in the southern Gaza Strip, while Israel’s military later said it struck a senior Hamas figure and other militants at Nasser Hospital.
US TRADE
EQUITIES
- US stocks closed in the green on Wednesday, with the Nasdaq outperforming as technology stocks extended their recovery amid the ongoing AI rebound. Sentiment was supported by strong earnings from CoreWeave (CRWV) after-hours Tuesday, with shares rallying 24.5%, reversing some of the recent weakness and helping ease concerns surrounding the sector. The report also boosted other neocloud names, with attention turning to Nebius (NBIS) earnings on Thursday for further insight into the sector. Given the rebound in neocloud names easing some data centre concerns, hyperscalers have seen some pressure, with META, MSFT, and AMZN all closing lower, as it may reduce the demand for them to pick up some of the excess slack.
- SPX +1.27% at 7,617, NDX +2.28% at 28,374, DJI +0.48% at 52,481, RUT +0.86% at 2,846.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump reportedly authorised a crackdown on companies suspected of diverting NVIDIA’s (NVDA) advanced AI chips to China, according to Axios citing sources.
- 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.
- 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.
- Top Democrats target the Trump administration’s NVIDIA (NVDA)-China records, with US Senators Warren and Coons asking for documents to be preserved, which is often the initial step before formal congressional investigations, according to WSJ. Furthermore, Senator Warren’s office stated that the Trump administration must keep all documents and communications related to NVIDIA’s exports of advanced AI chips to China.
- US Secretary of State Rubio and China’s Foreign Minister Wang Yi discussed US President Trump’s upcoming trip to China.
- 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.
NOTABLE HEADLINES
- NVIDIA (NVDA) CEO Jensen Huang was said to have had a relationship with an NVIDIA executive, according to NYT. It was separately reported that NVIDIA was preparing to oust CEO Huang and that the board was meeting to determine his future, according to WSJ, while some NVIDIA directors favour CFO Kress as interim CEO, according to Semafor.
- Democrat Colom beat Republican incumbent Hyde-Smith in the Mississippi Senate race.
APAC TRADE
EQUITIES
- 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.
- US equity futures were pressured, with the E-mini Nasdaq 100 hit amid the NVIDIA-related fallout.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with gains of 1.0% on Wednesday.
FX
- DXY kept afloat after strengthening again yesterday in a continuation of the momentum from the recent CPI data and hawkish Fed speak.
- EUR/USD gave up ground to the firmer buck and slipped to its weakest level in over a year beneath the 1.1100 handle, with the single currency not helped by quiet newsflow.
- GBP/USD remained subdued after failing to sustain the 1.3300 status, although further downside was somewhat cushioned with BoE’s Greene noting it is appropriate “to proactively tighten our monetary policy stance to lean against the risk of wage growth getting stuck at higher levels”, while participants await a slew of data from the UK, including GDP figures for Q3.
- USD/JPY held on to the prior day’s spoils after climbing to just shy of the 160.00 level where it hit some resistance, while the recent price action prompted slight jawboning from Japan’s top FX diplomat Mimura, who stated that recent currency moves are too fast.
- Antipodeans were lacklustre amid the somewhat mixed and cautious sentiment during the session.
FIXED INCOME
- 10yr UST futures rebounded from the prior day’s trough as oil prices declined and with risk sentiment clouded by the fallout from NVIDIA CEO’s extramarital affairs, which has raised doubts regarding his future at the helm of the tech giant, although the gains are capped as participants await Fed speakers and supply.
- Bund futures nursed recent losses amid lower energy prices and few fresh catalysts from the bloc.
- 10yr JGB futures failed to sustain an early rebound with headwinds seen in the second half of Tokyo trade following a 5yr auction, while there was also recent firmer-than-expected PPI data.
COMMODITIES
- Crude futures were lower following a report that US VP Vance is considering face-to-face talks with Iran’s top security official Rezaei, while US envoys Kushner and Witkoff will be visiting Russia today to meet with President Putin following the recent trilateral talks in Abu Dhabi.
- Indonesia, Thailand and Philippines are to set up shared oil reserves, with Japan spearheading the project after the Iran war created ASEAN energy shortages, according to Nikkei.
- Spot gold was subdued with prices beneath the psychological USD 4,000/oz level amid a firmer buck.
- Copper futures retreated as risk sentiment gradually deteriorated overnight.
CRYPTO
- Bitcoin gradually declined after stalling around the USD 74,000 level.
NOTABLE ASIA-PAC HEADLINES
- BoJ Board Member Asada said they must be mindful of the expected impact of past rate hikes on the economy and that financial conditions remain accommodative, while he added that they need to watch downside economic risks from rate hikes and need to be cautious about the pace of rate hikes.
- Asada stated that underlying inflation is hovering around levels consistent with the BoJ’s price target and that inflation is not necessarily driven by demand, as well as noted that the economy and consumer spending are not particularly strong. Furthermore, he noted that with the BoJ’s policy rate now within the estimated neutral range, further rate hikes could have a greater impact on the economy and that they must be mindful of the risk that rate hikes could hurt the economy and push down underlying inflation.
DATA RECAP
- Japanese PPI MM (Oct) 0.7% vs. Exp. 0.3% (Prev. -0.3%); YY (Oct) 7.1% vs. Exp. 6.5% (Prev. 6.8%)
GEOPOLITICS
RUSSIA-UKRAINE
- US has asked Russia to submit a new proposal for a future security agreement with Europe that includes Russian steps to ease tension with the continent, according to Axios citing sources.
- Ukrainian President Zelensky said Russia’s envoys reject ceasefire proposals.
- 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.
- Romania’s President offered to pay for the US to keep its troops stationed in the country amid security concerns due to Russian drone incursions, according to FT.
OTHER
- 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.
- South Korea’s Presidential Office said South Korea anticipates progress on Ukraine issues after productive talks in Paris, and the possibility of US-North Korea contact around APEC appears low.
- Chinese President Xi says resolving the Taiwan issue and achieving the complete reunification of the motherland is an unwavering historical mission of the Chinese Communist Party, while he added that they will leave no room for Taiwan independence separatist activities in any form. Xi also stated they will fully consider the realities in Taiwan and take into account the interests and sentiment of Taiwan compatriots.
EU/UK
NOTABLE HEADLINES
- BoE’s Greene said it was appropriate to proactively tighten the monetary policy stance to guard against the risk of wage growth becoming entrenched at higher levels, according to FT.
- France signalled it may support Spain’s ECB President candidate de Cos to succeed Lagarde, according to FT.
DATA RECAP
- UK RICS House Price Balance (Oct) -36% vs. Exp. -32% (Prev. -32%)
2.NORTH AND SOUTH KOREA/
NORTH KOREA
SOUTH KOREA/
JAPAN//
CHINA
CHINA/USA/NVIDIA
China Says US Using Nvidia Spy Drama To Justify Chip ‘Blockade’ As Jensen’s Future Hanging By Thread
by Tyler Durden
Thursday, Nov 12, 2026 – 07:20 AM
Nvidia sits at the center of the whole circular AI financing scheme. The leadership crisis at the chip giant is deepening as successive reports about CEO Jensen Huang’s extramarital affairs continued overnight.
Huang recently acknowledged an extramarital affair with a woman reportedly suspected by US officials of working for Chinese intelligence. A separate report overnight alleged a romantic relationship with Nvidia executive Kimberly Powell.
Shares plunged about 7.5% in premarket trading as the Nvidia board weighs Huang’s fate.
The Huang saga is moving quickly, and Beijing is getting angry.
China accused Washington earlier today of using spy allegations against Huang as a pretext to tighten restrictions on Chinese access to advanced AI chips.
Foreign Ministry spokeswoman Mao Ning urged US officials to stop fabricating “spy” narratives to justify a technological “blockade.”
Beijing has rejected those allegations as “groundless speculation” and an attempt to smear China.
The spy allegations center on Alice Huang, a former executive at Singapore-based Megaspeed whom US officials reportedly suspect of working as a spy for Beijing.
Meanwhile, Commerce Secretary Howard Lutnick has been caught in the crossfire over his department’s reluctance to designate Nvidia customer Megaspeed as a potential national security threat, CNN reported.
The report also highlights divisions within the Trump administration over Chinese access to advanced Nvidia chips. US officials have suspected Megaspeed of circumventing export restrictions through shell companies to funnel advanced US chips into China.
CEO Huang’s fate could be decided as early as today by Nvidia’s 10 board members. Any leadership change could spark concern about the premier maker of AI chips, amid broader concerns that a Democratic sweep could usher in a nationwide data center moratorium. Those fears, alongside ongoing cracks in the debt-fueled financing scheme behind chip stacks, have sent neoclouds and hyperscalers on a roller-coaster ride.
Notably, all of this Nvidia drama is happening just about a week before President Trump meets Chinese President Xi Jinping at an APEC leaders’ summit in China.
On Wall Street, Yorkville Ives technology analyst Dan Ives warned, “The reality is that the old Jensen is now gone in the eyes of the public, customers, and the technology world.”
Ives outlined several uncertainties: who would replace Huang, what an interim strategy would look like, whether the board would change, how Nvidia would navigate government investigations into the alleged Chinese spy issue, and the future of GPU shipments to China through Singapore.
He said, “The company and its leading edge GPU technology will go on, and it does not change the entrenched position Nvidia has in the AI Revolution chip arms race,” adding, “Jensen is not replaceable by another CEO or group of interim executives, but Nvidia likely now has to move on without Jensen at the helm, which seemed like a Twilight Zone episode narrative before Sunday afternoon when the news broke.”
Overnight, Elon Musk responded to our X post, “Elon please hire Jensen.”
Musk responded, “That would be an honor.”
Could this suggest Huang could run Musk’s Terafab?
end
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
POLAND
Reuters Ravaged After Labeling Poland’s Independence Celebration A “Far-Right March”
Thursday, Nov 12, 2026 – 04:00 AM
Poland’s annual independence march drew an estimated 250,000 people on November 11, according to local officials, commemorating the country’s independence in 1918 after 123 years of partition by Russia, Prussia and Austria,
Organizers told AFP News that the independence day march had a substantially larger turnout.
“There are surely over half a million Poles,” said Rafal Buca, a spokesperson for the event’s organizers.
Conservative-nationalist President Karol Nawrocki attended the celebration amid a political crisis sparked by globalist-controlled Prime Minister Donald Tusk’s efforts to reshape the judiciary, which has been described by right-wing politicians have described as an attempted judicial coup.
Reuters was quick to label the independence march as a “far-right march,” which drew instant criticism on X, raising a very alarming question that outlets like that are not about reporting the news but propaganda operations to shape narratives of the globalist elite class. 
A community note challenged Reuters’ characterization of the march:
Poland’s National Independence Day commemorates the restoration of Polish sovereignty in 1918. Thousands attend the Warsaw march to celebrate their country’s independence. The presence of far-right groups does not make the entire event or its participants far-right.
The online response:
Reuters, like many globalist news outlets, labels anyone and everyone on the right as “far right” but sometimes refrains from labeling rioters and those burning down buildings in France as “far left.” 
CNN calling the communist revolution “mostly peaceful” is one such example.
Information is a domain of warfare, and many folks are seeing through the bullsh*t of the propaganda in real time.
END
POLAND/EUROPE
1000s Of European Troops Train In Poland For A Possible Postwar Ukraine Force
\
Thursday, Nov 12, 2026 – 06:00 AM
Authored by Timothy Frudd via The Epoch Times,
Thousands of European troops are participating in a major military exercise in Poland this week in preparation for a potential postwar mission in Ukraine to support peace if Moscow and Kyiv can reach a deal to end the ongoing war.
The military rehearsal, dubbed Exercise Koalicja, will be led by the United Kingdom and France from Nov. 9 to Nov. 22. The joint military exercise, which includes 2,800 troops from 11 nations, marks the first major exercise launched by the Multinational Force Ukraine.
Participating nations include Belgium, Estonia, France, Germany, Lithuania, the Netherlands, Poland, Spain, Sweden, Turkey, and the UK. The military exercise will involve land, air, and naval forces.
The Multinational Force Ukraine is the military component of the “Coalition of the Willing,” which comprises nations that have pledged to provide military, diplomatic, and economic support to Ukraine.
The military exercise comes as the United States is scheduled to mediate trilateral negotiations with Russia and Ukraine on Nov. 10 and Nov. 11 in Abu Dhabi, United Arab Emirates.
The UK’s Ministry of Defense said the exercise will test how to move, supply, and protect a force that would aid the rebuilding of Ukraine’s military following the end of the war between Russia and Ukraine.
“This exercise will show that the Multinational Force-Ukraine is a real, capable, readily deployable force that represents a serious commitment from Coalition of the Willing nations to Ukraine’s long-term stability and security,” British Lt. Gen. Tom Bateman, commander of the Multinational Force Ukraine, said in a statement.
“The [Multinational Force Ukraine] will be more ready every day to support Ukraine when the fighting ends, ensuring the Armed Forces of Ukraine are in the strongest possible position to deter future aggression.”
The Multinational Force Ukraine would only deploy to Ukraine after the end of the war and at the request of the Ukrainian government, according to the UK’s Ministry of Defense. The force would not be responsible for peacekeeping duties or for monitoring a ceasefire.
The UK’s Ministry of Defense said Exercise Koalicja will include testing arrangements for the command and control of the Multinational Force Ukraine, assessing how different components can be integrated into a cohesive force, and moving personnel, supplies, and equipment.
“This isn’t a hypothetical plan, it’s a real force, ready to help Ukraine once the fighting stops,” British Defense Secretary Wes Streeting said.
“By leading this work with our allies, we are protecting the UK and Europe for the long term and delivering on our commitment to keep the country safe. Ukraine’s security is our security, and we will stand with them for as long as it takes.”
In addition to the land and air exercises, Turkish forces will lead an exercise in Istanbul to test arrangements for potential maritime mine clearance, which could be used to enable the return of commercial shipping to Ukrainian ports.
In September 2025, the Coalition of the Willing met with Ukrainian President Volodymyr Zelenskyy in Paris. Following the meeting, French President Emmanuel Macron said that 26 countries were willing to provide security guarantees, including sending a “reassurance force” to Ukraine after the ongoing war with Russia was ended.
At the time, Macron said the coalition’s objective was not to wage war against Russia but to attempt to prevent additional conflict and ensure the lasting security of Ukraine. However, Russian President Vladimir Putin said that foreign troops would be considered “legitimate targets” if they were deployed to Ukraine before a peace deal was reached.
“Now they’re talking about how they’re considering sending troops into Ukraine,” Putin told reporters in September. “That means a war with Russia.”
Putin added that Russia did not intend to threaten European countries.
This week’s negotiations in Abu Dhabi will be the first trilateral peace talks since the United States, Russia, and Ukraine held negotiations in Geneva, Switzerland, in February.
U.S. President Donald Trump suggested last week that a peace deal aimed at ending the war between Russia and Ukraine could be reached soon.
“I think we’re going to be very close to settling Russia-Ukraine,” Trump told reporters on Nov. 5.
In a statement following a phone call with U.S. special envoys Steve Witkoff and Jared Kushner on Nov. 4, Zelenskyy called for negotiations to move forward to end the war as quickly as possible. He also underscored the need for security guarantees following a deal with Russia.
“Peace has no alternative, and postwar security guarantees must be truly cast-iron. We are working to make this happen,” he said.
END
EUROPE
“We Have Come To Annihilate You”: Bomb Threats Empty Hundreds Of Schools Across Europe
Thursday, Nov 12, 2026 – 02:40 AM
Hoax bomb threats emailed to thousands of schools forced evacuations across Italy on Wednesday, and the same kind of message landed in schools in Ireland, Scotland and Northern Ireland, a week after a wave of bomb threats diverted flights across Europe. Italy’s Education Ministry said the email reached about 6,000 schools, and at least 300 were evacuated, ANSA reported.
“We have come to annihilate you. We will carry out a genocide against the Italians” (translated), the email read, according to Il Sole 24 Ore. It claimed a “powerful device” (translated) had been left in a plastic bag “with a remote detonator” (translated), and another line claimed a bomb had been planted in the engine of the prime minister’s car. It was signed “Mikhail Antropov, leader of the Vilayat of Misoginistan” (translated), a name Italian reports also spell Andropov.
Prime Minister Giorgia Meloni wrote on social media that “no element has emerged that would suggest a concrete danger” (translated), and said the alerts “seem attributable to a strategy” to generate alarm and concern (translated). She summoned ministers, the heads of the intelligence services and the National Cybersecurity Agency to Palazzo Chigi at 4 p.m., and invited opposition leaders for 9 a.m. Thursday.
Education Minister Giuseppe Valditara put the count of affected schools at 312 and said “the concrete risk is practically non-existent” (translated), adding that the sheer number of schools involved showed the threat’s “low credibility” (translated). Defense Minister Guido Crosetto said the threats aimed “to spread fear and create anxiety,” Reuters reported, while cautioning that the senders could be attention-seekers rather than a hostile state. Interior Minister Matteo Piantedosi said it was “premature to speak of a common direction” (translated).
Prosecutors in Genoa have opened a case for causing alarm, interrupting a public service and serious threats, possibly aggravated by terrorist purpose, with the postal police and the DIGOS counterterrorism police investigating, according to ANSA. The email went out from a compromised account at Taiwan’s Daye University, possibly a former student’s, the agency reported.
Reuters reported that the same purported author claimed responsibility for email bomb threats sent Friday to newsrooms in Ireland and Bulgaria. Its count of Italian schools that received the warning ran to about 6,300.
In Ireland, about 400 schools across Munster got the email Wednesday morning, along with schools in Dublin, The Journal reported; the news site said it received the same kind of threat, as did RTÉ, Sky News, Reuters, the BBC and The Guardian. Gardaí assessed it as “not credible” and did not advise evacuation, and the National Security Intelligence Service is investigating.
About 470 schools in Scotland received the threat, The Telegraph reported, along with some 300 in Northern Ireland, where the Education Authority said the email resembled last month’s hoax. Police Scotland said its enquiries found nothing to suggest a credible threat to the schools or the wider public:
On Oct. 19, Northern Ireland Education Minister Paul Givan said a threat emailed to 160 schools that morning was signed off “Allah Akbar” and appeared to come “from Islamists threatening that Sharia law will be brought into our country,” Euronews reported. Police in Northern Ireland and Scotland treated that wave as a hoax as well.
Last Thursday, as we reported, at least 18 commercial flights in Europe faced bomb threats; an Aer Lingus jet from Dublin to Rome landed at a French military air base, a Finnair flight to Rome was escorted by fighter jets, and no explosives were found.
In Reuters’ telling, the school emails are the latest in a series of threats and cyberattacks across Europe against supermarkets, blood banks, air traffic and broadcasters. France summoned Iran’s ambassador on Tuesday, accusing Tehran of a cyberattack that disabled refrigerators in hundreds of supermarkets; Iran called the accusation “baseless and hostile.” US agencies have since warned that hackers are going after commercial refrigeration controllers, as we noted. Some European officials suspect Russia of running a disruption campaign against Ukraine’s backers, which Moscow denies.
A national security source told Reuters that “the e-mails are public,” and that sending the alerts “was as easy as drinking a glass of water.
END
EUROPE/NATURAL GAS SUPPLIES
Europe’s Energy Alarm Sounds: NatGas Stockpiles Draining, Prices Surge As Emergency Buffer Shrinks
Thursday, Nov 12, 2026 – 09:25 AM
European natural gas futures jumped for a third day as colder weather accelerated withdrawals from already dangerously low inventories that are well below seasonal norms across the energy-stricken continent.
Dutch front-month futures traded 3.7% higher at 89.85 euros per megawatt-hour as new data from Gas Infrastructure Europe showed that withdrawals are outpacing year-earlier levels. Prices jumped to as much as 104.65 euros last week but quickly faded as the war risk premium in energy cratered on promising diplomatic signals of a potential end to the Gulf conflict and reopening of the Strait of Hormuz.
But EU NatGas prices are rising once again because, despite promising signs of a resolution in the Gulf, the continent is three weeks into a drawdown of its gas reserves, which are already well below the 10-year seasonal average.
Winter Arrives
Forecasts point to colder conditions across the UK, Germany, France and the Alpine region. London temperatures are expected to average more than 5°C below normal on Friday and Saturday, according to Vaisala.
“Earlier expectations for a late accumulation of gas stocks as a result of the strong El Niño conditions in the Pacific causing a mild start to the winter in Europe have been dashed,” independent energy analyst and former Reuters columnist John Kemp wrote in a note.
Kemp added more color:
Northwest Europe is still only about one-tenth of the way through the typical heating season so there is a very high degree of uncertainty.
So far this winter, however, heating demand has been below the average for the last ten years, which should have helped inventory accumulation and delayed the onset of storage draws.
Instead, the failure to build stocks later into the autumn is an especially troubling signal.
Europe’s gas suppliers are expecting to rely much more heavily on imported LNG to satisfy heating and electricity generation requirements over the peak winter months from December to February.
More gas may also become available from Qatar to customers in Asia and Europe as loadings have accelerated and more LNG carriers have slipped through the Strait of Hormuz in recent weeks.
Even so, inventories are uncomfortably low and the storage situation has worsened in recent weeks with the arrival of the first spell of colder temperatures this winter.
Europe’s benchmark gas futures prices have retreated by almost one-fifth since the end of October, coinciding with the sharp fall in crude oil prices.
The United States has signalled it prefers to rely on a continuation of the shipping blockade and economic pressure rather than an imminent resumption of unrestrained warfare with Iran.
Even so, front-month gas futures have averaged €88 so far this month, almost three times higher than €32 in the same month a year ago, and the highest for nearly four years after adjusting for inflation.
Exceptionally high prices are sending a very strong signal to electricity generators, industrial users and households about the need to reduce consumption.
Europe needs to deplete storage much more slowly than average this winter to make stocks last as long as possible and avoid them falling critically low before the heating season ends.
Brussels spent years pushing an information operation to sell its globalist climate agenda, which ultimately nuked its energy security. Now Europe heads into winter with depleted gas stocks, sky-high prices, and a growing dependence on imported LNG, where it must fight for cargoes on international markets. For the pro-EU elites who promised a green energy utopia, well, you better start praying for some of that warmth – or face a devastating blow to households and industries.
END
GERMANY
German Taxpayers Bled Dry: Nearly 60% Of Welfare For Families With Kids Goes To Foreigners
Thursday, Nov 12, 2026 – 02:00 AM
Authored by Remix News Staff via Remix News,
In 2025, foreign beneficiaries of social welfare in households with minor children received a total of €12.2 billion in benefits, representing 59.4 percent of the total €20.54 billion paid out in this budget group, according to data obtained by the Alternative for Germany (AfD) from the federal government.
Ukrainian nationals made up the largest share among foreign recipients, accounting for €3.44 billion. They were followed by Syrians with €2.2 billion and Afghans with around €1 billion. Together, these three groups received roughly €6.7 billion, amounting to 55 percent of the benefits paid to foreigners in households with minor children.
These figures for welfare, also called citizens’ money, cover both single parents and couples with children. The money covers accommodation, heating, and social security contributions.
AfD MP René Springer told Bild newspaper: “Anyone who, as a foreigner, cannot permanently secure their livelihood on their own will lose their residence permit.”
He further added on X: “What could we do with these 12 billion euros? Lower fuel prices. Ease the burden on families. Improve care services. Keep hospitals open across the country. But the federal government is pouring this money into immigration into the welfare system. A government like this is at war with its own people. We will put an end to this policy. We will use these billions for our own people. For those who get up every day, work hard and don’t know how they’ll make ends meet at the end of the month.”
Of course, Germans with minors living in their household are also receiving social welfare in some circumstances. However, they only account for 40.5 percent of social welfare recipients in this category.
This figure is even more astonishing considering that of the under-18 population, 85 percent are German citizens and only 15 percent are foreigners. Of course, within the category of German citizens, there are millions with a foreign background.
Around 36.8 percent of foreign children live in social welfare households. Only 7.2 percent of German children do.
Foreigners are siphoning off tens of billions in welfare
The pattern is even more pronounced when looking at all social welfare recipients, regardless of whether children live in the household.
Just 16 years ago, in 2010, 19.6 percent of those who received social welfare did not hold German citizenship. By 2020, this share almost doubled to 37.6 percent. In 2025, 47.3 percent of social welfare recipients are foreigners.
The amount of money flying out the door to foreigners in Germany has also dramatically risen year after year.
Foreigners received €6.92 billion in 2010 but by 2025, the figure climbed to €21.75 billion, which is triple the cost in 15 years.
The idea that foreigners were supposed to save the German budget and fill skilled positions is sharply contested by the tens of billions in welfare going to this group. Remix News reported last month that estimates indicate that foreigners have cost taxpayers at least 400 billion since 2016, a figure that is likely a low estimate.
More and more foreigners are being naturalized
As time goes on, more and more foreigners are becoming German citizens, which is distorting data on everything from crime to social welfare. The issue is that nobody has any idea how these foreigners are integrating due to the fact that migration background is not recorded, as it is in other countries like Denmark.
Freiburg financial economist Bernd Raffelhüschen pointed this out in 2025, stating that naturalized foreigners are subsequently counted as Germans even if they continue to receive basic income support.
“Those who become naturalized citizens and continue to receive basic income support disappear from the statistics on foreigners. The welfare state must continue to finance the benefits.”
According to the Federal Statistical Office, more than 330,000 people were naturalized in 2025. It is not possible to determine from the available figures how many of them were receiving welfare at the time of naturalization, though Raffelhüschen suspects a significant statistical effect whose exact size cannot yet be quantified.
END
5.RUSSIA AND ISRAEL AND MIDDLE EASTERN AFFIARS
ISRAEL/IRAN/USA /WEDNESDAY NIGHT
Iran Security Chief Vows To Strike US Bases In Europe If War Restarts
Thursday, Nov 12, 2026 – 03:20 AM
Major General Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Tehran could strike US bases in Europe if they are used to launch a new attack on Iran during an interview with Al-Mayadeen.
“We may even target some US military bases in European countries, if American aircraft take off from them and come to Iran to bomb it; then we will strike that base as well,“ he said, noting that Iran’s capabilities stand “far greater than on the first day of the war.”
Rezaei did not identify specific targets but said Iranian missiles would reach locations, including islands, long considered beyond their range.
“Today there is no family in America or Europe that has not been harmed by the American attack on Iran, and no economic institution in the world… has not been affected by this attack,” he stressed.
Rezaei also vowed that “not a single gram, however small, of enriched [uranium] will leave Iran,” and that Tehran will put its stockpile toward the nuclear-powered vessels and submarines it is designing, and perhaps small modular reactors later on.
He reiterated that Tehran will reopen the Strait of Hormuz once Washington meets its seven conditions, saying Iran has rejected earlier US proposals as deceptive and remains committed to diplomacy.
“The Americans must provide a clear and explicit response to our seven conditions,” he said.
Meanwhile, Iran has been consistently denying that such a meeting is close or on the table…
On October 31, Iranian Supreme Leader Mojtaba Khamenei ordered the armed forces to meet any threat with “an immediate, impactful, and geographically unrestricted response,” and to overhaul their target database so that every US and Israeli asset, physical or otherwise, falls within reach, according to IRNA.
END
ISRAEL/IRAN/USA
Crude Spikes As Trump Declares ‘We Don’t Need A Deal’ With Iran
Thursday, Nov 12, 2026 – 11:20 AM
President Trump has begun his Thursday morning with statements saying that the United States no longer sees a need to negotiate a diplomatic agreement with Iran.
“We don’t need a deal with Iran,” the president stated, saying further: “Those days have long since passed.“
He argued that Washington already holds decisive leverage, pointing to hundreds of billions of dollars in frozen Iranian assets and US control over the Strait of Hormuz.
The comments come amid broader signals of a pivot within the administration’s priorities. Rather than focusing on diplomatic outreach with Tehran – efforts which Vice President JD Vance has previously been a key part of – Trump announced that he has tasked Vance with leading a domestic crackdown on what he described as “massive corruption” in Democratic-led U.S. cities.
Oil prices jumped on the return to ‘no deal’ news…
And meanwhile:
Iranian Army says two tankers struck naval mines while passing through the Strait of Hormuz, ISNA reports
It seems Trump was in part responding by the Truth Social post to yesterday’s headline in The Wall Street Journal saying Vance was seeking direct talks with Iranian ‘hardliners’.
“Vice President JD Vance is considering face-to-face talks with a top Iranian security official as he emerges as the lead negotiator with Iran, say U.S. and Middle East officials and people familiar with the negotiations, in an effort to end a war seen as a drag on the Republican Party,” that Wednesday report stated.
“In recent days, President Trump has told top aides and counterparts he’s open to Vance restarting talks with Iran and has empowered him to negotiate, U.S. and Middle Eastern officials said. U.S. officials stressed that discussions about sending Vance to meet directly with Iranian officials remain preliminary,” WSJ reported.
So with Trump’s Thursday words, that initiative is effectively dead, it appears. Meanwhile things will likely continue to go from bad to worse in the Strait of Hormuz, as the IRGC has ramped up targeting of international shipping which violates Tehran’s transit protocol. Attacks, especially via sea mines, are happening at a rate of at least a half-dozen instances per week.
END
ISRAEL TBN
SAUDI ARABIA VS HOUTHIS
G7 Demands Iran Stop Arming Houthis, Condemns ‘Plots’ Abroad
Wednesday, Nov 11, 2026 – 06:50 PM
G7 foreign ministers have been meeting in Paris this week, from where Secretary of State Marco Rubio has been issuing Iran-related comments to the press.
The G7 issued a joint statement Wednesday upon the conclusion of two days of meetings. Ministers from Canada, France, Germany, Italy, Japan, the UK and the US, along with the EU’s High Representative, condemned Houthi attacks on Saudi Arabia, and also strongly condemned Iranian attacks on international shipping and its Gulf neighbors.
“Absent a diplomatic solution, we committed to continuing our coordination to economically and politically constrain the Iranian regime’s ability to sow instability in the region and around the world,” the ministers said.
This seems to back Washington’s current playbook which has fallen into a ‘status quo’ (or defeat?) of tightening sanctions while seeking to decimate the Iranian economy, but importanly while holding off on a renewed bombing campaign.
Among the more interesting parts of the statement focused on alleged Iranian military support to the Houthis, who have been attacking Saudi territory on a near-daily basis with ballistic missiles and drones.
“The ministers urged Tehran to stop supporting nonstate armed groups across the Middle East, specifically calling for an end to Iranian weapons supplies and other assistance to Yemen’s Houthis,” one report says. According to a further summary:
- G7 statement: call on Iran to end its arming of and support for the Houthis in violation of united nations security council resolutions
- G7 statement: Iran’s actions risk undermining international trade, creating global economic instability
- G7 statement: condemn in the strongest terms unacceptable continued strikes carried out by the Houthis in Yemen and against Saudi Arabia
And there was mention on Iranian ‘plots’ abroad, but no specifics were given: “We also expressed grave concern over Iranian involvement in violent plots against many of our citizens and territories,” the statement added.
But this was clearly a reference to Britain’s allegation of Iranian involvement in a September 27 incident at RAF Fairford in Gloucestershire, which is known to host US bombers.
On getting greater allied support for the US Hormuz mission, there are still no takers…
The G7 also repeated the Trump line that Iran “must never be allowed to develop or acquire a nuclear weapon” while demanding Tehran’s full cooperation with the International Atomic Energy Agency. But Tehran has continued to reject that it will negotiate away its nuclear program, and that this is not up for discussion especially so long as the war persists.
END
OMAN/IRAN
Watch: Iran Hits Omani Island That Guides Tankers Through Hormuz’s ‘Unauthorized’ Southern Route
Thursday, Nov 12, 2026 – 09:10 AM
Iran has taken its fight over the Strait of Hormuz onto Omani soil: the Revolutionary Guard’s navy struck navigation, radar and radio equipment on Oman’s Didamar Island, which helps steer tankers through the strait’s southern shipping lane, the corridor Tehran says ships may not use without its permission.
Iranian state media said Tuesday that the IRGC destroyed “enemy navigation systems” on the island, and state television claimed the personnel and equipment there were “helping the flow of oil smuggling by the enemy.” On Wednesday, three sources with knowledge of the matter confirmed the attack to Reuters, which also confirmed video of smoke rising from the island, though none of the sources could say how much was destroyed.
Didamar, also known as Little Quoin Island, sits off the tip of Oman’s Musandam Peninsula, right beside the southern corridor. It carries a lighthouse dating to 1914, along with shore radar and radio equipment used to track vessels and coordinate traffic. An unnamed IRGC Navy official told Iran’s semi-official Fars news agency that the navigational aids in the south of the strait had been destroyed, and that no vessel Tehran considers unauthorized passed through the route overnight.
An Omani Coast Guard official confirmed an explosion on the island but gave no further details. European Sentinel-2 satellite imagery dated Nov. 8 shows scorch marks near the island’s radar and radio equipment, two days before Iranian state media announced the strike.
Two shipping sources and a maritime security source told Reuters that the attack would likely have limited impact on commercial traffic, because other systems are in place elsewhere.
That traffic is how the Gulf has kept its oil moving through the war. With US military help, Gulf oil exports recovered to more than 80% of pre-war levels in September and October, according to Reuters, as supertankers shuttle crude out to ship-to-ship transfer points near Oman’s Sohar and the UAE’s Fujairah, and Saudi Arabia ships more through its Red Sea port of Yanbu.
Tehran has spent the past two weeks trying to choke that flow at sea. The IRGC said on Nov. 8 that three more tankers were ablaze after hitting mines in what it calls the illegal channel, and on Tuesday it claimed three more on the “unauthorized route,” as we reported.
The island strike follows the US bombing of Iran’s Qeshm Island on Nov. 2 and what Trump called “minor” strikes there days later, while the US Navy keeps up its blockade of Iran’s ports.
Trump said Monday he sees momentum toward ending the war in the Qatar-mediated talks. Tehran’s top security official is talking escalation instead: Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Iran could strike US bases in Europe if they are used to launch a new attack on Iran, as we reported.
END
RUSSIA VS UKRAINE
KORYBKO…
Korybko: Zelensky’s Reported Rejection Of An Alleged Early 2023 Peace Deal Is Incriminating
Thursday, Nov 12, 2026 – 04:40 AM
Authored by Andrew Korybko via Andrew Korybko’s Newsletter,
Zelensky’s fateful decision was responsible for killing an unthinkable number of Ukrainians over the intervening nearly four years, and if Trump is serious with his claims of wanting to stop the killing, then he can cut Ukraine off to force Zelensky into peace and therefore save the country from him.
Ukrainian lawmaker Alexey Goncharenko, who was recently placed on Myrotvorets’ de facto “kill list” for floating a detailed peace proposal, confirmed the Financial Times’ report last month alleging that Zelensky rejected a peace deal with Russia in early 2023. According to him, the terms would have essentially mirrored those of spring 2022’s peace talks that were sabotaged at the time by the UK (and Poland), which is very generous if true since it would have entailed significant compromises by Putin:
“Russia withdraws its troops from most of the four oblasts it had just declared ‘annexed.’; The new line of demarcation runs roughly along the line as of February 24, 2022: Crimea and the part of Donbas that Russia controlled before the full-scale invasion; Ukraine recognizes Russian control over Crimea; Ukraine grants Russia an unobstructed land corridor to Crimea; The ceasefire regime is guaranteed by NATO countries that provide protection for Ukraine; Russia begins negotiations with the US on its own security guarantees.”
Leaving aside the veracity of this hitherto undisclosed peace deal that Goncharenko presented himself as having corroborated, the importance rests less in whether all the details are true and more in the fact that Zelensky is now faced with much worse terms nearly four years later after rejecting those putative ones. The timing of these claims by the Financial Times and one of his country’s own lawmakers, neither of which friendly to Russia by any measure, couldn’t have been worse for Zelensky.
“Trump Is More Serious Than Ever About Cutting Deals With Putin“, part of the reason being that he wants to tap into “The Five Most Promising Russian-US Economic Opportunities“, to which end he and Elon Musk are suspected of having throttled Starshield and Starlink respectively to pressure Zelensky. Given the indispensability of these satellite communication systems to Ukraine’s war effort, the message sent was that they could let the frontlines collapse if he doesn’t soon agree to a peace deal with Putin.
The grand trade-off could include freezing the frontlines in exchange for a US-brokered energy deal between Russia, the EU, and Ukraine as the quid pro quo for the Kremlin allowing the deployment of European peacekeepers to Ukraine without the US’ Article 5 protection. Other issues like the size of Ukraine’s post-war armed forces and the rights of its Russian minority would be discussed later. Putin might already be onboard, but Zelensky certainly isn’t, ergo why Trump has had to pressure him.
Zelensky fatefully decided to keep fighting in spring 2022 at the cost of an unknown number of Ukrainian lives that’s nevertheless estimated to be significant, but instead of accepting basically the same terms a year later, he thought that he’d get better ones after that summer’s counteroffensive. It ultimately failed, after which he probably could have returned to the aforesaid terms, but he then decided to keep fighting indefinitely despite the military-strategic dynamics having resolutely shifted against Ukraine since then.
So many Ukrainians have died because Zelensky remains deluded with dreams of inflicting a strategic defeat upon Russia, thus resulting in a sunk-cost fallacy that combined with the conflict’s profitability to indefinitely perpetuate it at an unthinkable cost to his country. If Trump has the political will, then he can cut Ukraine off to force Zelensky into peace and therefore save the country from him, otherwise this will remain a forever war that’ll kill countless more Ukrainians. It’s up to Trump whether that’ll happen.
We publish a variety of perspectives. Nothing written here is to be construed as representing the views of ZeroHedge.
END
RUSSIA/UKRAINE
“This One Smells”: Ex-CIA Analyst Says Russian Death Toll Leak Arrived Right On Cue
Wednesday, Nov 11, 2026 – 11:50 PM
Authored by Larry C. Johnson via Sonar21,
In the intelligence business, timing is everything. On February 5, 2026, Finland’s National Defence University, which is hardly a Kremlin front, posted a paper by Alexander Grable titled “Irretrievable Losses: Casualties in the Russo-Ukraine War (2022 – present).” Grable concluded that Ukraine’s dead far outnumber Russia’s and that Kyiv is losing the war of attrition. In polite Western company, that is heresy.
The paper was presented at the university’s Russia Seminar a week later. It was folded into the seminar’s proceedings volume this fall and began circulating widely in late October. Then, right on cue, the cavalry arrived. Two hacker groups announced they had breached Rosstat, Russia’s state statistics agency, and come away with numbers showing between 393,881 and 450,100 Russian dead. The Moscow Times and Euronews ran the story on November 8. Narrative restored. Everyone can relax.
I don’t relax that easily. I spent enough years at the CIA to know what a planted story smells like. This one smells. But before I get to the leak, let me get to something the casualty accountants keep leaving out of their spreadsheets: who has been shooting more.
The math nobody wants to do
Weapons cause casualties, so a casualty estimate that ignores the weapons is guesswork. In this war, Russia has held a lopsided edge in nearly every category that kills soldiers: artillery, mortars, missiles and FAB glide bombs. For most of the war it also led in drones.
Start with artillery. Estonia’s foreign intelligence service, no friend of Moscow, estimates that Russia produced or refurbished about 400,000 rounds in 2022 and 4.5 million in 2024, an elevenfold increase. That same year the United States and Europe together managed about 1.2 million. Then add North Korea: leaked South Korean intelligence, reported in the press last year, put Pyongyang’s deliveries at 12 million rounds of 152mm ammunition. By my count, that adds up to roughly 24 million shells on the Russian side since 2022, against about 7 million for Ukraine. That is better than three to one.
The glide bombs and missiles tell the same story. Ukraine has nothing remotely comparable to Russia’s FAB-500s and FAB-1500s fitted with wing kits, dropped by the thousands on Ukrainian positions from beyond the reach of air defenses.
Timing matters here too. Artillery was the main killer at the start of the war, causing roughly 80 percent of casualties, and that is exactly when Russia’s lead in shells was widest. Drones did not overtake artillery until 2024. The widely quoted estimate that drones cause 70 to 80 percent of battlefield casualties dates from 2025, not from 2022. Kyiv now insists it outproduces Russia in FPV drones. Maybe so. But even a Ukrainian official has conceded that Ukraine was far from parity with Russia in strike drones through the first half of 2025.
The drone race is also being fought at the factory. Russia has repeatedly hit Ukrainian drone production: assembly sites around Kyiv for the Liutyi long-range drone, industrial zones in Kharkiv and Dnipro that make guidance and communications parts, and in October a plant belonging to the manufacturer General Chereshnya. Ukraine has hit back, striking the Atlant Aero drone plant in Taganrog three times between January and April and repeatedly targeting the Alabuga zone in Tatarstan. Yet Russian output keeps climbing. By Ukraine’s own intelligence estimates, Russian drone production in April was up 117 percent from a year earlier, and Moscow plans to build 7.3 million FPV drones this year. Kyiv’s raids have not bent that curve.
The standard Western reply is that attackers lose more men than defenders, and Russia has been attacking. That rule of thumb assumes both sides can shoot back at roughly the same rate. When one side fires three or four shells for every one it receives, the rule goes out the window. Defending under that kind of fire is how armies get ground down.
What Grable actually found
Grable worked from amputations, which is a clever approach because amputees are harder to hide than the dead. He applied historical ratios of deaths to amputations to the amputation counts for each side. For Ukraine, 93,566 to 120,000 amputations yield an estimate of 403,269 to 517,200 dead by November 2024. He also cites body exchanges in which Ukraine got back about 12.5 of its dead for every Russian returned.
Grable also puts Russian dead at about 35,264 by mid-2024. I’ll be candid: that figure is too low. It sits below the number of Russian dead that Mediazona and BBC Russian had already identified by name at that point. His Vietnam-derived multiplier for Russia doesn’t hold up, and his critics are right to hammer it.
But notice what the critics do next. They take one weak number and use it to throw out the whole paper, including the half that matches the firepower. If Russia has been firing three or four times as much ordnance, Ukrainian dead running several times higher than Russian dead is not a wild claim. It is what the physics predicts. Grable’s Ukrainian estimate fits the weight of fire. That is the part that had to be buried.
Consider the source
Now the leak. Look at who delivered it. One group is Silent Crow, which claims about 450,100 Russian dead. The other is the Belarus Cyber Partisans, which claims 393,881. Neither is a neutral archivist. Both are openly at war with Moscow and Minsk, and they say so with pride. We are asked to believe that these partisans pulled 23 terabytes out of Rosstat, sorted it and produced clean totals, all within days. Then Western newsrooms printed the result as “official data.”
Official according to whom? Meduza and Mediazona, which have no love for the Kremlin, say they are still checking whether the data is genuine. Nobody outside the hackers themselves has verified the totals.
The Moscow Times reports that it checked 50 names from the Mediazona list of named Russian dead and found every one in the leaked files. That is supposed to settle it. It settles nothing. The Mediazona list is public. Anyone building a forgery would start by seeding it with names a fact-checker can find. Matching names proves the forger did his homework. It does not prove the totals.
How an influence operation is built
The defenders of the leak have one more argument: the timing is too tight. Grable’s paper went viral on October 26 and 27, and the hacks are dated October 29 and November 1. Nobody, they say, could build a 23-terabyte operation in a week.
That argument assumes the people who counter inconvenient research learn about it from Substack. They don’t. The paper sat in a Finnish government repository from February 5. Anyone working Russia for a Western service, and certainly anyone in the information-warfare shops, had it in hand within days. That gave them eight months, not one week. Public attention is when an operation launches, not when the planning starts.
I worked on this kind of thing at the CIA. My assessment is that this leak has the classic hallmarks of an influence operation. There is a source that cannot be checked, delivered through a cutout with a cause. The material is laundered through outlets that readers trust. It drops just as an unwelcome analysis starts to gain traction. And it comes with a big round number that ends the debate before anyone asks about the weapons. I can’t prove who wrote the script. I have seen enough scripts to recognize one.
The question they’d rather you not ask
Here is the test I’d put to anyone waving the Rosstat numbers. Explain how an army that has been outgunned three or four to one in artillery, with no answer to glide bombs and, until recently, outmatched in drones, somehow lost fewer men than the side doing most of the shooting. If you can’t answer that, a spreadsheet from a hacker collective won’t answer it for you.
Grable got the Russian number wrong. He got the big picture right, and the big picture is what the leak was built to bury. Ukraine is bleeding faster than Russia because Russia has more guns, more shells, more bombs and, for most of this war, more drones. No amount of stolen data changes the ballistics.
END
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
COVID VACCINE INJURY REPORT: DR MARK CRISPIN MILLER
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS/ENERGY COMMENTARIES
Middle East Oil Flows Far From Normal Despite Signs Of Oversupply
Wednesday, Nov 11, 2026 – 05:40 PM
Authored by Tsvetana Paraskova via OilPrice,
- Middle Eastern crude exports have recovered to near pre-war levels, raising fears of an oil glut and pushing Brent down roughly 17% in five trading days.
- Record tanker rates and war insurance premiums remain a major burden, with crude transport costs reaching $30 per barrel despite weakening oil prices.
- Depleted global inventories and disrupted fuel exports threaten a sustained recovery, with industry leaders warning that rebuilding oil stocks could take up to two years.
Crude oil flows through the Strait of Hormuz and the whole Middle Eastern region have recovered to close to pre-war levels, vessel-tracking services have been signaling for over a month now.
Middle Eastern benchmarks have been weakening for weeks, suggesting an oil glut may be building amid rebounding Persian Gulf exports and global demand destruction amid high prices.
On the face of it, an oversupply of crude oil could be forming. But the costs to refiners and consumers are not falling. War, insurance premiums, and record tanker rates have raised the cost of transporting a barrel of crude oil from about $5 per barrel before the war to as much as $30 a barrel, and at times even higher.
Middle Eastern producers are forced to slash their official selling prices to win customers because the surge in Persian Gulf exports is weakening the physical prices of local grades. Moreover, amid high freight costs, Middle East’s crude oil could only win Asia’s price-sensitive buyers with lower prices.
Shock Not Over
The pricing of the Middle Eastern barrels and the weakening market structure of the benchmark Middle East crudes signal an oil glut is forming.
But the shock to the global oil and fuel markets isn’t over as increased flows don’t mean traffic through the Strait of Hormuz has suddenly become less dangerous. In fact, attacks on vessels have intensified in the past month, while producers are tying up a large portion of the global tanker fleet on inefficient shuttle movements in and out of the Strait and subsequent ship-to-ship (STS) transfers in the Gulf of Oman.
Normal oil trade patterns from before the Iran war may never return. Until the market adapts to the new normal and Gulf producers build alternative supply routes, the war and insurance premium risks will remain with crude flows.
Hopes are high again in the past few days that the U.S. and Iran could reach an agreement, amid signals that President Donald Trump could pursue diplomacy instead of escalation following the crushing defeat in the U.S. midterm elections. In the past five trading days after the elections, Brent Crude prices slumped by about 17% to trade just above $91 per barrel early on Tuesday.
The market has been blindsided by sudden breakdowns of attempts at talks on several occasions in the past eight months. The relative calmness after the elections in the U.S. and Israel, which weren’t positive for either Trump or Benjamin Netanyahu, may be only transitory.
Weaker Middle East Oil Prices
Regardless, the perceived near-term glut is pressuring the Middle East’s crude oil prices.
The curve of the Dubai benchmark signaled last week that rising oil flows from the Middle East are exceeding demand for the first time since early July, when the three-week U.S.-Iran ceasefire allowed millions of barrels to leave unhindered the Strait of Hormuz. The November contract of the Dubai grade was in contango early last week, suggesting that concerns about the immediate lack of crude supply have eased significantly.
Rising supply from the Middle East has also weakened both the Dubai and Murban prices. At the end of October, the prices of physical Middle East crude slumped as flows from the region are recovering and reaching pre-war levels on some days.
Saudi oil giant Aramco last week slashed the price for its flagship Arab Light crude for Asia for loading in December by $2 per barrel, to a discount of $6.50 per barrel to the Oman/Dubai average. This is the steepest discount to the Middle East’s benchmark since May 2020 during the COVID pandemic.
Yet the cost to move the crude out of the region is very high – freight rates remain elevated amid a shortage of tankers and still sizeable war insurance premiums.
Normalization is further off in fuel exports out of the Middle East.
“Middle East crude exports have returned to pre-war levels, while refined product flows remain at just 37% of normal,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said in a note last week.
“For now, the market is trading on hopes of a breakthrough rather than concrete evidence that an agreement is close. The two sides may still be far apart on important issues, leaving the outlook highly uncertain,” Hansen added.
“Without sustained positive signals from both Washington and Tehran, the recent decline could prove vulnerable to a reversal.”
Depleted Inventories Could Boost Post-War Demand
Even if the Iran and Ukraine wars were to be settled with lasting peace agreements by the end of the year, the glut narrative may not hold because global inventories have depleted so much that it would take months, and probably a few years, to bring them back to adequate levels.
“Re-filling inventories while meeting demand could take up to two years,” Saudi Aramco’s CEO Amin Nasser said at an energy conference in Riyadh last month.
The chief executive of another major Middle Eastern national oil company, ADNOC, last week warned that diesel stocks in some markets have slumped to their lowest seasonal levels in 35 years.
The global energy system needs to be more resilient as the Middle East crisis has forced nearly 1 billion barrels of crude draws from inventories, ADNOC’s chief executive Sultan Al Jaber said at the ADIPEC 2026 energy conference in Abu Dhabi.
“Simply put, the world has eroded its supply buffers,” Al Jaber said.
END
Yields Hit Session High After Ugly, Tailing 30Y Auction
Thursday, Nov 12, 2026 – 01:22 PM
Amid the now daily firehose of news, the US Treasury managed to sneak in an auction of $25 billion in 30Y paper, and while not as ugly as Tuesday’s terrible 10Y auction, today’s auction was not pretty… at all.
Stopping at a high yield of 5.441T%, the yield dipped from last month’s 5.618% largely thanks to the uniform drop across the yield curve following the recent turmoil in the AI space (which means less competition for long end paper amid AI companies), but it tailed the 4.437% by 0.4bps, the biggest tail since June and the second highest since last November.
The bid to cover was 2.401, down from 2.542 and the lowest since August and below the six auction average of 2.437%. Not terrible, not great.
The internals, likewise, could have been better: Indirects slid from 72.3% to 68.1%, which was also below the recent average of 70.5% (in fact the lowest since August too), but nowhere near as bad as the 10Y auction two days ago. And with Directs taking 20.5%, or about unchanged from last month’s 20.9%, Dealers were left holding 11.4%, the highest since June.
Overall, this was another ugly auction, and while not quite as bad as the 10Y earlier this week, which was truly ghastly, it was ugly enough to add insult to Jensen injury, pushing 10Y yields to session highs above 5.10%, and back into “oops rates did it again” territory.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
MEXICO/USA
Trump Threatens To Double Tariffs On Mexico If Third-Worlder Caravan Isn’t Stopped
Thursday, Nov 12, 2026 – 10:40 AM
President Trump warned on Truth Social earlier this morning that he would immediately double tariffs on Mexico unless it stops thousands of third-worlders in a caravan that is tracking toward the southern US border.
In a fiery post, Trump said, “Here we go again!” referring to the thousands of migrants, largely Hondurans, heading north through southern Mexico with plans to invade the US.
“Huge CARAVANS are forming and beginning their illegal march through Mexico,” the president said.
He continued, “MEXICO MUST STOP THEM, NOW, and if they do not do so, the Tariffs on Mexico will be IMMEDIATELY DOUBLED.”
The migrants’ departure coincided with last week’s Democratic victory in the US midterms and hopes that a more left-leaning Congress will allow them to flood the US, just like the open-border days under the Biden administration. Also, many of these migrants probably have high hopes of blue states welcoming them in and showering them with taxpayer money.
But on Wednesday, as the migrants tracked closer and closer to the border, Border Czar Tom Homan had a very unwelcoming message for the Democrats: “Congress may be more blue. Texas may be more blue. But the White House is red, bright red,” adding, “We’re going to keep that border secure.”
The next flashpoint could be the US southern border.
END
SOUTH AFRICA
‘They Put My Testicles In Bolt Cutters’: White Farmer Details Terrifying Attack In South Africa That Left Wife’s Breasts Scarred
Thursday, Nov 12, 2026 – 03:45 PM
A white South African game farmer says three gunmen tortured him and his wife for about three hours at their cottage near Hartbeespoort Dam, cutting around her nipples with a knife and tin snips and clamping his testicles in a bolt cutter, before shoving his own AK-47 into his mouth and pulling the trigger. It misfired.
“That AK-47 has been faulty for the last two years. It never fires the last round. It didn’t go off, otherwise I would have been dead now,” Les Brett, an anti-poaching ranger and founder of the Dung Beetle Bush School, told The Citizen in an interview published Thursday.
Brett said three men came through a sliding door of the couple’s home on the game farm in Broederstroom, North West province, at about 7:30 p.m. on Sunday, Nov. 1, and moved “with almost military precision. Within two seconds, I had a gun to my head and a gun to my stomach.”
The men tied the couple’s hands behind their backs and their feet together, blindfolded them, stuffed rags into their mouths and began beating them while demanding the keys to the safe and money. About half an hour in, one of them took off Brett’s blindfold so he could see his wife, Natasha, lying next to him. Their clothes had been cut off.
“They wanted me to see what they were doing to my wife. They were cutting around her nipples with a knife and tin snips. They also had a bolt cutter and put my testicles in it,” Brett said. “All this to intimidate and scare us. Eventually I told them where the key to the safe was.”
Once the attackers had the guns from the safe, they wanted cash. They kept demanding “the million,” threw the couple into the safe and poured boiling water on them, Brett said. He offered them his cars and offered to withdraw money from an ATM; they refused both and insisted on “the millions in the house that we didn’t have.” Between the beatings, he has said, they also shocked the couple with a taser.
“They then said I had to die, and pulled the trigger on the AK-47, but it misfired,” he told The Citizen.
The men fled when a guard on patrol came by to check on the farm’s water pump. “They just closed the safe door and disappeared,” Brett said. Natasha freed herself and then him, and he went to the farm’s main house to call for help.
Brett, who has spent more than four decades in the bush in conservation and anti-poaching training, said his head and knee were smashed with the bolt cutters and his hip is fractured. “We are okay. Natasha is a strong woman. I am still in pain.”
Natasha was not raped, Brett told South African YouTuber Riaan Roux, correcting reports that said she was; she is 58, not 68 as first reported. He has said the men threatened her with sexual violence but did not carry it out.
Police registered the case as a house robbery. North West police spokesperson Sgt. Kelebogile Morake said the men took seven licensed firearms and ammunition from the safe, and provincial police commissioner Lt. Gen. Arthur Peter Adams condemned the attack. No arrests had been reported as of Nov. 12.
The Broederstroom raid came four days after Donovan Marx, a 50-year-old cattle farmer between Potchefstroom and Ventersdorp, was shot in the upper body, dragged into his house, tied with cable ties, stabbed and beaten, police spokesperson Capt. Majang Skalkie told TimesLIVE. His attackers cut off both of his earlobes, according to EWN. Police have since arrested five suspects, aged 26 to 56, on charges of house robbery, attempted murder and illegal possession of firearms and ammunition.
On Oct. 5, 55-year-old Hannetjie van Zyl died after she was attacked with an iron bar at the gate of her farmhouse near Ottosdal. “The use of firearms and the brutal assault of an individual in the course of a robbery are serious criminal acts that will not be tolerated,” Adams said of the Marx attack.
Pretoria’s line is that farm attacks are ordinary violent crime, not a campaign against white South Africans. The Trump administration disagrees: Trump cut off US aid to South Africa in February 2025 and offered white farmers a fast track to the US, as we reported, and the first Afrikaner refugees left for America that May. Last week Washington said it will suspend South Africa from the duty-free African Growth and Opportunity Act from Jan. 1, 2027.
“They stole seven firearms, two cellphones and a laptop, but left cameras worth over R200,000, jewelry, wallets, cars,” Brett said, rejecting the police’s label. “This is a targeted farm attack. Nobody gets tortured for three hours, scalded with boiling water, in a house robbery.”
END
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING\
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1093 DOWN 0.0002
USA/ YEN 159.60 DOWN 0.062 NOW TARGETS INTEREST RATE AT 1.75% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN DEC 2024/Bank of Japan raises rates by .25% TO 1.75 ..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES AND A FALLING YEN!! BANK OF JAPAN WILL NO LONGER DO QE. URGES PENSION AND INSUANCE FUNDS TO BUY JAPANESE BONDS//
YEN CARRY TRADERS MURDERED
GBP/USA 1.3269 DOWN 0.0006 OR 6 BASIS PTS
USA/CAN DOLLAR: 1.4253 UP 0.0004 //CDN DOLLAR DOWN 4 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 24.81 PTS OR 0.67%
Hang Seng CLOSED DOWN 307.37 PTS OR 1.26%
AUSTRALIA CLOSED UP 0.44%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 307.37 PTS OR 1.26%
/SHANGHAI CLOSED UP 24.81 PTS OR 0.67%
AUSTRALIA BOURSE CLOSED UP .44%
(Nikkei (Japan) CLOSED DOWN 432.59 OR 0.71%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $3943.20
silver:$51.12
USA DOLLAR VS TRY (TURKISH LIRA): 50.26 UP 2 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD AND ALL OF THEIR USA DOLLAR RESERVES. THE COUNTRY IS IN BIG FINANCIAL TROUBLE
USA DOLLAR VS RUSSIAN ROUBLE: 82.70 ROUBLE// UP 0 ROUBLE AND 6 BASIS PTS.
UK 10 YR BOND YIELD: 5.2121 DOWN 1 BASIS PTS
UK 30 YR BOND YIELD: 5.6345 DOWN 1 BASIS PTS
FRENCH OAT 10 YR BOND YIELD: 4.762 UP 0 BASIS PTS.
CDN 10 YR BOND YIELD: 3.717 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 3.4560 UP 0 BASIS PTS
USA dollar index early THURSDAY MORNING: 102.81 DOWN 2 BASIS POINTS FROM WEDNESDAY’s CLOSES
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.772 % UP 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.839% UP 6 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.9450 UP 0 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.903 UP 1 in basis points yield
ITALY 10 YR BOND: 4.383 UP 1 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.3256 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1059 DOWN 0.0034 OR 34 basis points
USA/Japan: 159.95 UP 0.211 OR YEN IS DOWN 21 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.292 UP 7 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.706 UP 7 BASIS POINTS.
FRANCE 10 YR: 4.813 UP 4 BASIS PTS
USA DOLLAR/VS CANADIAN DOLLAR UP 0.0008 BASIS PTS TO 1.4257 CDN DOLLAR DOWN 8 BASIS PTS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY 6.6705 ON SHORE ..DOWN
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.6734
TURKISH LIRA: 50.26 UP 3 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield UP 8 in basis points from WEDNESDAY at 5.081 % //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 5.410 UP 6 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.846 UP 12 BASIS PTS.
GOLD AT 9;00 AM $3984.80
SILVER AT 9;00: $50.14
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest ratesTHURSDAY
DAY CLOSING TIME/ 12:00 AM///
London: CLOSED UP 27.62 PTS OR 0.25%
GERMAN DAX: CLOSED UP 109.11 PTS OR 0.41%
FRANCE: UP 28.49 OR 0.34%
Spain IBEX CLOSED DOWN 62.40 PTS OR 0.31 %
Italian MIB: CLOSED UP 137.87 TS OR 0.27%
WTI Oil price 86.72
Brent Oil: 93.48 10;00 EST
USA DOLLAR INDEX: 103.10 OR UP 28 PTS
USA /RUSSIAN ROUBLE: 82.89/ ROUBLE DOWN 0 AND 24 100
CDN 10 YEAR RATE: 3.766 UP 7 BASIS PTS.
CDN 5 YEAR RATE: 3.518 UP 5 BASIS PTS
CLOSING NUMBERS: 4 PM//
Euro vs USA 1.1057 DOWN 0.0038 OR 75 BASIS POINTS//
British Pound: 1.3238 DOWN 0.0038 OR 38 basis pts/
BRITISH 10 YR GILT BOND YIELD: 5.2816 UP 5 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.7374 UP 12 IN BASIS PTS.
FRENCH 10 YR BOND: 4.838% UP 5 BASIS PTS
JAPAN 10 YR YIELD: 2.805 % UP 3 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.936 DOWN 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 159.89 UP 0.146 OR YEN DOWN 15 BASIS PTS//GETTING FURTHER AWAY FROM 160.00/ EXTREMELY DANGEROUS
USA dollar vs Canadian dollar: 1.4257 UP 0.0009 PTS// CDN DOLLAR UP 9 BASIS PTS
West Texas intermediate oil: 88.95
Brent OIL: 96.16
USA 10 yr bond yield UP 13 BASIS pts to 5.128%
USA 30 yr bond yield: UP 10 PTS to 5.449%
USA 2 YR BOND 4.875 UP 15 PTS
CDN 10 YR RATE 3.808 UP 9 BASIS PTS
CDN 5 YEAR RATE: 3.553 UP 10 BASIS PTS
USA dollar index: 103.09 UP 27 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 50.26 UP 3 BASIS PTS GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 82.65 UP 0 AND 51 /100 roubles //
GOLD $3874.90 3:30 PM)
SILVER: 49.99 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 189.40 POINTS OR 0.36%
NASDAQ 100 DOWN 85.06 PTS OR 0.30 %
VOLATILITY INDEX 18.69 UP 1.20 PTS OR 6.86%
GLD: $ 354.89 DOWN 10.28 PTS OR 2.82%
SLV/ 45.12 PTS DOWN 1.53 OR 3.28%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 274.53 PTS OR 0.75%
END
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Jensen Job Loss Jolts Big-Tech; Bitcoin, Bonds, & Bullion Battered But Brent Bid
WRAP UP
Stocks hit on Huang exit and crude jumps on fading US/Iran deal hopes – Newsquawk US Market Wrap
Thursday, Nov 12, 2026 – 04:18 PM
- SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold down
- REAR VIEW: NVDA’s CEO Huang resigns, CFO takes interim CEO role, with the company set to be probed; Iran says enemy military strike hit Sirik; US President Trump says US doesn’t need a deal with Iran; Weak US 30yr bond auction; Houthis say they targeted Saudi Aramco in Riyadh with a drone; EIA shows surprise builds in crude, gasoline and distillate stocks while SPR draws down; US Existing Home Sales decline more than expected; US initial claims rise 9k to 200k; AMD upgraded; NBIS revenue guidance disappoints.
- COMING UP: Data: German Wholesale Prices (Oct), EZ Employment (Q3), Trade Balance (Sep), GDP 2nd Est. (Q3), US PPI (Oct). Events: IEA OMR; Informal Meeting of EU Leaders (Dublin). Speakers: Fed’s Daly, Collins, Bowman, Jefferson. Supply: Australia. Earnings: Richemont. Credit Ratings: Fitch on Germany; S&P on Italy; Morningstar DBRS on UK
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1. Subscribe to the free premarket movers reports.
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MARKET WRAP
Stocks were choppy on Thursday as attention centred on Nvidia (NVDA), geopolitical developments and the neocloud sector. Indices ultimately closed lower, with the Russell 2000 underperforming, while the equal-weight S&P 500 ETF also declined, highlighting negative market breadth. Sectors were mixed, with energy and communication services outperforming, while materials and technology lagged.
The main equity focus was the immediate resignation of Nvidia (NVDA) CEO Jensen Huang, which saw shares tumble as much as 14% in pre-market trade. However, NVDA pared a substantial portion of its losses during the session, although still closed firmly in the red. Huang’s departure appeared to benefit competitors AMD (AMD) and Broadcom (AVGO) in the semiconductor space. Meanwhile, disappointing guidance from Nebius (NBIS) weighed on neocloud stocks, reversing some of the sector’s gains following CoreWeave’s (CRWV) earnings report on Tuesday evening.
Crude prices climbed on Thursday after US President Trump announced that he had instructed VP Vance to shift his focus towards domestic affairs, adding that the US does not need a deal with Iran. The remarks dampened hopes of a near-term resolution to the conflict, given that Vance had been viewed as a potential figure in brokering an agreement with Tehran.
The rise in crude prices contributed to higher Treasury yields across the curve, particularly at the front end, as renewed energy price pressures added to inflation concerns. The move higher in yields supported the Dollar, while the downbeat risk tone weighed on the Aussie. The Yen was little changed against the Greenback overall, although USD/JPY briefly climbed above 160.00 before sharply reversing lower, sparking fresh speculation around Japanese intervention or rate checks.
Looking ahead, attention turns to Friday’s US PPI report for further insight into the inflation outlook, particularly following Tuesday’s hotter-than-expected CPI data.
FED
BARR (voter): Said the US should be prepared for the risk of “serious short-term disruptions” in the job market due to AI. Barr added that there are signs AI is a substitute for labour in some sectors, and if change happens fast, “dislocations might be large”. However, he noted there has been little displacement of workers so far, with competition among AI firms allowing broad access to the technology. Looking further ahead, he remarked that the outcome depends in part on whether AI leads to market concentration (a force for widening inequality) or more competition and more widely distributed gains. Barr concluded that at this point, AI’s impact is mostly on prices, while giving a boost to investment and GDP.
HAMMACK (2026 voter): Said the Fed is doing very well on the employment side of its mandate but has been missing on inflation for years, with recent data showing inflation moving in the wrong direction and price pressures broadening. The Cleveland Fed President, who dissented in favour of a hike at the last meeting, added that real demand pressure is contributing to high inflation and that she worries an inflationary mindset could take hold. Hammack stated the Fed needs to move rates higher to reach a restrictive stance, but prefers smaller and steadier moves, which give the economy time to adjust. She does not believe the Fed is behind the curve, although she would consider more aggressive action if it were to fall behind, and noted that she goes into every FOMC meeting with an open mind. On the labour market, Hammack described it as static and said she would not call it healthy given a lack of dynamism, while noting that financial conditions remain supportive of growth.
DALY (2027 voter): Said there is no doubt of AI-fuelled price pressures, although AI is only contributing a modest amount to inflation directly and is having a limited impact on the labour market. The San Francisco Fed President added that the Fed has an inflation problem, but AI is not doing most of the driving, while warning there is a risk it could contribute more. On valuations, Daly noted there has been a repricing in AI names, but not an unwinding of interest or enthusiasm, suggesting there is no risk to growth, and said there is positive momentum in productivity, with more productivity growth possible over the next one to three years. On the economy, she described a stable labour market, positive growth and productivity gains alongside high inflation, stressing that the focus must be on lowering inflation, although tackling it now does not mean ignoring the possibility that productivity growth could be disinflationary. On policy, she said her bias is that further tightening will be needed, welcoming tighter financial conditions, which are assisting and give the Fed more time, but stressing that markets do not do the Fed’s job of keeping prices stable. Daly concluded that the Fed has many quarters to make policy decisions, and that exactly how much tightening is needed, and when, does not need to be decided now.
GOOLSBEE (2027 voter): Said inflation has been well above target, and that the Fed should be mindful of signs the overall economy is overheating. The Chicago Fed President stated there is plenty of room for the Fed to discuss policy options, adding that he does not want to prejudge what happens with monetary policy.
DATA
JOBLESS CLAIMS: Initial jobless claims (w/e November 7th) rose to 200k from the prior week’s upwardly revised 191k (initially 189k), above the expected 195k, while the 4-week average was unchanged at 195.25k (prev. revised from 194.75k). Continuing claims (w/e October 31st) fell to 1.697mln from the prior week’s downwardly revised 1.717mln (initially 1.718mln), beneath the expected 1.710mln. In the unadjusted figures, initial claims totalled 206,982 (+16.2% W/W), compared with the seasonal factors’ expected increase of 19,663 (+11.0%). Looking at the advance state breakdown, the largest increases were seen in California (+5,047), New Jersey (+3,564), Missouri (+3,029), Minnesota (+2,831), and Texas (+2,104), while the largest declines were in Michigan (-2,996), Indiana (-616), Maryland (-261), Oregon (-109), and Arizona (-57). Overall, despite the modest increase in initial claims, the four-week average remained stable and continuing claims declined, suggesting that layoffs remain relatively subdued, with little evidence of a significant deterioration in labour market conditions. Oxford Economics writes, “The spike in jobless claims last week breaks a long spell of stability but still leaves them trending lower than year-ago levels and consistent with a continued low pace of layoffs. As we approach the holiday season, seasonal noise in initial claims will increase.”
EXISTING HOME SALES: Existing Home Sales fell 5.5% in October to 3.75mln (prev. 3.97mln), well below the expected 3.89mln. The national median home price for existing sales rose 0.4% Y/Y to USD 416.7k, with the inventory of homes for sale at 1.59mln units, or 5.1 months’ worth (prev. 4.8 months in September). M/M sales decreased in the Midwest, South and West, while holding steady in the Northeast. NAR Chief Economist Yun said, “Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023. As a result, home sales fell to their lowest level since August 2010.” Yun continued, “Based on the current underwhelming home sales pace at a time of consistent job growth, there could be sizable pent-up demand if mortgage rates decline.”
FIXED INCOME
T-NOTE FUTURES (Z6) SETTLED 18+ TICKS LOWER AT 105-14+
Yields bear flatten as Trump says US does not need Iran deal. At settlement, 2-year +12.1bps at 4.867%, 3-year +12.7bps at 4.917%, 5-year +12.1bps at 4.949%, 7-year +11.4bps at 5.014%, 10-year +10.5bps at 5.105%, 20-year +8.2bps at 5.482%, 30-year +7.9bps at 5.437%.
THE DAY: Treasury yields rose across the curve on Thursday, with the curve bear flattening as front-end yields rose faster than those at the long end. The move appeared driven by renewed geopolitical uncertainty surrounding Iran and continued hawkish repricing of Fed expectations following Tuesday’s hotter-than-expected CPI report.
One of the primary drivers was US President Trump’s announcement that the US does not need a deal with Iran, dampening recent optimism surrounding a potential US-Iran agreement. Trump also instructed VP Vance to shift his focus towards domestic issues, seemingly reducing the prospect of Vance helping broker an end to the conflict. As a reminder, reports had suggested a potential meeting between Vance and Iranian Security Chief Rezaei was being discussed.
Meanwhile, a risk-off move was seen pre-market following the immediate resignation of Nvidia (NVDA) CEO Huang, which initially sent shares sharply lower. Disappointing guidance from Nebius (NBIS) also weighed on the neocloud sector. However, equities recovered after the opening bell, with NVDA rebounding from its lows and the broader indices gradually moving higher. Weakness among neocloud names appeared to benefit mega-cap hyperscalers, while Huang’s resignation provided support to AMD (AMD) and Broadcom (AVGO).
Fed commentary was also in focus. Hammack said she favours smaller and steadier rate moves, marking her first remarks since Waller raised the possibility of a 50bps hike in December and the hotter-than-expected October CPI report. Her preference for gradual adjustments suggests she may be reluctant to support a larger move. Meanwhile, Barr highlighted the risk of significant near-term labour market disruption from AI, offering a more dovish consideration. Goolsbee said the Fed is failing on the inflation side of its mandate and that there is plenty of room to discuss policy options, although he did not want to prejudge the outcome. He also warned that AI investment could act as a form of stimulus and that policymakers should remain alert to signs of broader economic overheating. Daly reiterated that further tightening will likely be needed, warning that inflation is spreading into services, where price pressures tend to be sticky. However, she stressed that the timing and extent of additional tightening do not need to be decided immediately.
Elsewhere, the Fed released its 2027 meeting schedule, confirming there will be no October meeting. Warsh had previously indicated that one autumn meeting would focus on strategy rather than an interest rate decision, with two strategy meetings planned annually from 2028. The final meeting of 2027 will take place in November.
The USD 25bln 30-year Treasury auction was soft but had little market impact. The offering tailed by 0.4bps, while the bid-to-cover ratio declined and dealer takedown increased amid weaker indirect participation, although direct demand remained broadly stable.
US data also had little impact. Initial jobless claims rose to 200k from 191k, above the 195k forecast, although the four-week average was unchanged. Continuing claims fell below 1.7mln, while existing home sales declined to 3.75mln from 3.97mln, below the 3.85mln forecast.
SUPPLY
Notes/Bonds
- US sold USD 25bln of 30-year bonds; tail 0.4bps.
STIRS / OPERATIONS
- Fed Hike Pricing via CME FedWatch: Dec 28.3bps (prev. 27.4bps), Mar 65.1bps (prev. 58.5bps).
- EFFR at 3.88% (prev. 3.88%), volumes at USD 98bln (prev. USD 95bln) on November 10th
- SOFR at 3.89% (prev. 3.88%), volumes at USD 3.159tln (prev. USD 3.1tln) on November 10th
- NY Fed RRP op demand at USD 0.25bln (prev. USD 0.15bln) across 1 counterparty (prev. 3) on November 12th.
- US Treasury Buyback (1-yr to 10-yr TIPS, max USD 750mln): Accepted USD 556mln of USD 3.22bln offered; 8 of 28 eligible issues accepted.
CRUDE
WTI (Z6) FUTURES SETTLED USD 2.21 HIGHER AT 88.74/BBL; BRENT (F7) SETTLED USD 3.06 HIGHER AT 95.82/BBL
The crude complex gained, as US-Iran updates were less conducive to improving relations. A modest bounce was seen in the European morning after the IRGC announced that two crude-carrying vessels had been struck in Hormuz, before further upside followed when US President Trump said “we don’t need a deal with Iran. Those days have long since passed”. The President also directed VP Vance to focus entirely on domestic issues. Vance had been seen as the potential face of a peace agreement with Iran, so the comment potentially implies the Rezaei meeting will not go ahead. As a reminder, the WSJ reported around Wednesday’s settlement that there had been preliminary discussions for Vance to meet Rezaei. Meanwhile, Fars reported that explosions were heard at several points in Sirik, eastern Hormozgan province, Iran over the past few hours and sources stated the sounds were caused by warning shots fired at offending ships. However, IRNA then reported that explosions were due to a military strike.
In the weekly EIA data, delayed by a day due to Veterans Day, crude, distillates and gasoline all saw unexpected builds, while crude production rose 10k BPD W/W to 14.013mln BPD.
For the record, WTI traded between USD 85.13-88.69/bbl, while Brent hit a low of USD 91.19/bbl vs. a later high of USD 96.16/bbl around settlement.
EQUITIES
CLOSES: SPX -0.35% at 7,593, NDX -0.30% at 28,289, DJI -0.36% at 52,299, RUT -1.61% at 2,800
SECTORS: Materials -1.49%, Industrials -0.91%, Financials -0.73%, Health -0.66%, Real estate -0.5%, Technology -0.42%, Consumer staples -0.14%, Consumer discretionary flat, Utilities flat, Communication services +0.37%, Energy +1.5%.
EUROPEAN CLOSES: European Closes: Euro Stoxx 50 +0.13% at 6,402, Dax 40 +0.57% at 26,816, FTSE 100 +0.25% at 10,863, CAC 40 +0.34% at 8,361, FTSE MIB -0.27% at 51,809, IBEX 35 -0.31% at 19,966, PSI +0.02% at 9,596, SMI +0.63% at 15,149, AEX -0.44% at 1,140
STOCK SPECIFICS:
- Nvidia (NVDA): Announced a CEO transition, with Huang stepping down as CEO and from the board; CFO Colette Kress was named interim CEO. The company said it was initiating a search for a permanent CEO, with internal and external candidates to be considered. The stock was downgraded beforehand at Evercore, Bernstein, William Blair and Oppenheimer. Multiple US DoJ probes threatened to sweep up Nvidia, Semafor reported, citing two administration officials. Also, the US was reportedly probing whether Alice Huang helped smuggle Super Micro (SMCI) products; SMCI was weighed on by the report. Later, it was reported that CEO Huang had a relationship with a second employee, according to Reuters, citing sources.
- iShares MSCI China ETF (MCHI): Chinese AI firms reportedly rushed to secure overseas NVDA capacity on fears of tighter US restrictions after espionage allegations.
- AMD (AMD): Upgraded to ‘Outperform’ at William Blair, which cited Intel Xeon delays and Nvidia’s leadership vacuum.
- CoreWeave (CRWV): Reportedly planned to raise at least USD 4bln via an investment-grade loan led by Morgan Stanley and MUFG.
- Nebius Group (NBIS): Quarterly results beat, but it saw FY26 revenue at the low end of its range, below expectations.
- Eli Lilly (LLY): Won Chinese approval for oral GLP-1 orforglipron for weight management, getting a head start over Novo Nordisk.
- Keurig Dr Pepper (KDP): Launched a USD 2bln underwritten public stock offering.
- Strategy (MSTR): MSCI was reportedly set to remove the company from its equity indices.
- Corteva (CTVA): Profit and revenue were light; cut FY guidance on increased pressure in Latin America.
- Global Payments (GPN): CD&R and GTCR abandoned their pursuit of the company, Reuters reported, citing sources.
- Alphabet (GOOG): Announced Gemini 4 Hydrogen.
- SpaceX (SPCX) and Tesla (TSLA) merger talks are advancing, with advisers discussing terms; a deal could be announced as soon as December but may slip into 2027, Bloomberg reported.
FX
USD was broadly firmer against peers as higher US yields continue to offer an attractive rate differential environment for the buck. The move has continued in the aftermath of surprisingly hawkish comments from Fed’s Waller, accompanied by hotter-than-expected CPI readings. US data showed an uptick in initial claims, though still at benign levels, while existing home sales declined more than expected. Headlines centred on Nvidia and its CEO transition, with discussion emerging over whether it is an idiosyncratic or systemic risk. Despite NVDA falling 14% at its intraday lows, a strong recovery was seen, with competitors helping offset losses in the key AI player, allowing a rebound in stocks. Higher oil prices were another supportive factor for the USD, partially in response to US President Trump saying “We don’t need a deal with Iran” and signalling that VP Vance will not take part in discussions with Iran, instead focusing on domestic matters.
There was plenty of Fed speak throughout the day. 2026 voter Hammack said rates need to move higher to reach a restrictive stance, 2027 voter Daly said her bias is that further tightening will be needed, and 2027 voter Goolsbee said the Fed should be mindful of signs the economy is overheating.
DXY now trades around fresh YTD highs of 103.24.
Outside of the US, newsflow was limited. A sharp move lower in USD/JPY sparked intervention and rate-check speculation. USD/JPY briefly climbed above 160 to highs of 160.05 before swiftly falling to lows of 159.29. Thereafter, USD/JPY recovered most of the downside into the time of writing. The move followed failed jawboning attempts from Japan’s top currency diplomat Mimura. Meanwhile, BoJ’s Asada struck his usual dovish tone, warning against premature rate hikes.
USA DATA RELEASES
Existing Home Sales Crash To 16 Year Lows In October
Thursday, Nov 12, 2026 – 10:15 AM
US existing home sales plunged 5.5% MoM in October (worse than the 3.5% MoM exp), pulling sales down 8.76% YoY with mortgage rates near multi-decade highs…
The October collapse drags existing home sales SAAR to 3.75 million (well below the 3.86 million consensus) – the lowest since August 2010…
Single-family sales dropped to 3.41 million, with sales down in the Midwest, South, and West, and flat in the Northeast (every region was lower than a year ago).
“Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023. As a result, home sales fell to their lowest level since August 2010,” said NAR Chief Economist Lawrence Yun.
Inventory edged up to 1.59 million units (a 5.1-month supply), giving buyers a bit more choice, but the median price still rose 0.4% year-over-year to $416,700 – the 40th straight annual gain.
First-time buyers slipped to 29% of sales, and with the average 30-year mortgage rate in October around 7.3%, this has clearly had an impact on sales…
Yun noted optimistically that most of the country’s 88 million homeowners remain comfortable thanks to accumulated equity and that “there could be sizable pent-up demand if mortgage rates decline.”
For now, though, the data show elevated rates continue to suppress transaction volume while prices refuse to break lower.
END
Claims At 57-Year Lows, Sentiment Near Record Lows, Hires Rate Stuck At 3.4%: The Labor Market’s Trilemma Gets A Hawkish Twist
Thursday, Nov 12, 2026 – 08:35 AM
Three datasets, three different economies.
In one, layoffs are scarcer than at any point since Nixon’s first year in office. In another, consumers are only a few points above the most miserable reading in the 70-plus year history of the University of Michigan survey. And in the third, hiring has been so sluggish for so long that a single blowout payrolls print barely dents the 12-month average.
Last week we called this “Low Hire, Low Fire, Low Inspire“, and then the October jobs report promptly blew away every estimate, sentiment unexpectedly jumped, and CPI ran hot (again). So did the trilemma resolve itself? Not really. If anything, it just got a lot more expensive, because Goldman now thinks the Fed will hike its way through it.
Low Fire: Fewer Claims Than The Best Week Of 2019
Start with the part that is unambiguously strong. Initial jobless claims remain near the lowest since 1969, though ticked up modestly last week to 200k.
The four-week average dropped to 195,250, also the lowest since 1969 and down from 225,500 a year ago. For perspective, claims averaged roughly 218K in 2019, and the best single week that year was 196K. In other words, over the past month the US has averaged fewer new claims than in the single best week of the pre-Covid “golden age”.
Continuing claims tell the same story: 1.697 million, about 250K fewer than a year ago, with the share of covered workers collecting benefits down from 1.3% to 1.1%.
JOLTS confirms it from the employer side: the layoffs and discharges rate fell to 1.0% in September, with 1.6 million let go. American employers simply refuse to fire anyone in any meaningful numbers, for now.
Low Hire: The Payrolls Beat That Didn’t Fix The Hiring Rate
Then came last Friday’s curveball. Nonfarm payrolls rose 165K in October against a 70K median forecast, a 5-sigma beat, with August revised up to 186K and September to 60K. Goldman’s economists were caught as flat-footed as everyone else (they were at 75K), and their note (available to pro subs) did the arithmetic:
“After upward revisions to the two prior months, the three-month average of payroll growth stands at 137k (vs. 51k prior to today’s report), and our estimate of the underlying pace of job growth based on the payroll and household surveys stands at 124k (vs. 51k prior to today’s report).”
So the hiring problem is solved? Not so fast. Even Goldman flagged that October’s bounce fits a familiar seasonal pattern: stronger October payrolls tend to follow a weak September whenever Labor Day falls late in the month, as it did this year. Strip out the calendar quirk and the 12-month average gain was just 48K before October. And 2025 was a near-zero year.
The flow data are even less flattering. September JOLTS showed openings jumping to 7.52 million, yet the hires rate is still stuck at 3.4%, with about 5.4 million hires. That is the definition of a frozen market: companies hold onto everyone they have, post vacancies, and then mostly don’t fill them. And ADP’s weekly series has private payrolls rising an average of 19,750 a week in the four weeks to Oct 24, which works out to roughly 80K a month (napkin math). That’s decent, but hardly a hiring boom.
Look under the hood of the October report and the picture gets murkier still. The U6 underemployment rate jumped 0.3pp to 7.9%, which Goldman attributes largely to a 171K increase in marginally attached workers. Average hourly earnings grew 3.12% y/y, which is below the 3.7% headline CPI print for September. Real wages are going backwards. Remember that when we get to the sentiment numbers.
Low Inspire: 57% Say Their Living Standards Are Eroding
Which brings us to the third leg. The preliminary November UMich index jumped 3 points to 51.0, beating the 48.0 consensus (and Goldman’s 49.5).
Good news? Only relative to the floor. The index plunged to an all-time low of 44.8 in May as the Hormuz shock sent gasoline soaring, and as we noted last Friday, the November bounce was driven by Independents. A reading of 51 is still deep in territory that historically comes with recessions, not with 189K claims. Goldman’s chart (chart source GS, UMich) shows just how far below the 1990, 2001 and 2008 troughs consumers are now:
The most telling line in the report was not the headline at all. As Goldman flagged, quoting the survey’s director:
“About 57% spontaneously mentioned that their living standards have been eroded by high prices, the highest seen since May and up from 46% in February, just prior to the Iran conflict.”
That’s the trilemma in a single sentence. People have jobs. They just can’t afford anything. Year-ahead inflation expectations did ease to 4.3% from 4.7%, but that is still well above where they were before the energy shock, and above the pace of wage growth:
One more caveat: interviews for the preliminary survey ran from October 20 to November 2, which means they closed before the election and before last Thursday’s AI rout. So the “bounce” may turn out to be the high-water mark when the final November number lands next Friday.
Squaring The Circle: A Frozen Labor Market In A Stagflationary Fog
So how can all three be true at once? The simplest reconciliation goes like this:
- Low churn keeps claims down. Firms that struggled to hire in 2022-2023 are hoarding labor, and with a 3.4% hires rate, workers aren’t quitting to chase better jobs either.
- Low hiring keeps the jobless and new entrants stuck. That shows up in U6 and marginally attached workers, not in claims, since you can’t file for benefits from a job you never got.
- Prices, not pink slips, drive the mood. Households with jobs are watching wages lose to inflation, and an energy shock is the most visible kind of inflation there is.
Translation: this is a cost-of-living recession for households sitting on top of a no-firing labor market. Bloomberg Economics called it the “New Labor-Market Norm” in a note this week, and its subtitle is the important part: “New Challenge for the Fed.”
Enter The Hawks: Goldman Adds A Third Hike
Because here’s the twist. In the old playbook, weak sentiment plus mediocre hiring meant a dovish Fed. In the Warsh era, with the funds rate already lifted to 3.75%-4.00% in September, it means the opposite. After Tuesday’s CPI, Goldman’s David Mericle went further (also available to pro subs):
“The October CPI report this morning surprised meaningfully to the upside across several categories and marked a third month of worse inflation news. We continue to expect a second 25bp rate hike in December and are adding a third 25bp hike to our forecast in March 2027.“
Goldman also pushed back the start of rate cuts by a quarter, to December 2027. And the bank thinks most FOMC participants will pencil a third hike into December’s dot plot. With 189K claims and a 165K payrolls print, the Fed has all the cover it needs to tighten. That is exactly what the 57% complaining about living standards don’t need: higher mortgage, auto and credit-card rates on top of higher prices.
Regular readers will recall that we flagged this setup when September CPI sent rate-hike odds “flashing red” in mid-October. A month later, the Fed is hiking into a labor market where nobody gets hired and a consumer who already feels poorer. Diversification at its finest.
The Floor Holds… Until It Doesn’t
Goldman ends on a reassuring note, confident that “inflation will be meaningfully lower by the end of 2027 as the effects of tariffs, the energy shock, and AI price pressures diminish.” Maybe. But end-2027 is a long way off for a household already spending more than it earns in real terms.
Our take: the bulls will point to claims and say recession is off the table, and they’ll be right, for now. But a low-fire market is only reassuring until it isn’t. Claims are a coincident indicator, and they tend to look their best right before they turn. Pair a 3.4% hires rate with three Fed hikes and a consumer this gloomy, and the next shoe to drop is far more likely to be layoffs than a hiring boom. The trilemma probably won’t resolve with sentiment catching up to claims. More likely, claims eventually catch down to sentiment.
Next up: November UMich final on Friday, Nov 20, then the November payrolls report on Dec 4, just days before the Fed meets on Dec 8-9.
Much more in the full Goldman “USA: Payroll Growth Well Above Expectations…” and “US Daily: Adding a Third Hike in March” notes, both available to pro subs.
USA ECONOMIC REPORTS
NVIDIA
Nvidia Preparing To Fire Huang After 2nd Affair Bombshell, Stock Knifes Lower: Report
Wednesday, Nov 11, 2026 – 05:20 PM
*** Update: NVIDIA PREPARING TO OUST NVIDIA CEO JENSEN HUANG: WSJ
Nvidia is reportedly preparing to remove founder and CEO Jensen Huang following revelations of two extramarital affairs, including one involving a suspected Chinese intelligence operative.The board could meet as soon as today to decide Huang’s future, according to people familiar with the matter. No final decision or official announcement has been confirmed.
The chipmaker is scheduled to report quarterly results on Nov. 17.
It “will be interesting how it handles next week’s earnings call. Their CFO can handle the numbers but markets will want more on changes to the governance,” said Dec Mullarkey of SLC Management.
~~~~~~
Jensen Huang, the Nvidia chief already under a board investigation over his affair with a woman US intelligence says is a Chinese spy, also had an extramarital relationship with an Nvidia executive who reports to him, according to five people who worked at the company and spoke to The New York Times.
According to the people, the executive is Kimberly Powell, Nvidia’s vice president of health care. Huang, 63, and Powell, 48, are both married to other people, and the relationship has been discussed inside the company, the five said.
Two of the people told the paper that the pair were caught on video being affectionate at a San Jose hotel in March, during GTC, Nvidia’s annual developer conference, while company executives were meeting nearby. Three people briefed on the incident said a bystander filmed the moment on their phone, and that Huang’s security spotted the bystander, sequestered them and offered them a nondisclosure agreement. The Times says it has not seen the video.
When the paper reached Huang by phone on Wednesday and asked him about Powell, he replied: “I don’t think you should be talking to me directly.” Then he hung up. Nvidia declined to provide a statement.
Nvidia’s own code of conduct tells employees to avoid situations where their actions “create conflict,” and it lists “personal relationships” among them. The company also says it “promptly investigates reports of misconduct.” Many large corporations bar managers from relationships with subordinates.
Shares were displeased after hours (NVDA -8% from the close to its lowest since July 2025):
“It is going to be a very challenging situation,” said Michael O’Rourke, chief market strategist at Jonestrading. “Jensen had forecast 70% sales growth this year. With the vendor financing and the aggressive tactics, his successor will spend the next year putting out fires and cleaning up messes.”
“If these allegations are confirmed by the independent investigation, one has to expect the board to remove him. That is the standard for corporate governance today. Even worse this is a pattern,” he added.
While the odds of Huang resigning spiked on Polymarket.
Powell joined Nvidia in 2008 to bring its GPUs into medical imaging instruments. According to her LinkedIn, she was promoted to senior director of AI business development in 2016, and by late 2017 she was vice president of health care, overseeing programs that apply Nvidia’s chips to higher education and health care. She speaks for the company at technology conferences around the world; at GTC in March she gave a talk on AI-driven breakthroughs in health care and biology, with slides that used cartoon versions of Huang.
As we reported on Oct. 29, US officials identified Alice Huang (no relation), a former executive at Singapore-based Megaspeed, as a Chinese intelligence asset after Huang grew close to her; Beijing has denied the espionage claims. On Nov. 8 Huang admitted the affair in a memo to staff: “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did,” he wrote.
That same day Nvidia’s board opened an independent investigation, which the Times says is being led by the law firm Wachtell, Lipton, Rosen & Katz. The board said it had “no reason to believe that either national security or NVIDIA secrets were compromised.”
Meanwhile, the Republican chairs of the House Foreign Affairs, China Select and Intelligence committees have asked Huang for a closed-door briefing on Nov. 18 about his dealings with Alice Huang, and gave him until Nov. 11 to answer. Foreign Affairs Chairman Brian Mast said he is prepared to subpoena Huang if he doesn’t respond by Wednesday, the same day the Powell report landed.
Investors have already been rattled: Nvidia shares slid on Nov. 9 after the board’s probe was announced. Nvidia reports third-quarter earnings on Nov. 17, the day before Huang’s requested appearance on Capitol Hill.
END
TEXAS//TRUMP
Trump And Texas’ New Democrat Governor Are Headed For War Over The Border
Wednesday, Nov 11, 2026 – 05:20 PM
The midterms did more than change which party will control Congress for the next year. By electing Gina Hinojosa governor, Texas voters ended a decade-long partnership between Austin and Washington on the border and set the state on a collision course with the Trump administration over immigration enforcement.
President Trump said Thursday that he will step in if Texas’ incoming Democratic administration abandons the state’s role in border enforcement. A reporter put the question to him directly in the Oval Office.
“Are you ready to reinforce the Texas southern border now that democratic, the new democratic governor is removing state manpower from border defense?” the reporter asked.
“I am sure that the new governor is going to want to have security of this Texas border,” Trump said. “There were people on television two days ago saying how it’s like living in heaven compared to living in hell when Biden was there. And I’m sure they’ll continue my policy. And if they don’t continue my policy, I will.“
Democrats in Texas also captured the attorney general’s office and flipped the Texas House, giving the party control over the levers that have made Texas the federal government’s most important state partner on immigration. Republicans held the Texas Senate.
Gov. Greg Abbott (R-TX) launched Operation Lone Star and committed substantial state resources to border security, including border barriers, additional law enforcement deployments, immigration detention capacity, and transporting migrants to Democratic-led cities. The Trump administration adopted several of Abbott’s strategies and has relied on Texas for substantial help with enforcement. Texas maintains more extensive state and local cooperation with federal immigration authorities than any other state.
Despite its success, Hinojosa has dismissed Operation Lone Star as “political theatre” and insists it is an expensive waste of taxpayer money. She has already made it clear she intends to review the operation’s budget and may scale back or dismantle portions of it.
The National Guard gives her another lever. About 1,400 Guard members from 17 states currently support the Department of Homeland Security and Immigration and Customs Enforcement with logistical, transportation, and administrative work. Governors retain control over their states’ Guard personnel, which would allow Hinojosa to pull Texas troops out of the federal mission.
Trump allies say losing Texas’ cooperation would seriously undermine federal enforcement, particularly during another border crisis. White House advisers, including Stephen Miller, the architect of the administration’s enforcement policy and Trump’s new chief of staff, are expected to press Austin to keep working with federal authorities. Concern has also reached agents in the field.
“I fear that now Texas will bar any law enforcement working with us like they do in California,” one Border Patrol agent told the Washington Examiner last week.
The attorney general’s office is the second pressure point. Incoming Attorney General Nathan Johnson (D-TX) plans to review agreements between Texas law enforcement agencies and ICE and has questioned the federal 287(g) program, which lets state and local police assist with immigration enforcement.
César Cuauhtémoc García Hernández, an immigration attorney from the Rio Grande Valley and a law professor at Ohio State University, said Johnson’s win carries as much weight as Hinojosa’s.
“Ken Paxton has been at the forefront of working hand-in-hand with Republican leaders of other states, and more recently with the Trump administration, to make Texas the model of harsh immigration policies,” he said.
Local governments have already moved. Houston Mayor John Whitmire limited cooperation between city police and ICE during traffic stops, citing community trust and public safety. The change came after an ICE officer fatally shot Lorenzo Salgado Araujo, a Mexican construction worker, in July.
Opponents of immigration enforcement clearly see the midterm elections in Texas as a referendum on Trump’s immigration policies.
“We have had enough, get ICE out of our communities,” said Osvaldo Grimaldo, policy strategist on border and immigrants’ rights at the ACLU of Texas, describing what he called the message from voters “along the border and throughout the state.”
Edna Yang, co-executive director of the Austin-based group American Gateways, said she sees the results as a reaction to anger after “witnessing the cruelty towards immigrants that has been going on for the last two or so years.”
Democrats claim they intend to keep the border secure, and will only end practices they consider excessive. Rep. Joaquin Castro (D-TX) said Hinojosa could reshape how enforcement operates in the state. Advocates expect changes but say they will take time, and Rochelle Garza of the Texas Civil Rights Project urged Democrats to act on their win. “And frankly, if it’s not seized upon, it can be lost,” she said.
But despite the Democrats’ victories, there are limits on what can be done, especially since Republicans still control the state Senate.
Kristin Etter, director of policy and legal services at the Texas Immigration Law Council, outlined the limits on the new administration.
“Obviously, a new state governor can’t rewrite immigration laws, but Texas can make a difference in terms of the choices they make about how it uses its state resources,” she said.
State law stands as the largest obstacle to any pivot. A measure Abbott signed last year requires sheriffs in the 234 Texas counties that run jails to enter agreements with ICE allowing their officers to assist federal enforcement, and most counties have complied. With Republicans controlling the Senate, Democrats lack the votes to repeal it.
The Department of Homeland Security has not said whether its operations in Texas will change. “It’s too soon to tell,” a DHS official told CNN.
END
MISSISSIPPI
Mississippi Goes Blue: Democrat Scott Colom Ousts “100% MAGA” Hyde-Smith
by Tyler Durden
Wednesday, Nov 11, 2026 – 08:05 PM
Democrat Scott Colom has unseated Republican Sen. Cindy Hyde-Smith in Mississippi, NBC News, CNN and the Associated Press projected Wednesday. President Trump carried the state by 23 points in 2024, and the win gives Democrats at least 55 Senate seats next year.
Hyde-Smith called Colom late Wednesday afternoon to concede, two sources close to his campaign told CNBC.
Senate Minority Leader Chuck Schumer posted on X: “Blue Mississippi is here.”
Colom is the first Democrat Mississippi has elected to the Senate since 1982, a few weeks before he was born, and he will be the state’s first Black senator since Reconstruction. He is the eighth Democrat to flip a Republican-held Senate seat this year, and no Democrat in the next Senate will represent a redder state.
Election night ended with Colom ahead by 43 votes with more than 95% counted, as we noted the next morning. Affidavit ballots, cast provisionally when a voter’s eligibility is in question, then broke his way, as did late returns from Hinds County, home to Jackson, where he took about 80% of the vote. With an estimated 99% counted on Tuesday, he led 49.18% to 48.72%, with independent Ty Pinkins at 2.1%, according to the AP’s count as reported by CNBC.
By Wednesday afternoon the AP had Colom ahead by 4,585 votes. His campaign put the margin at 5,568 once official results from 24 counties that had certified were added, and said shortly before the call: “The data is clear: Scott Colom will be the next U.S. Senator for Mississippi and his victory is now a guarantee,” the Mississippi Free Press reported.
In a Nov. 6 Facebook statement, Hyde-Smith wrote, “We are not backing down,” adding, “This election is not over,” and promised that her team would “see this through to the very end!” according to the Free Press. Colom had lawyered up the day after the election (“We got the lawyers who are ready to make sure the law’s followed,” he said), and Democratic election lawyer Marc Elias said his firm was leading the legal effort on Colom’s behalf, the Daily Beast reported. Elias is reportedly under Justice Department investigation in the Peltola case in Alaska, as we noted Tuesday.
Colom hit Hyde-Smith over her vote for Trump’s “big, beautiful bill” and its Medicaid cuts. He branded her “Cindy High Prices” over her support for Trump’s tariffs and the costly war with Iran. One viral video from his campaign seized on her remark that Mississippians facing high beef prices “have so many proteins to choose from,” with voters saying, “Pick another protein? I’d rather pick another senator.”
“We were never a lost cause. We were a betrayed cause,” Colom told NBC News before the call, saying Hyde-Smith “gave away our voice in the war in Iran,” and faulting his own party for not competing in the state.
A majority of Mississippi voters disapproved of Trump’s job performance, according to NBC News exit polling, and majorities said his policies, tariffs included, hurt the economy and that military action in Iran was wrong.
Trump endorsed Hyde-Smith more than a year before the midterms, calling her “100% MAGA,” and he flew to Mississippi to campaign eight days before the election. Kamala Harris and Sens. Cory Booker and Raphael Warnock campaigned for Colom, and Barack Obama appeared in one of his ads.
Hyde-Smith had blocked Colom’s nomination to a federal judgeship during the Biden administration; Colom told NBC News he has since forgiven her. On Monday he blamed the Cook Political Report and other forecasters, which rated his race solidly Republican for much of the cycle, for making it harder to raise money:
Alaska is now the only Senate race left uncalled, and Democrat Mary Peltola’s lead over Sen. Dan Sullivan has grown past every vote cast for the second Dan Sullivan on the ballot.
END
WASHINGTON DC
Five Shot, One Killed In DC’s Logan Circle Rampage; Suspect Dies After Shooting Self
Thursday, Nov 12, 2026 – 10:58 AM
Summary:
- Shooter Dead After Self-Inflicted Gunshot Wound
- Fire Reportedly Breaking Out At Multi-Family Complex
- Suspect Barricaded in Multi-Family Housing Complex
- Five shot, 1 dead according to Local Police
- Washington’s Logan Circle neighborhood Active Shooter
Washington’s Logan Circle Morning Chaos Ends
New Details
Tom Harwood of GB News reveals:
Interim Chief of Police Jeffery W. Carroll says Police do have an idea who the Washington DC Vida Fitness shooter is.
Carroll reveals he is a white male, adding “we do know there was a conflict between him and the homeowners association of the building.”
Investigation is ongoing as to the exact motivation. A fire was set at some point. Sprinklers did go off. It has been contained and put out at this time.
Harwood continued:
Carroll reveals police negotiators were talking to the suspect on the phone, there was then a gunshot heard, and the suspect stopped communicating. Carroll says he can confirm the suspect shot himself.
Interim Chief of Police Jeffery W. Carroll
Incident Location
Fire Erupts At Apartment Building Where Suspected Shooter Is Barricaded
“The building where a suspected shooter is barricaded in Logan Circle, as DC Police respond to the active shooter situation at Vida Fitness, appears to be on fire,” said X user Ben Goldey, who posted an accompanying video showing flames protruding from the corner of the multifamily complex.
Five Shot In DC’s Logan Circle As Police Surround Barricaded Suspect
Troubling new developments out of Washington’s Logan Circle neighborhood this morning, where an active shooter situation has left five people shot.
This is occurring just a mile north of the White House. The shooting was reported around 8 a.m. near 15th and P streets, local outlet Fox 5 DC said, citing police.
END
SEATTLE
INSANE!!
Seattle Moves To Block Girls’ Sports Vote That Won 36 Of 39 Counties
Thursday, Nov 12, 2026 – 10:55 AM
Authored by Jonathan Turley via Jonathan Turley,
Seattle Mayor Katie Wilson announced that she and the city would back the Seattle School Board’s unanimous vote to begin legal action to block enforcement of Initiative 638, which requires separating boys and girls in K-12 sports in Washington state.
Voters overwhelmingly approved the initiative in 36 of the state’s 39 counties. Critics have charged that Wilson and other Seattle Democrats are seeking to negate the popular vote after campaigning on “saving democracy.” The greater challenge, however, is the legal basis for such an action in light of recent Supreme Court rulings.
Wilson issued a statement that she would back the School Board in refusing to accept the result of the election in order to maintain “a Seattle where every person is welcomed, supported, and valued, and where all young people can thrive as their authentic selves.”
The question is the grounds for such an action and whether the Board will burn millions on a quixotic challenge that could establish even more negative precedent for blue states on the issue.
The Court recently handed down decisions in West Virginia v. B.P.J. and Little v. Hecox, ruling in favor of such state limits. The Court specifically ruled that states can exclude transgender athletes from women’s and girls’ sports teams. Indeed, the justices ruled unanimously that laws enacted by Idaho and West Virginia rejected federal civil rights challenges.
The Kavanaugh decision states that “[c]onsistent with Title IX and the Equal Protection Clause, we hold that the States may maintain women’s and girls’ sports for biological females. They may determine eligibility for women’s and girls’ sports based on biological sex. The Constitution and Title IX do not require an overhaul of women’s and girls’ sports throughout America.”
That decision followed a 6-3 decision in United States v. Skrmetti, where the Court upheld a Tennessee law banning the use of puberty blockers and hormone therapy by transgender teenagers.
In the Kavanaugh opinion, the Court accepted that men and women have “inherent physical differences” that are “relevant to athletic performance.” It accepted the view of these states that “forcing female athletes to compete against males can create significant safety risks” in contact sports. It also found that “in virtually all competitive sports, forcing female athletes to compete against males can undermine competitive fairness.”
Thus, neither the Constitution nor Title IX are viable bases for an attack on the Washington initiative. In light of those decisions, the question is how the Board and the City will fashion its challenge to the election results on Initiative 638.
Jonathan Turley is the best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.” He teaches a course on the Constitution and the Supreme Court.
END
NVIDIA
Jensen Huang Resigns As CEO Of Nvidia, Stock Plunges
by Tyler Durden
The chaos surrounding Jensen Huang unfolded rapidly after late October 2026.
On October 29, The New York Times reported that U.S. intelligence viewed his close relationship with Alice Huang (no relation), a Chinese executive tied to Singapore-based Megaspeed (a major NVIDIA customer under investigation for possible diversion of advanced AI chips to China), as involving a Ministry of State Security asset.
Photos from Taipei events dating to 2024, plus earlier classified memos (including one overseen by Secretary of State Marco Rubio), amplified national-security concerns about export controls and influence.
On November 8, Huang publicly admitted in a letter to employees that he had been “unfaithful to my wife,” apologized for the harm to his family, and linked it to the reports; NVIDIA’s board launched an independent investigation.
Shares fell sharply amid congressional requests for briefings and references to FBI scrutiny.
The crisis accelerated within days.
On November 11, the Times reported a second extramarital affair with Kimberly Powell, NVIDIA’s vice president of healthcare who reported to Huang (including accounts of affectionate behavior at a conference).
Reports that the board was meeting to consider ousting him sent shares plunging further (roughly 8% after hours that day, contributing to hundreds of billions in market-value losses over the period) and highlighted the lack of a clear succession plan after Huang’s 33 years as co-founder and sole CEO. 
Which brings us to today…
This morning, the board announced his immediate resignation as President, CEO, and director.
CFO Colette Kress was named interim CEO (while retaining her finance role), Harvey C. Jones became the company’s first-ever Chair, and a search for a permanent successor began, leaving the AI industry and markets in uncertainty.
Here is the full press release:
NVIDIA (NASDAQ: NVDA) Board of Directors announced today that Jensen Huang has resigned as President, Chief Executive Officer, and a member of the Board, effective immediately.
Colette Kress, current Executive Vice President and Chief Financial Officer of NVIDIA, has agreed to serve as Interim Chief Executive Officer. Kress will continue to serve as Executive Vice President and Chief Financial Officer while serving as Interim Chief Executive Officer until a permanent successor has been named. The Board is initiating a search for a permanent Chief Executive Officer and will consider internal and external candidates.
Kress has served as Executive Vice President and Chief Financial Officer of NVIDIA since joining the company in September 2013. During her tenure, she has led the company’s finance organization and has played a key role in NVIDIA’s growth and evolution. Prior to joining NVIDIA, Kress spent nearly 25 years in finance roles at leading technology companies, including Cisco and Microsoft.
The Board of Directors appointed Harvey C. Jones as its first-ever Chair of the Board. Mr. Jones has been an entrepreneur, technology executive, and active venture investor for over 30 years, including serving as Chief Executive Officer and Executive Chairman of Synopsys.
“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” said Harvey Jones, Chair of the NVIDIA Board of Directors. “She is supported by an experienced leadership team that has been instrumental in executing NVIDIA’s strategy and advancing its technology roadmap. The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption.”
“NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” said Colette Kress, Interim CEO and CFO, NVIDIA. “We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders.”
Jensen’s contributions to NVIDIA are profound. NVIDIA is one of the most consequential technology companies in the world. The Board and the company thank Jensen for his immeasurable contributions to the company and the industry.
The stock is down 10% from last night’s close, extending the losses overnight…
That drags the share price to its lowest since July 2025 (more than 35% from its highs)…
The new board Chair sent a message to employees:
What happens next?
Our quick take is that this is a major governance and key-person shock, but not an immediate collapse of the AI chip business.
Huang ran a famously flat organization with dozens of direct reports, had no formal public succession plan, and was the face of NVIDIA’s strategy, lobbying, customer deals, and the broader AI narrative. Markets are now pricing that risk explicitly. Some analysts had already flagged that a forced exit could cost 20-30% in valuation.
In short: short-term chaos and discount for uncertainty, medium-term test of whether the company can institutionalize Huang’s vision without him, and a reminder that even the most dominant AI infrastructure player had extreme founder concentration risk. Earnings next week and the permanent CEO announcement will be the next clear catalysts.
The politicians are circling…
Democratic Senator Elizabeth Warren says Jensen Huang’s resignation from Nvidia “does not absolve him,” and that he and other Nvidia executives “still owe Congress answers about the company’s compliance with U.S. export controls.”
Stay tuned, we are working on a summary of Wall Street views..
TRUCKING
“They Test The Jesus In Me”: Pennsylvania Truckers Pushed To Their Limits As Diesel Prices Soar
Wednesday, Nov 11, 2026 – 10:35 PM
In Pennsylvania, truck drivers are being pushed to their limits as skyrocketing diesel prices eat into their earnings, leaving many frustrated and struggling to keep their businesses running.
For Lamar Buckwalter, owner of Buckwalter Trucking LLC, the mounting cost of keeping his trucks on the road is testing both his patience and his wallet.
“They test the Jesus in me,” Buckwalter said of fuel prices. “They’re just ridiculously expensive.”
With diesel averaging about $6.56 a gallon across Pennsylvania, according to AAA, truckers are finding themselves forced to make tough financial decisions just to stay afloat, according to CBS 21. Buckwalter says he’s become increasingly strategic about where he fills his tank, using mobile apps to compare prices and adjusting his travel plans in hopes of saving a few dollars.
“I would be paying $6.57 up in Carlisle. I can go down to Greencastle; it would be $6.59,” he said.
CBS writes that finding cheaper fuel is only part of the battle. Buckwalter says the amount he spends on diesel during a typical weeklong round trip has climbed sharply, cutting deeper into already tight profit margins.
And as a third-generation trucker with decades of experience, he says one of his biggest frustrations is that while nearly everything involved in operating a truck has become more expensive, the money drivers earn for transporting goods hasn’t kept up.
“The sad reality is we’re driving the product we’re hauling. Current day is pretty much still at the same rates as what my dad was hauling for back in the 90s,” he said.
That disconnect, Buckwalter says, has left drivers bearing much of the financial burden while consumers face higher prices on store shelves.
“We’re not making nothing. Those high prices you’re seeing in a store that hasn’t gotten passed down to us,” he said.
He also wants people to recognize that the pain at the pump doesn’t stop with the trucking industry. Rising transportation costs are creating financial pressure that reaches far beyond the drivers themselves. “It’s not just the truck. You know, everybody’s feeling the effects of the higher fuel,” he said.
And with no immediate relief in sight, Buckwalter fears the financial squeeze could drag on well into next year.
“I personally don’t think we’re going to see any kind of relief at the pump until probably end of first quarter, beginning of second quarter next year. That’s just my prediction,” he said.
For now, Buckwalter and other truckers are left navigating an increasingly expensive road ahead, paying more to deliver the goods Americans rely on while struggling to make the numbers work.
END
USA// FRANCE
French-Style Chaos Coming To America?
Thursday, Nov 12, 2026 – 05:20 AM
Anti-communist analyst Karlyn Borysenko has been on a roll describing the far left’s next move, or, as we described last week, “the next chapter in chaos,” as these groups plot their revenge on Trump and, most importantly, prepare for a French-style revolution to crash the US economy.
In a reaction clip shared Tuesday evening, Borysenko focused on a recorded Zoom call in which far-left activists plotted with their French counterparts.
In her own words:
I’m sorry—the head of the executive committee of the French teachers’ union was on the May Day Strong organizing call with the American teachers’ unions last night.
Borysenko wrote on X:
Remember a few weeks ago when I exposed the Chicago Teachers Union for working with Antifa activists in France?
They did it again over the weekend, except this time there were teachers’ unions from around the country were on the call.
This is from a May Day Strong organizing call that took place on Sunday, November 8.
May Day Strong is a coalition of leftist activists made up primarily of members of the teachers’ unions who are organizing for the May 1, 2028 mass general strike to shut down the economy.
Last week, Borysenko posted a video of United Auto Workers (UAW) President Shawn Fain, who said that the union is planning a massive labor action for “May Day 2028.”
Notably, May Day is significant to socialists and communists because it symbolizes working-class solidarity, collective action, and the struggle between labor and capital. The timing in 2028 is also important because these far-left groups plan to maximize economic turmoil ahead of the presidential election later that year.
END
RESTAURANT INDUSTRY
Restaurant Carnage Spreads As Two More Major Operators Go Bankrupt
Thursday, Nov 12, 2026 – 08:00 AM
The restaurant industry is suffering yet another brutal shakeout.
Two more major restaurant franchise operators have filed for Chapter 11 bankruptcy protection, adding to a growing list of companies struggling to survive mounting debt, rising operating costs, and financially squeezed consumers.
EYM Diner, a 30-unit Denny’s franchise operator, filed for bankruptcy on November 4, reporting between $10 million and $50 million in liabilities, according to Nation’s Restaurant News. In addition to the Denny’s franchise operator, Schlotzsky’s franchise operator has also sought Chapter 11 protection, according to TheStreet.
The operator, JPrieto Hospitality, previously ran 10 locations of the sandwich chain but has since seen its footprint shrink. The Texas-based company approximately $532,000 in assets against $350,000 in liabilities. Its annual revenue fell from $8.26 million in 2024 to $8.19 million in 2025, while revenue through November 5 totaled just $4.11 million, TheStreet reports.
However, the carnage extends far beyond breakfast diners and sandwich shops.
Wendy’s franchisee Meritage Hospitality Group filed for bankruptcy in September, after operating 314 restaurants across 15 states. The company had already closed 60 underperforming locations, with dozens more potentially facing the chopping block.
Then came Outback Steakhouse franchisee Out West Restaurant Group, which filed for bankruptcy earlier this week, bringing 61 restaurants into restructuring proceedings. Its debt had ballooned to approximately $449 million.
“Guest traffic and earnings continued to decline, while food, labor, and other production costs continued to rise,” CEO David Goronkin said, according to court filings.
KING NEWS
| The King Report November 12, 2026 Issue 7868 | Independent View of the News |
| Tehran will not move ‘a single atom’ of enriched uranium from its territory, Iranian official saysMohsen Rezaei, secretary of Iran’s Supreme National Security Council, told Lebanese outlet Al Mayadeen TV that his country would not “remove a single atom of enriched nuclear material” and that Russia is aware of Tehran’s position…https://www.washingtontimes.com/news/2026/nov/11/tehran-not-move-single-atom-enriched-uranium-territory-iranian/https://www.aljazeera.com/news/liveblog/2026/11/11/iran-war-live-hegseth-survives-impeachment-bid-iran-denies-us-talks Iran’s security chief threatens US bases in Europe if attacks resume“If the Americans make a mistake and attack us, we will not limit ourselves to nearby bases,” Mohsen Rezaei, secretary of the Supreme National Security Council, told the Beirut-based channel Al Mayadeen, which is aligned with Hezbollah and Tehran. “We may even target some American military bases in European countries.” Iran might also hit “some islands they think our missiles cannot reach,” he said.https://www.iranintl.com/en/202611114265 @DeItaone: IRAN REJECTS US RESPONSES AS PEACE TALKS REMAIN DEADLOCKEDSenior Iranian official Rezaei says Washington has failed to meet Tehran’s seven conditions, signaling no breakthrough in negotiations. Speaking to Al Mayadeen, Rezaei accused the US of providing deceptive responses and demanded a clear, explicit answer to Iran’s conditions. He said messages received through Iraq, the UAE and other intermediaries also failed to meet Tehran’s demands. Rezaei further claimed Trump and Netanyahu lack the political capacity to continue the war. Treasury Secretary Bessent took up residence at a military base after Iranian threats against his life. ‘Shouting match from hell’: Trump, Netanyahu clash over Iran warTrump is giving diplomacy another chance while Netanyahu says only regime change can permanently remove Iran’s nuclear threat; the Prime Minister’s Office denies reports the two leaders shouted, calling the account ‘fake news, complete nonsense’ https://www.ynetnews.com/article/sjoxqce0me Oil jumped over 1% on Rezaei’s threats and rebuke of the latest ‘Iran is ready to make a deal’ BS. It’s Groundhog Day! We’ve been in this Rabbit Hole for over a year! But ‘you can fool some of the people all the time!’ CoreWeave Raised Prices 35% in a Single Quarter, and That May Matter More Than Its $3.66 Billion Revenue Beat – CoreWeave (CRWV) jumped 15% in premarket trading Wednesday after its third-quarter report showed that the AI cloud provider raised prices about 25% in July and another 10% later in the quarter, a striking display of pricing power from a company whose stock had lost about 40% of its value over the past month… https://www.barchart.com/story/news/8775971/coreweave-raised-prices-35-in-a-single-quarter-and-that-may-matter-more-than-its-3-66-billion-revenue-beat Yes, CRWV’s price hikes matter way more than its revenue beat – because it is strongly inflationary!CoreWeave soars 20% as CEO reaffirms AI compute demand after strong Q3 report – CNBChttps://www.cnbc.com/2026/11/11/coreweave-crwv-outlook-earnings-ai.html Anthropic’s bankers mull raising IPO valuation to $1.5Thttps://finance.yahoo.com/technology/ai/articles/anthropic-bankers-mull-raising-ipo-115522921.html OpenAI Revenue Hits $10 Billion As Losses Reach $10.9 BillionOpenAI revenue reached $10 billion in the third quarter, up roughly 50% from the quarter before, according to internal documents reviewed by The Wall Street Journal. Over the same three months, the company’s adjusted operating loss grew to about $10.9 billion from $10.1 billion…https://finance.yahoo.com/technology/ai/articles/openai-revenue-hits-10-billion-132414139.html Axios: Scoop: Bessent confronts Lutnick over China inactionTreasury Secretary Scott Bessent confronted Commerce Secretary Howard Lutnick over a failure to place Nvidia customer Megaspeed on a list of companies that pose national security concerns…https://www.axios.com/2026/11/11/bessent-lutnick-megaspeed-nvidia-china-chips Reuters: A Chinese university with deep ties to the People’s Liberation Army bought Nvidia’s powerful H200 AI chips last month despite being on a US export blacklist, procurement records show, highlighting gaps in Washington’s efforts to curb China’s access to advanced…https://www.reuters.com/world/pla-linked-chinese-university-bought-nvidia-h200-chips-despite-us-blacklist-2026-11-11/ As we guessed, traders poured into trading sardines (AI and Fangs) early on Wednesday. The S&P 500 Index opened +65.72 points and ran to 7603.52 (+82.59) at 10:33 ET. A pro dump then appeared; the S&P 500 fell to 7571.88 at 9:47 ET. The index then relentlessly marched up to 7647.20 at 13:46 ET. The S&P 500 then commenced a tumbled that took it to 7619.94 at 14:20 ET. The decline ended on this: Vance Considers Direct Talks with Iran Hardliner in Push to End WarBecoming the face of Iran diplomacy could be politically risky for Vance, U.S. officials say – WSJ The S&P 500 Index then rallied to 7631.41 at 14:50 ET. The index then rolled over and fell to 7614.23 at 15:55 ET. The late manipulation closed the S&P 500 Index at 7619.38. Positive aspects of previous session S&P 500 +1.31%, DJIA +0.49%, DJTA +1.19%, Nas 100 +2.28%, Nasdaq +1.6%, SOX Index +5.66%SP Info Tech +2.71%, Energy +1.83%, Industrials +1.32%, Comm Services +0.91%, Financials +0.59%,Consumer Staples +0.53%, Materials +0.45%, Utes +0.26%, Heath Care +0.06%, Real Estate +0.03% Negative aspects of previous session USZs declined as much as 15/32, closed -5/32; SP Consumer Discretionary -0.36%Dec WTI Oil settled +$0.49, 0.57%; Jan Brent settled +1.39%; Dec Diesel settled +8.04¢ Ambiguous aspects of previous session The yen/$ fell to a low of 159.798. Is it time for Yen/$ intervention? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7612.82Previous session (S&P 500 Index) High/Low: 7647.20 (13:46 ET); 7571.88 (9:47 ET) @EricLDaugh: HHS Sec. Bobby Kennedy reveals he can UNLEASH because GOP Senators can’t hold his appointees hostage when they lose power in January. “Republicans in the Senate, every time I tried to do something robust, I’d get calls saying, ‘if you do that, we’re not going to confirm your appointees… The Senate no longer has ANY leverage over me…Then we have Stephen Miller, a friend of our movement — I don’t think ANYTHING is going to get in our way now!” Did I hear that right? Some Senate Republicans purposefully obstructed his MAHA efforts? Absolutely unreal. MAHA is a 2024 mandate… https://x.com/EricLDaugh/status/2120326379531022417 After the NYSE close on Wednesday, Nvidia sank as much as 8% on this NYT report: Jensen Huang Said to Have Had Relationship with Nvidia Executive Who Reports to himThe relationship, which has not been previously reported, was with Kimberly Powell, Nvidia’s vice president of health care… https://www.nytimes.com/2026/11/11/technology/jensen-huang-nvidia-affair.html Nvidia hit a high of 177.54 at 13:31 ET. It then fell to 173.73 at 15:55 ET. The afternoon tumble for equities began about 30 minutes later. This was probably ‘those in the know’ selling stocks. WSJ: Nvidia Is Preparing to Oust CEO Jensen Huang 7:17 pm ET WSJ: Nvidia CEO’s Sudden Downfall Creates Nightmare for White HouseTrump formed a tight relationship with Jensen Huang after the 2024 election. Lutnick stalled Trump’s Nvidia–China chip curbs after Oval talks – Axioshttps://www.axios.com/2026/11/11/trump-lutnick-nvidia-china-chip-export-controls Today – Traders will play the upside until fear about the October PPI release tomorrow enters minds in the afternoon. However, stocks must digest and adjust to the early Nvidia damage. ESZs -34.75; NQZs -260.25, USZs +6/32, Dec WTI -$0.53, Dec Gas -1.43¢, ¥/$ 159.515 at 20:04 ET US Treasury Auction: $25B of 30-year bonds – Look for a bounce after this tranche of the US Treasury Auctions this week. Expected Economic Data: Initial Jobless Claims 195k, Continuing Claims 1.72m; Oct Existing Home Sales 3.98m; Cleveland Fed Pres Hammack 9 ET, Fed Gov Barr 10 ET, Chicago Fed Pres Goolsbee 11:30 ET; SF Fed Pres Daly 13:10 ET S&P 500 50-day MA: 7673; 100-day MA: 7622; 200-day MA: 7332 (Close 7619.38 +1.31%)Nasdaq 100 50-day MA: 29,554; 100-day MA: 29,390; 200-day MA: 28,018 (Close 28,374.25, +2.28%) DJIA 50-day MA: 52,216, 100-day MA: 52,433; 200-day MA: 50,724 (Close 52,486.49, +0.49%) (Green is positive slope; Red is negative slope) WSJ: Trump in recent weeks has privately criticized the June memorandum of understanding that Vance helped negotiate and questioned whether it was a costly mistake, two officials said, arguing that it gave Iran critical time to regroup and rake in oil revenues before the U.S. imposed a naval blockade… Fox’s @WillRicci: Trump didn’t lack advisers willing to warn him about the Iran deal. Ratcliffe questioned whether Tehran would make nuclear concessions. Rubio and Hegseth raised concerns. Trump signed it anyway. Vance negotiated the deal. Trump approved it. But if the president believes that approach failed, why are we pursuing it again | |
-END-
SWAMP STORIES FOR YOU TONIGHT
“Best Massage Ever”: Final GOP Epstein Report Drags Obama’s White House Counsel, Clears Trump
House Oversight Republicans on Tuesday released their final word on Jeffrey Epstein, a 137-page report concluding that the crimes Epstein committed after 2005 “could have been prevented and justice served had it not been for the repeated failures of law enforcement and federal prosecutors.” It lands two months before Democrats take control of the House and the committee.
The report, the product of a 15-month investigation with 19 transcribed interviews and depositions, names a former Obama White House counsel, a sitting cabinet secretary, Bill Gates, billionaire Leon Black and House Minority Leader Hakeem Jeffries’ campaign. It also finds no documents implicating President Trump.
“The federal government has failed the survivors of Jeffrey Epstein and Ghislaine Maxwell’s horrific crimes for decades,” Chairman James Comer said. In a video released with the report, he went further: “These women endured unimaginable abuse, and the federal government failed them at nearly every turn. Had the government done its job, much of this abuse could have been prevented.”
The deal and the prosecutors
The report lays much of the blame on the 2007 non-prosecution agreement struck by the US Attorney’s Office in South Florida. Then-US Attorney Alexander Acosta’s hands-off approach, it says, “left the investigation in the hands of potential Epstein loyalists,” and the “unusually favorable” deal extended federal protection to an unknown number of “potential co-conspirators” while survivors were kept in the dark.
The committee found that Matthew Menchel, a senior decision-maker in the case, had a prior romantic relationship with his former deputy, Lilly Ann Sanchez, who went on to serve as one of Epstein’s defense attorneys. Menchel did not recuse himself, and Justice Department files show he kept meeting, dining and talking by phone with Epstein after the deal, according to the report. Asked whether Menchel should have stepped aside, Acosta told the committee: “I wish I would’ve been informed. I was not informed. I still don’t know what the details are.”
Another former prosecutor, Bruce Reinhart, left the office and was immediately hired to represent Epstein associates in civil cases, and was preparing to do so while still employed there, the report says.
Epstein’s sentence was a farce: he could leave the stockade “for up to 12 hours a day, six days a week” to work at what the report calls the “by all accounts fictitious” Florida Science Foundation, traveling by private car with off-duty sheriff’s deputies he paid. Survivors say he kept abusing women during that work release.
The names
Leon Black paid Epstein between $158 million and $170 million, “purportedly for tax and estate planning advice,” the report says. It also details a 2015 nondisclosure agreement that required Black to pay a Russian woman with whom he had a six-year affair $100,000 a month for 15 years, plus $1 million in loan forgiveness and £2 million for a UK visa, in exchange for her silence; the committee says Epstein may have helped craft such agreements. The House held Black in criminal contempt of Congress by unanimous consent on Sept. 16 after he defied the committee’s subpoenas. Last week, as we reported, Black sued Rep. Robert Garcia, the committee’s top Democrat, for defamation.
Commerce Secretary Howard Lutnick described his interactions with his former next-door neighbor as “virtually nonexistent,” but the committee confirmed a 2012 lunch with Lutnick’s family on Epstein’s island, Little St. James, and a 2011 meeting in Epstein’s foyer. Lutnick testified that it was “unsettling” that Epstein knew of his family’s travel plans.
Emails released by the Justice Department show Epstein drafting messages “seemingly in preparation to leverage sensitive information – including past relationships – against Gates” in 2013. Gates testified that he was never explicitly threatened.
Kathryn Ruemmler, President Obama’s White House counsel, kept up a relationship with Epstein after his conviction and accepted Hermès, Fendi and Prada handbags, boots and a watch. In a February 2016 exchange, Epstein asked whether they were “all set for a day of joy,” and Ruemmler replied, “best massage ever but not your kind of massage.” Epstein answered: “shame.”
The report also says Rep. Stacey Plaskett (D-VI) texted Epstein during a 2019 congressional hearing “to solicit advice on questioning a discredited witness with a vendetta against President Trump,” and that Jeffries’ campaign emailed Epstein soliciting a donation. Jeffries has said he had no recollection of the email.
The committee urged the Justice Department to investigate former Epstein assistant Sarah Kellen’s allegations of sexual abuse against former Miami Beach Mayor Philip Levine and celebrity hairstylist Frédéric Fekkai, and to re-interview Lesley Groff, Epstein’s longtime executive assistant. Levine and Fekkai have denied the allegations.
Trump, and what comes next
On the president, the report is blunt: “The consensus of every witness examined before the Committee was that President Trump – to their knowledge – was not involved in any crimes committed by Epstein and Maxwell,” and no documents from the estate, the US Virgin Islands, JPMorgan, Deutsche Bank or the Justice Department implicated him. It calls the Democrats’ focus on Trump an “unfounded witch hunt.”
On Epstein’s death, it found that guards at the Metropolitan Correctional Center missed at least 12 rounds and three inmate counts that night, leaving him without adequate supervision for nearly eight hours, but said nothing it received disproved the suicide finding.
Garcia, who is in line to take the gavel in January, called the report the product of an incomplete investigation with no public hearings. “We intend to hold real public hearings uplifting survivors and asking tough questions of the powerful men who associated with Epstein, including [President] Donald Trump,” he said, according to the Epoch Times. “Our work is just getting started.”
END
“Stuff You See In The Movies”: Democrat-Elect Goes Rogue, Reveals Shocking Threats From Party Leaders To Fall In Line
Thursday, Nov 12, 2026 – 11:10 AM
An incoming Democrat congressman is exposing the ugly consequences that he says party insiders warned him he could face if he refuses to fall in line behind House Minority Leader Hakeem Jeffries (D-NY).
Rep.-elect Don Leonard (D-OH) said on Wednesday that senior Democrats warned him he could lose committee assignments, see his legislative agenda blocked and face serious obstacles to reelection if he withholds support for Jeffries’ bid to become House speaker.
“It was actually a dinner with senior elected officials, and I let them know where my position was on the speaker, and they were offering very friendly advice with very stark consequences,” Leonard told TMZ DC. “It wasn’t in leadership. It wasn’t their position to do it. It was just friendly advice from future colleagues.”
When asked about the warnings, Leonard explained just how damaging the consequences could be.
“Committee assignments will be withheld. Ability to get legislation on the floor for votes will be difficult, and the ability to get support for re-election will be a difficult case to make,” he said. “Welcome to Washington, D.C. I’m not shocked, but I’m disappointed.”
Earlier this week, Leonard alleged that lawmakers warned that refusing to support Jeffries would mean “both making my life a living hell for the next two years here in Washington as well as being sure to lose my election in two years.”
“It’s starting to get real over here. I guess it must be Monday, “Leonard began. “Tonight I met with, we’ll call them senior members of the Democratic House, who told me in no uncertain terms that the decision as to whether or not I support Jeffries, regardless of his willingness to speak with me and meet the interests of my constituents on a couple of key issues, number one, getting a constitutional amendment to end Citizens United, and number two, ending US support for the war in Iran and the country Israel that led us into it, that that would basically mean both making my life a living hell for the next two years here in Washington, as well as being sure to lose my election in two years.”
Leonard compared the surreal scene to something straight out of a Hollywood movie.
“We kind of knew this stuff was coming,” the incoming lawmaker continued. “It’s part of the stuff you see in the movies. It’s a whole ‘nother thing when it’s in person by people who actually care about you and are cheering for you, but expect you to wear the team jersey and be a good team player.”
Despite the warnings, Leonard signaled he has no intention of backing down.
“We’re searching our hearts tonight as to how we can reach Leader Jeffries and help him be a better speaker,” he added. “At the end of the day, the big-D Democratic Party needs some little-d democracy, and I’m just a stubborn SOB, so we’ll continue meeting with our fellow members of Congress and members-elect and trying to see if we can build support for what we’re trying to do here.”
Leonard won his Ohio congressional race earlier this month, defeating Republican incumbent Mike Carey and flipping the seat for Democrats.
GREG HUNTER…
