Daily Financial Breakfast 12 November 2026: Nvidia CEO Removal Talks Reported by Rabobank; Iran Says Hormuz Stays Closed

Today’s Market News: Main Developments

• Nvidia’s board was considering CEO Jensen Huang’s removal, according to Rabobank, following allegations involving personal conduct and chip supplies to China.
• The Strait of Hormuz would stay shut until Iran’s leader ordered its reopening, Iran said. Commerzbank also reported Iranian claims that two more tankers had hit mines.
• 103.08 marked a year-to-date high for the US Dollar Index. Markets priced in additional Federal Reserve tightening, while gold remained below $4,000.
• 71 economists in a Reuters poll unanimously forecast a 25 basis point increase in the ECB deposit rate to 2.75% in December.
• With USD/JPY near 160, Japan’s currency diplomat Atsushi Mimura warned that exchange-rate moves had been too rapid. BoJ board member Toichiro Asada separately warned against tightening while consumption remained weak.
• Nearly 90 basis points of tightening by February 2027 were priced into India’s overnight index swaps, Commerzbank said.
• Proactive monetary tightening was appropriate to counter the risk of sustained wage growth and firms passing on those costs, Bank of England policymaker Megan Greene said.
• 18,272 per US dollar marked a record low for Indonesia’s rupiah as concerns resurfaced over the country’s emerging-market status.

Markets at a Glance

0.92% Decline in Nasdaq 100 Futures

Nasdaq 100 futures dropped 0.92% to around 28,210 during Thursday’s European session. S&P 500 futures lost 0.43% to around 7,610, while Dow Jones futures held steady near 52,580.

5% Reached by US 10-Year Treasury Yield

5% was the level reached by the US 10-year Treasury yield on Wednesday.

Boardroom Developments

Nvidia Board Weighs Jensen Huang’s Removal, Rabobank Reports

Jensen Huang’s position as Nvidia chief executive was under discussion at a board meeting, according to Rabobank’s Global Daily. The report cited personal-conduct allegations, alongside allegations that Nvidia lobbied for and supplied chips to China despite export controls.

Questions over US export-control enforcement and global semiconductor trade were linked to the reported talks by Rabobank. Its account concerned board deliberations, rather than an announced leadership change. The underlying allegations remained claims.

Energy & Geopolitical Developments

Two More Tanker Mine Strikes Reported as Iran Keeps Hormuz Closed

Only an order from the leader of the revolution would reopen the Strait of Hormuz, Iranian Armed Forces Deputy Chief of Staff Brigadier General Kioumars Heidari said, according to Al Jazeera on Wednesday. He said Tehran had closed the waterway.

Two additional oil tankers had hit mines while trying to pass through the strait, Iran’s IRGC Navy claimed, according to Commerzbank. Both vessels were reportedly on fire. Commerzbank also pointed to disruptions to LNG flows. Against a broader decline of approximately 17% in November, Brent crude gained 1.2% to $92.63 per barrel. WTI was around $85.00 per barrel earlier in Thursday’s Asian session, with losses extending into a fifth consecutive day.

Divisions persisted in US policy discussions, Rabobank reported. Direct talks with Iranian hard-liner Mohsen Rezai were reportedly being considered by Vice-President Vance. President Donald Trump, meanwhile, criticised the existing memorandum of understanding and demanded “total victory.” White House Chief of Staff Miller reportedly supported maintaining the economic blockade indefinitely.

Saudi oil output had returned close to prewar levels, Rabobank added. In a separate report, the bank said threats linked to Iran had prompted Treasury Secretary Bessent to move his family to a military base. Miller, Secretary of State Rubio and Attorney General Blanche were also living at military bases, it reported.

Currencies & Monetary Policy Developments

103.08: Dollar Index Sets Yearly High on Fed Tightening Bets

103.08 was the US Dollar Index’s Thursday peak. That marked its highest reading this year and its strongest since April 2025, after US inflation exceeded expectations and Federal Reserve commentary took a hawkish tone. A separate update on Thursday placed the index near 102.88 following the peak.

Around 28 basis points of rate increases by December and 43 basis points by the January meeting were priced into futures, according to MUFG’s Lee Hardman. These were market expectations, not announced policy decisions. Tuesday’s release had shown US core CPI holding at 0.3% month-on-month.

Below $4,000, gold was on course for a third consecutive day of losses on Thursday and traded near its lowest level in more than a week. Wednesday had seen the metal at $3,999, down 0.70%. By early Asian trading on Thursday, it had slipped to around $3,985, erasing most of the previous week’s gains.

Other major currencies also weakened against the dollar. USD/CHF gained nearly 1% on Wednesday to around 0.8335, a four-week high, as GBP/USD dropped 0.55% to below 1.3300. A second straight daily decline took EUR/USD to a two-week low. AUD/USD, meanwhile, traded close to levels last recorded in March.

71 Economists Forecast December ECB Rate Rise in Reuters Poll

71 economists unanimously predicted a December ECB rate increase. The Reuters poll, published on Thursday, showed all respondents expecting the European Central Bank to lift its deposit rate by 25 basis points to 2.75%. This was a forecast for next month’s decision, not an announced ECB policy adjustment.

160 in Focus as Japan Warns Over Rapid Currency Moves

159.94 marked USD/JPY’s highest level in more than two months. The pair subsequently traded around 159.70, down 0.10% on the day. On Thursday, Japan’s top currency diplomat Atsushi Mimura warned that recent exchange-rate moves had been too rapid, adding that “it’s still too early to forget what happened this summer.”

An overnight range of 159.48–159.95 was recorded by Societe Generale. Over the previous two days, the yen had shed nearly 1.25%. After the currency weakened to almost 164 per dollar, its lowest in about 40 years, Japan spent a record ¥15.4 trillion on yen purchases over three days between 30 July and 3 August.

Weak consumption warranted caution over rate increases, Bank of Japan board member Toichiro Asada said separately. He warned that the central bank needed to consider the risk of higher rates depressing underlying inflation.

Nearly 90 Basis Points of Tightening Priced Into India Rate Markets

Nearly 90 basis points of cumulative tightening by February 2027 were priced into India’s overnight index swap market, Commerzbank reported. Its October consumer-price inflation forecast was above 6% year-on-year, up from 5.5% in September. The bank cited elevated oil prices, robust domestic demand and an unfavourable base effect.

Inflation projections in the Reserve Bank of India’s October review stood at 6% for the fourth quarter of 2026, 5.7% for the first quarter of 2027 and 5.6% for the second quarter. These were forecasts, rather than subsequent inflation readings.

Persistent Wage Growth Risk Prompts BoE Greene’s Support for Proactive Tightening

Persistent wage pressures justified pre-emptive action, according to Bank of England Monetary Policy Committee member Megan Greene. Speaking on Wednesday, she said it was appropriate to “proactively tighten our monetary policy stance.” Her concerns were that wage growth could remain stuck at higher levels and firms could pass on those costs.

18,272 per Dollar: Indonesian Rupiah Sets Record Low

18,272 per US dollar was the Indonesian rupiah’s record low on Thursday. USD/IDR later traded around 18,260 during Asian hours. Renewed concerns about Indonesia’s emerging-market status, MSCI index issues and political uncertainty accompanied the currency’s decline.