Daily Financial Breakfast 12 November 2026: Rabobank Reports Discussions on Removing Nvidia CEO; Hormuz Still Closed, Iran Says

Market News Today: What Is Driving Markets?

• Jensen Huang’s position as Nvidia CEO was being discussed by the company’s board following allegations concerning personal conduct and chip supplies to China, Rabobank reported.
• The Strait of Hormuz would remain shut pending an order from Iran’s leader, Iran said; separately, Commerzbank relayed Iranian claims of mine strikes involving two additional tankers.
• Further Federal Reserve tightening was being priced into markets as the US Dollar Index touched a year-to-date high of 103.08 and gold remained under $4,000.
• A December increase of 25 basis points in the ECB deposit rate to 2.75% was the forecast of all 71 economists surveyed by Reuters.
• With USD/JPY trading close to 160, the pace of currency movements drew a warning from Japan’s currency diplomat Atsushi Mimura. Weak consumption, meanwhile, led BoJ board member Toichiro Asada to urge caution over tightening.
• Nearly 90 basis points of tightening by February 2027 were reflected in India’s overnight index swaps, according to Commerzbank.
• The risk of sustained wage growth and companies passing on those costs warranted proactive monetary tightening, Bank of England policymaker Megan Greene said.
• Renewed worries about Indonesia’s emerging-market status accompanied a slide in the rupiah to a record low of 18,272 per US dollar.

How Are Financial Markets Moving?

How Are U.S. Equity Futures Performing?

Losses in S&P 500 and Nasdaq 100 futures contrasted with a steady Dow Jones during Thursday’s European trading hours. S&P 500 futures were down 0.43% at around 7,610 and Nasdaq 100 futures lost 0.92% to around 28,210, while Dow Jones futures remained around 52,580.

Where Are U.S. Government Bond Yields?

Wednesday saw the US 10-year Treasury yield touch 5%.

What Is Happening in Corporate Governance?

What Has Rabobank Reported About Nvidia’s Board and Jensen Huang?

A board meeting to consider Jensen Huang’s removal as Nvidia chief executive was reported in Rabobank’s Global Daily. The bank cited allegations about personal conduct, as well as claims that Nvidia had lobbied for and supplied chips to China despite export controls.

Questions surrounding the enforcement of US export controls and global semiconductor trade formed the backdrop to the reported talks, according to Rabobank. No leadership change had been announced: its report concerned board deliberations, and the allegations underlying them remained claims.

How Is Geopolitics Affecting & Energy?

When Could Hormuz Reopen as Reports Emerge of Tanker Mine Strikes?

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

According to Commerzbank, Iran’s IRGC Navy claimed mine strikes had hit two additional oil tankers attempting to cross the waterway; reports said both vessels were on fire. Disruption to LNG flows was also cited by the bank. Despite an overall November fall of approximately 17%, Brent crude advanced 1.2% to $92.63 per barrel. WTI, by contrast, was around $85.00 per barrel earlier in Thursday’s Asian session as its decline continued for a fifth consecutive day.

Rabobank described continuing differences within US policy discussions. While Vice-President Vance was reportedly weighing direct talks with Iranian hard-liner Mohsen Rezai, the existing memorandum of understanding drew criticism from President Donald Trump, who demanded “total victory.” Reports also indicated that White House Chief of Staff Miller supported an indefinite continuation of the economic blockade.

Saudi oil output was back near prewar levels, Rabobank added. In a separate account, the bank said threats linked to Iran had led Treasury Secretary Bessent to relocate his family to a military base. It also reported that military bases were serving as residences for Miller, Secretary of State Rubio and Attorney General Blanche.

What Is Driving Monetary Policy & Currency Markets?

Why Did the Dollar Index Reach 103.08 as Fed Tightening Bets Shifted?

Stronger-than-expected US inflation and hawkish comments from the Federal Reserve propelled the US Dollar Index to 103.08 on Thursday. The reading was both a high for the year and the strongest since April 2025. Following that peak, another Thursday update showed the index at around 102.88.

According to MUFG’s Lee Hardman, futures implied rate increases of around 28 basis points by December and 43 basis points by the January meeting. These were expectations embedded in market prices, not policy decisions that had been announced. Tuesday’s US core CPI release had shown an unchanged monthly pace of 0.3%.

A third consecutive day of declines left gold below $4,000 on Thursday, close to its weakest level in more than a week. After trading at $3,999 on Wednesday, a fall of 0.70%, the metal slipped to around $3,985 in early Asian trading on Thursday. That retreat erased most of its gains from the previous week.

Other major currencies also came under pressure from the stronger dollar. Wednesday brought a gain of nearly 1% in USD/CHF to around 0.8335, its highest in four weeks, alongside a 0.55% drop in GBP/USD to below 1.3300. A second consecutive daily fall pushed EUR/USD to a two-week low, while AUD/USD stayed around levels not seen since March.

Why Do All Economists in the Reuters Poll Expect a December ECB Rate Rise?

A Reuters poll released on Thursday found complete agreement among its 71 economists: each expected a 25 basis point rise in the European Central Bank’s deposit rate to 2.75% in December. Their forecast referred to the decision due next month; it did not represent an announced change in ECB policy.

Why Is Japan Warning About Currency Moves With the Yen Near 160?

Recent currency movements had been too rapid, Japan’s top currency diplomat Atsushi Mimura said on Thursday, warning that “it’s still too early to forget what happened this summer.” Having touched 159.94, its highest point in more than two months, USD/JPY was around 159.70, a daily decline of 0.10%.

The overnight trading range was 159.48–159.95, according to Societe Generale, following a loss of nearly 1.25% in the yen over the previous two days. Between 30 July and 3 August, Japan had used a record ¥15.4 trillion to buy yen over three days. That intervention followed the currency’s fall to nearly 164 per dollar, its weakest in about 40 years.

In separate comments, Bank of Japan board member Toichiro Asada urged the central bank to recognise the risk that higher rates could depress underlying inflation, given the lack of momentum in consumption.

What Is Behind India’s Pricing of Nearly 90 Basis Points of Tightening?

Commerzbank said India’s overnight index swap market implied a cumulative increase of nearly 90 basis points by February 2027. With oil prices high, domestic demand strong and the base effect unfavourable, the bank expected consumer-price inflation to exceed 6% year-on-year in October, against 5.5% in September.

The Reserve Bank of India’s October review put projected inflation at 6% for the fourth quarter of 2026, easing to 5.7% in the first quarter of 2027 and 5.6% in the second quarter. These numbers represented projections rather than inflation readings released subsequently.

Why Does BoE’s Greene Favour Proactive Tightening Over Wage Risks?

Concern that wage growth could stay entrenched at higher levels, with firms passing on the resulting costs, underpinned comments from Bank of England Monetary Policy Committee member Megan Greene on Wednesday. She said it was appropriate to “proactively tighten our monetary policy stance.”

What Drove the Indonesian Rupiah to a Record 18,272 per Dollar?

Renewed concerns about Indonesia’s emerging-market status, issues involving MSCI indices and political uncertainty weighed on the rupiah on Thursday. The currency hit a record low of 18,272 per US dollar, before USD/IDR traded at around 18,260 during Asian hours.