EMEA Morning Briefing: Stock Futures Lower, Bond Yields Rise

MARKET WRAPS

Watch For:

EU GDP, trade; trading updates from Richemont, Generali, Aviva, Land Securities Group

Opening Call:

European stock futures fell early Friday. Asian stock benchmarks were mixed; the dollar and Treasury yields were flat; oil futures fell; while gold rose.

Equities:

Stock futures point to a lower open in European markets on Friday after U.S. stock benchmarks slipped as the sudden ouster of one of the key architects of the artificial-intelligence boom sent shockwaves through the technology sector.

Yorkville Ives remains bullish on Nvidia despite Jensen Huang's departure. The chip maker remains the clear leader in GPU chips for the AI revolution, roughly two to three years ahead of the nearest competitor. It thinks Nvidia's current valuation is too cheap once it gets through this storm.

Forex:

"There's been a massive hawkish recalibration at the front end of the US interest rate curve this week," which has pushed the dollar to levels not seen since the Liberation Day tariffs were announced last April, said David Scutt, market analyst at FOREX.com.

That repricing at the front end of the U.S. curve has seen yield differentials move against the euro, pushing the euro-dollar pair to fresh 2026 lows, he added.

Bonds:

The policy-sensitive 2-year Treasury yield logged its biggest four-session yield jump since the central bank's epic hiking cycle of 2022.

"This is really just a function of the market repricing Fed expectations," said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities. "And a more hawkish Fed in the months to come."

New York Fed President John Williams said Thursday that the central bank still has work to do to get monetary policy to the right place, and inflation remains too high. "I feel that the data is speaking very clearly to us," Williams said at an event in New York. "The economy is strong, labor market continues to strengthen, and inflation is persistent."

Energy:

Oil prices slipped early Friday, surrendering gains made after comments from President Trump saying the U.S. no longer needs a deal with Iran. Trump also said he would prefer Vice President JD Vance, who has taken the lead in negotiations, to shift focus elsewhere.

The market seems to be increasingly pricing diplomatic possibility as though it were already physical supply, said Terri-Leigh Bennett, COO at CMS Prime, though negotiations don't immediately restore infrastructure, normalize shipping or guarantee uninterrupted production.

Oil isn't falling because geopolitical danger has disappeared, Bennett said, rather, traders are questioning how much today's price should reflect disruption that might eventually reverse.

Metals:

Gold rebounded after falling overnight. The precious metal has fallen as higher oil prices fuel expectations of rate hikes, ANZ said. Strong U.S. economic data suggests that the Fed could even deliver a 50-basis-point hike in December, ANZ said.

A renewed selloff in bond markets has sent yields higher and is weighing on investor appetite for the nonyielding asset. The U.S. dollar index's rise above 103 puts further pressure on the yellow metal, ANZ added. Copper prices fell, as renewed concerns over U.S. inflation and interest rates weigh on sentiment, offsetting signs of improving physical demand in China, said Everbright Futures.

The metal's near-term direction remains heavily influenced by macroeconomic sentiment amid a tug-of-war between weakening overseas AI-related demand and U.S. stockpiling narratives, and tight inventories as well as strong spot premiums in China, Everbright said. Iron ore futures are likely to remain rangebound in the near term, said Baocheng Futures. "While iron ore supply has contracted, the sustainability of the pullback remains in doubt. Combined with sluggish demand, market fundamentals have yet to improve," Baocheng added.

TODAY'S TOP HEADLINES

Jensen Huang's Exit Will Test AI's Stocks, and Great-Man Theory

Wall Street once believed the artificial-intelligence boom revolved around Nvidia's Jensen Huang as planets orbit the sun. The question now is what happens when a star implodes.

Huang's resignation Thursday following revelations that he had two extramarital affairs, including one with a suspected Chinese spy, threatens the artificial-intelligence boom he helped propel and tests the great-man theory that the course of history is often determined by singular individuals.

Fed's Williams Says Still Work to Do to Get Monetary Policy to Right Place

NEW YORK-Federal Reserve Bank of New York President John Williams said the central bank still has work to do to get monetary policy to the right place, and inflation remains too high.

"I feel that the data is speaking very clearly to us," Williams said at an event in New York on Thursday. "The economy is strong, labor market continues to strengthen, and inflation is persistent."

Iran's New Cyber Playbook: Create Real-World Havoc

TEL AVIV-Operators of small-town water stations locked out of control panels across the Midwest. Networks on two Texas-bound energy tankers breached as they crossed into the Atlantic Ocean. Hundreds of refrigerators in European grocery stores ratcheted up to a blistering 120 degrees Fahrenheit.

Three cyberattacks since this summer with real-world impacts and one main suspect: Iranian hackers.

Trump Reverses Course on Iran, Tells Vance to Focus on U.S. Crime

WASHINGTON-President Trump said Thursday that the U.S. didn't need a deal with Iran and would prefer Vice President JD Vance, who has taken the lead in negotiations, work on investigating American cities run by Democrats.

"I have asked Vice President Vance to focus his complete and total attention on the Massive Corruption and Crime taking place in Democrat run Cities and States throughout the U.S.," Trump posted on social media. "We don't need a deal with Iran. Those days have long since passed. We've got their money, Hundreds of Billions of Dollars, and we've got their Strait!"

Applied Materials Sales, Profit Climb on Semiconductor Demand

Applied Materials recorded a jump in both profit and sales in the fiscal fourth quarter, fueled by artificial intelligence-driven demand for semiconductor services.

The semiconductor company posted a profit of $2.72 billion, or $3.40 a share, compared with $1.90 billion, or $2.38 a share, a year earlier.

SpaceX Plans More Than $74 Billion in Texas, Arizona Data-Center Investments

SpaceX is planning to invest more than $74 billion across two supercomputing facilities in Texas and Arizona.

The company on Thursday said it plans to spend around $24 billion on a data center in the Rio Grande Valley in Texas that will train frontier artificial-intelligence models. That project is being built on SpaceX-owned land and will generate its own electricity rather than drawing from the grid, the company said.

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Expected Major Events for Friday 00:01/UK: Oct Scottish Retail Sales Monitor

06:00/FIN: Oct CPI

07:00/TUR: Sep Balance of Payments

07:00/GER: Oct WPI

07:00/ROM: Sep Industrial production

07:00/ROM: 3Q Evolution of GDP (estimated data)

07:30/SWI: Oct Import Price Index

07:30/SWI: Oct PPI

07:30/HUN: Sep Construction

07:45/FRA: Oct CPI

08:00/SVK: Oct Core & net inflation development

08:00/SVK: Oct CPI

08:00/SPN: Oct CPI

08:00/SVK: 3Q Flash estimate of GDP

08:00/SVK: 3Q Flash estimate of total employment

09:00/CZE: Sep Monthly Balance of Payments

09:00/POL: 3Q Flash estimate GDP

09:00/FRA: Nov IEA Oil Market Report

09:00/BUL: 3Q Flash Estimate GDP

09:00/POL: Oct CPI

09:00/ITA: Sep Foreign Trade EU

09:00/POL: Sep Merchandise trade

09:00/BUL: 3Q Labour force survey

10:00/CYP: 3Q GDP (Flash Estimate)

10:00/EU: 3Q Flash Estimate GDP

10:00/EU: 3Q Flash estimate employment EU and euro area

10:00/EU: Sep Foreign trade

13:00/POL: Sep Balance of Payments

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(END) Dow Jones Newswires

November 13, 2026 00:17 ET (05:17 GMT)