Daily Financial Breakfast 12 November 2026: Rabobank Reports Nvidia CEO Removal Talks While Iran Says Hormuz Remains Closed

Market News Today: Key Takeaways

• Rabobank reported that Nvidia’s board was discussing removing CEO Jensen Huang following personal-conduct and China chip-supply allegations.
• Iran said the Strait of Hormuz would remain closed until its leader ordered otherwise, while Commerzbank reported Iranian claims that two additional tankers had struck mines.
• The US Dollar Index reached a year-to-date high of 103.08 as markets priced further Federal Reserve tightening, while gold traded below $4,000.
• All 71 economists in a Reuters poll expected the ECB to raise its deposit rate by 25 basis points to 2.75% in December.
• Japan’s currency diplomat Atsushi Mimura warned that currency moves had been too fast as USD/JPY traded near 160, while BoJ board member Toichiro Asada cautioned against tightening amid weak consumption.
• India’s overnight index swaps priced nearly 90 basis points of tightening by February 2027, according to Commerzbank.
• Bank of England policymaker Megan Greene said proactive monetary tightening was appropriate to guard against persistent wage growth and firms passing on those costs.
• Indonesia’s rupiah reached a record low of 18,272 per US dollar amid renewed concerns over the country’s emerging-market status.

Market Developments

U.S. Equity Futures

During Thursday’s European trading hours, Dow Jones futures were steady around 52,580, while S&P 500 futures fell 0.43% to around 7,610 and Nasdaq 100 futures declined 0.92% to around 28,210.

U.S. Government Bonds

The US 10-year Treasury yield reached 5% on Wednesday.

Corporate Governance

Rabobank Reports Nvidia Board Discussions on Removing Jensen Huang

Nvidia’s board was meeting to discuss removing Jensen Huang as chief executive, Rabobank said in its Global Daily, citing personal-conduct allegations and allegations that the company lobbied for and supplied chips to China despite export controls.

Rabobank linked the reported discussions to questions about US export-control enforcement and the global semiconductor trade. The account described board deliberations, not an announced leadership change; the underlying allegations remained claims.

Geopolitics & Energy

Iran Says Hormuz Will Stay Closed as Tanker Mine Strikes Are Reported

Iranian Armed Forces Deputy Chief of Staff Brigadier General Kioumars Heidari said Tehran had closed the Strait of Hormuz and would reopen it only on the order of the leader of the revolution, Al Jazeera reported on Wednesday.

Commerzbank said Iran’s IRGC Navy claimed that two additional oil tankers struck mines while attempting to transit the waterway, with both vessels reportedly on fire. The bank also cited disrupted LNG flows. Brent crude rose 1.2% to $92.63 per barrel, against a broader November decline of approximately 17%. Earlier in Thursday’s Asian session, WTI traded around $85.00 per barrel, extending losses for a fifth consecutive day.

US policy discussions remained divided, according to Rabobank. Vice-President Vance was reportedly considering direct talks with Iranian hard-liner Mohsen Rezai, while President Donald Trump criticised the existing memorandum of understanding and demanded “total victory.” White House Chief of Staff Miller reportedly favoured continuing the economic blockade indefinitely.

Rabobank also said Saudi oil production had recovered close to prewar levels. Separately, it reported that Treasury Secretary Bessent had moved his family to a military base following threats linked to Iran, and that Miller, Secretary of State Rubio and Attorney General Blanche were also residing at military bases.

Monetary Policy & Currencies

Dollar Index Hits 103.08 as Markets Reprice Fed Tightening

The US Dollar Index reached 103.08 on Thursday, its highest level of the year and its strongest since April 2025, following stronger-than-expected US inflation data and hawkish Federal Reserve commentary. A separate Thursday update put the index near 102.88 after that peak.

MUFG’s Lee Hardman said futures priced around 28 basis points of rate increases by December and 43 basis points by the January meeting. These figures reflected market pricing rather than announced policy decisions. US core CPI had held at 0.3% month-on-month in Tuesday’s release.

Gold traded below $4,000 for a third consecutive day of losses on Thursday, near its lowest level in more than a week. It had traded at $3,999, down 0.70%, on Wednesday before falling to around $3,985 in early Asian trading on Thursday, giving up most of the previous week’s gains.

The dollar’s advance extended across major currencies. On Wednesday, USD/CHF rose nearly 1% to around 0.8335, a four-week high, while GBP/USD fell 0.55% below 1.3300. EUR/USD declined for a second consecutive day to a two-week low, and AUD/USD hovered near levels last seen in March.

Reuters Poll Shows Unanimous Forecast for December ECB Rate Increase

All 71 economists surveyed in a Reuters poll published on Thursday expected the European Central Bank to raise its deposit rate by 25 basis points to 2.75% in December. The unanimous forecast concerned next month’s decision, rather than an announced ECB policy change.

Japan Warns Against Rapid Currency Moves as Yen Trades Near 160

Japan’s top currency diplomat, Atsushi Mimura, said on Thursday that recent currency moves had been too fast, adding that “it’s still too early to forget what happened this summer.” USD/JPY traded around 159.70, down 0.10% on the day, after reaching 159.94, its highest level in more than two months.

Societe Generale recorded an overnight range of 159.48–159.95. The yen had lost nearly 1.25% over the preceding two days. Japan spent a record ¥15.4 trillion buying yen over three days between July 30 and August 3, after the currency weakened to nearly 164 per dollar, its lowest level in about 40 years.

Separately, Bank of Japan board member Toichiro Asada said the central bank needed to be mindful that rate increases could push down underlying inflation because consumption lacked momentum.

India Rate Markets Price Nearly 90 Basis Points of Tightening

India’s overnight index swap market priced cumulative tightening of nearly 90 basis points by February 2027, according to Commerzbank. The bank forecast October consumer-price inflation above 6% year-on-year, compared with 5.5% in September, citing high oil prices, strong domestic demand and an unfavourable base effect.

In its October review, the Reserve Bank of India projected inflation of 6% in the fourth quarter of 2026, followed by 5.7% in the first quarter of 2027 and 5.6% in the second quarter. Those figures were projections, not subsequent inflation readings.

BoE’s Greene Backs Proactive Tightening Against Wage Persistence

Bank of England Monetary Policy Committee member Megan Greene said on Wednesday that it was appropriate to “proactively tighten our monetary policy stance.” She cited the risk that wage growth would become stuck at higher levels and that firms would pass those costs on.

Indonesian Rupiah Falls to Record Low of 18,272 per Dollar

The Indonesian rupiah weakened to a record 18,272 per US dollar on Thursday, with USD/IDR subsequently trading around 18,260 during Asian hours. The decline came amid renewed concerns over Indonesia’s emerging-market status, MSCI index issues and political uncertainty.