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World briefing — November 13, 2026

As of 2026-11-13

What changed since yesterday

World trends

War & Conflict

U.S. envoys Steve Witkoff and Jared Kushner met Vladimir Putin for about two hours at the Kremlin on Nov. 12, agreed on a new round of three-way talks and briefed Volodymyr Zelenskyy near Dublin that evening; the size of the planned prisoner swap has not been disclosed. Iran denies negotiating with Washington and says Hormuz restrictions stay until its conditions are met, and oil jumped more than 3% after Trump said the U.S. does not need a deal with Iran. In Gaza, a strike on the surgical wing of Nasser Hospital in Khan Younis killed at least six people including a surgeon, while the Houthis claimed attacks on Saudi oil facilities (not independently confirmed). In Pakistan's Kohat, a TTP ambush killed 10 police officers. Intensity levels for all 14 conflicts are unchanged.

Geopolitics & Diplomacy

The new US political landscape is settling in. The AP called Mississippi's Senate race for Democrat Scott Colom on Nov. 11 and Cindy Hyde-Smith conceded, while Alaska heads to a Nov. 18 ranked-choice count with Mary Peltola ahead. The House shelved articles of impeachment against Defense Secretary Hegseth 211-204, but Democrats plan to revive the effort once they take the majority in January.

Ukraine diplomacy is shifting toward European participation. Envoys Witkoff and Kushner met Putin at the Kremlin on Nov. 12 and then Zelenskyy in Dublin, where Kushner said a deal cannot be concluded without Europe at the table. But Putin called foreign peacekeepers a 'continuation of war,' territory remains unresolved, and tangible results are so far limited to a prisoner exchange.

Europe showed both unity and division in Dublin. Some 50 delegations attended the Nov. 12 European Political Community summit and a draft declaration called for Europe's role in negotiations, but Slovakia, Czechia, Hungary and Bulgaria pushed back against Merz's linking of the EU budget to Ukraine aid, pushing Ukraine's 2027 funding to a special Brussels summit on Nov. 26-27.

In East Asia, risk management and deterrence intersect ahead of back-to-back summits in Manila (ASEAN) and Shenzhen (APEC) on Nov. 15-19. G7 foreign ministers for the first time jointly criticized China's activity east of Taiwan, drawing an angry response from Beijing, and North Korea published a revised constitution that drops reunification. Japan's ties with Russia have soured over the seizure of Japan Tobacco's assets, and Tokyo is seeking Takaichi-Putin talks at APEC.

Health crises show a split picture. Congo's Ebola outbreak has passed 11,000 cases and 5,300 deaths across eight provinces, and an ADF attack that killed 66 disrupted contact tracing, prompting MSF to warn the epidemic is out of control. Kenya, by contrast, discharged its last patient and began a 42-day countdown toward an all-clear around Dec. 23.

Latin America is managing the aftermath of leadership changes. Paraguay's Alliana government asked all ministers to put their posts at its disposal and replaced the central bank chief to contain the Ueno Bank crisis, while Venezuela's acting president Delcy Rodriguez asserted a right to raise oil output at COP31 and held her first in-person meeting with Lula. In Haiti, the UN counted 1,167 deaths in July-September as unilateral Salvadoran operations stir controversy.

In the Middle East, clashes under ceasefires overlap with political vacuums. An Israeli strike on Gaza's Nasser Hospital killed six on Nov. 12, and Israeli politics faces a Nov. 17 Knesset speaker vote and Eisenkot's Dec. 6 coalition deadline. Iran is awaiting a formal US reply after sending seven conditions via Qatar, and Turkey left Israel off the leaders' segment of COP31.

Finance & Economy

Nvidia's leadership vacuum has become a new variable for the AI trade. Jensen Huang stepped down as CEO and director effective Nov. 11, with CFO Colette Kress named interim CEO. The stock fell as much as 14% before closing down 4.34%, and buyers rotated into rivals such as AMD and Broadcom. Earnings on Nov. 17 are the first test.

Bonds caught up with the CPI shock. As trading resumed after the Veterans Day holiday, the 10-year Treasury yield jumped above 5.1% and a 30-year auction drew weak demand. Markets treat a December quarter-point hike as a given and still assign about 9-11% odds to a half-point move, making Friday's producer price data the next turning point.

Dollar strength is broadening. The dollar index hit a 19-month high around 103, the yen was held at the 160 threshold only by verbal warnings from Tokyo, and the euro slipped to the mid-1.10s. Gold fell to around $3,885, near a one-year low, and bitcoin dropped to a 12-week low.

Oil is again trading on geopolitics. Brent jumped 3.3% back above $95 after President Trump said the U.S. did not need a deal with Iran. A rebound in crude feeds inflation expectations and strengthens the case for further Fed tightening.

Asian chip markets took the first hit from the Nvidia shock. Taiwan's Taiex fell 2.63%, the Nikkei 0.70% and the KOSPI 0.61% on institutional selling. The won nonetheless firmed toward the low 1,330s alongside the yen, a level set before the dollar's surge in New York.

Anthropic's IPO will test AI sentiment next week. The offering of up to about $64.35 billion at $70-78 a share is expected to price on Nov. 18 and begin trading on Nasdaq on Nov. 19, coinciding with Nvidia's Nov. 17 earnings in setting the direction of the AI trade.

Tech & Energy

Nvidia governance shock: Jensen Huang's exit as CEO and director on Nov. 12 ends the founder-led era of the AI boom's flagship company. Interim CEO Colette Kress and first board chair Harvey Jones will steer Nvidia through third-quarter earnings on Nov. 17, and the absence of a succession plan has become the market's main worry.

Export controls get political: Allegations around Huang's relationship with a former Megaspeed executive have strengthened the case for tighter chip curbs on China. Congress wants the Chip Security Act and related bills in the defense bill, and the Trump-Xi meeting at APEC in Shenzhen on Nov. 18-19 will test the balance between extending the trade truce and tightening controls.

Ripple effects on memory and foundry: Before the resignation was announced, Seoul closed mixed on Nov. 12 with SK Hynix down 1.8%, and TSMC's ADRs were weak before the U.S. open. HBM demand and Nvidia's guidance will set the near-term direction for Samsung, SK Hynix and TSMC.

Energy supply risk returns: Houthi claims of strikes on Saudi Arabia's East-West pipeline and Yanbu, along with Iranian claims of tanker damage in Hormuz, lifted Brent 3.3% to $95.82 on Nov. 12. With even the Hormuz bypass under threat, the Middle East risk premium is rebuilding.

A pause in resource weaponization: China has extended the suspension of its expanded rare earth export controls to Jan. 10, 2027, but the licensing regime introduced in April 2025 remains. The outcome of the APEC summit is likely to shape whether the pause is extended again.

Hurdles in the race for chip self-reliance: Reports that Japan's Rapidus is behind on 2nm production and TSMC's employee data leak show technical and security risks rising together at the leading edge. Capital ties across the AI ecosystem keep deepening, however, with TSMC approving a stake in Anthropic ahead of its IPO.

Active conflicts

Key indicators

Fed policy rate3.75~4.00% ―[As of Thu 11/12] The rate is unchanged. CME FedWatch puts the odds of a quarter-point hike at the Dec. 8-9 FOMC at about 89-91% and a half-point move at about 9-11%, depending on the snapshot, with a hike all but certain. Governor Waller has said a 50bp move should be considered if core inflation runs at 0.3% or more, Dallas Fed President Logan wants at least two more increases, and Philadelphia Fed President Paulson backs "further gradual tightening." Friday's producer price index is the next test.
S&P 5007,592.40 (-0.35%) ▼[Thu 11/12 close] The index fell 26.98 points. It dropped nearly 1% early after Nvidia announced CEO Jensen Huang's resignation and recovered most of that, but a return of the 10-year yield above 5.1% and a jump in oil capped the rebound. Nvidia closed down 4.34% at $166.19, while AMD (+5.86%) and Broadcom (+5.54%) were the S&P 500's best performers. The Dow closed at 52,297.09 (-0.36%).
Nasdaq Composite25,366.09 (-0.39%) ▼[Thu 11/12 close] The Composite lost about 100 points. Nvidia fell as much as 14% intraday before paring the loss to about 4%, and buying in rivals AMD and Broadcom limited the decline. Nvidia reports on Nov. 17, and Anthropic is expected to price its IPO on Nov. 18.
US 10-year Treasury yieldabout 5.11% (5.10-5.13% by source) ▲[Around the Thu 11/12 close] As trading resumed after the Veterans Day holiday, bonds caught up with the hot October CPI and the 10-year yield jumped roughly 12-14 basis points from about 4.98-4.99% on Nov. 10. Late readings differ by source at 5.10%, 5.12% and 5.13%. Weak demand at the 30-year bond auction added pressure, and the two-year yield rose to about 4.86%.
VIX volatility index18.70 (+6.92%) ▲[Thu 11/12 close] The VIX rose 1.21 points, ending a four-day losing streak. It ranged from 17.38 to 19.34 and, despite the Nvidia shock, stayed near its 2026 average of about 18.2. One historical-data tally shows 17.60.
Oil (WTI/Brent)WTI $88.74 / Brent $95.82 ▲[Thu 11/12 settlement] Brent (January) rose 3.3% to $95.82 and WTI (December) 2.6% to $88.74 after President Trump said the U.S. could do without a deal with Iran, dimming hopes for a diplomatic breakthrough. An unexpected 4.7-million-barrel build in U.S. crude stocks was outweighed by geopolitics. Brent had traded near $91 earlier in the session.
Gold$3,885.30/oz (Nov. 12 COMEX December settlement, -2.9%) ▼[Thu 11/12 settlement] December gold fell 2.9% from the Nov. 11 settlement of $4,000.50, its third straight decline. With the dollar index at a 19-month high around 103 and the 10-year yield above 5.1%, spot gold slid as low as $3,852 intraday, its lowest in more than a year. Silver fell more sharply than gold.
BitcoinAbout $71,500 (provisional) ▼[24-hour trading, evening ET on 11/12] Bitcoin fell to around $71,200 intraday, its lowest in about 12 weeks, as risk aversion over Nvidia's CEO exit, MSCI's confirmed removal of Strategy from its indexes effective Nov. 30, and a fifth straight day of spot ETF outflows (about $1.44 billion from Nov. 5-11) combined. Liquidations totaled roughly $700 million over the day.
USD/KRW1,330.7 won (Seoul 3:30 p.m. close, 11/12) ▼[Thu 11/12 Seoul 3:30 p.m. close] The won opened at 1,336.4 but firmed alongside the yen, which was supported by Japanese intervention warnings, closing 2.9 won stronger at 1,330.7, its fourth straight gain. It touched 1,327.7 intraday in a 9.6-won range. The Seoul close predates the surge in U.S. yields and the dollar index's 19-month high in New York trading.
USD/JPYAbout 159.8 yen ―[Held at the late-New York level of Wed, Nov. 11] The dollar rose as high as 159.94 yen on Thursday, Nov. 12, its strongest since early September, before stalling near 160; closing quotes differ by source, so the prior level is kept. Japan's top currency diplomat Atsushi Mimura warned the move was too fast, but no intervention has been confirmed.
EUR/USDAbout 1.11 ―[Held at the late-New York level of Wed, Nov. 11] The euro slipped about 0.3% on Thursday, Nov. 12, trading between $1.105 and $1.11 near its lowest since May 2025, but closing quotes differ by source, so the prior level is kept. The dollar index hit 103.08 intraday, a 19-month high. ING said a break below 1.10 would need markets to price a 50bp Fed hike in December.
KOSPI5,342.73 (-0.61%) ▼[Thu 11/12 regular-session close] The KOSPI topped 5,450 early but fell 32.63 points, its first drop in three days, as institutions sold heavily amid reports of Jensen Huang's possible ouster and options-expiry flows. Foreigners were net buyers of about 347-371 billion won, depending on the tally, while institutions sold about 678-775 billion won. Foreigners bought Samsung Electronics and sold SK hynix; Samsung rose and SK hynix fell 1.80%. The KOSDAQ slid 1.22% to 696.53, back below 700. Nvidia's formal resignation announcement came after the Seoul close.

Key relations

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