한국어
Briefing › Archive

World briefing — November 14, 2026

As of 2026-11-14

What changed since yesterday

World trends

War & Conflict

At an informal summit in Dublin on Nov. 13, the EU agreed that its institutions plus the UK, France, Germany, Italy and Poland will represent Europe at next week's Ukraine talks in Abu Dhabi, though the Kremlin has not accepted the format. Iran's Revolutionary Guard claimed it destroyed a US radar in Bahrain, while US forces said they shot down two drones headed for Bahrain with no damage, pulling Bahrain back into the Iran war. In eastern Congo the FRN, formerly M23, pushed about 50 km toward Walikale in a major South Kivu offensive; in Haiti, Salvadoran troops and Haitian police retook the national stadium; and Sudan's army said it recaptured Al-Khuway in West Kordofan. Intensity levels for all 14 conflicts are unchanged.

Geopolitics & Diplomacy

How Europe will sit at the Ukraine negotiating table has been settled. At an informal summit in Dublin on November 13, EU leaders chose not to name a single envoy and agreed that the EU institutions plus the E5 - the UK, France, Germany, Italy and Poland - will represent Europe. The EU will handle reconstruction and Ukraine's European path while the Coalition of the Willing handles security guarantees, but the role of foreign policy chief Kaja Kallas remains unresolved and one diplomat called the setup 'not ideal'. The Kremlin is noncommittal, saying Europe must show 'readiness to contribute', and the budget and Ukraine financing dispute moves to a special summit on November 26-27.

The US-Iran standoff has sharpened again. Trump said on Nov. 12 that the US does not need a deal with Iran, and on Nov. 13 the Revolutionary Guard claimed it destroyed a US radar in Bahrain in retaliation for a strike on Sirik. US Central Command said it shot down two drones and reported no damage. The Guards also said an LPG tanker exploded after hitting a mine in the Strait of Hormuz, and the Qatar-mediated talks over Iran's seven conditions appear to be losing momentum.

Risks to Gulf energy infrastructure are rising. The Houthis claimed on November 12 that they attacked Saudi Arabia's East-West pipeline, an oil facility in Yanbu and an Aramco building in Riyadh, while the coalition said it intercepted two drones. With those claims and reports of tanker strikes near Hormuz, Brent crude settled up 3.3% at $95.82 on November 12.

Ahead of a week of Asian summitry, talk of a US-China-Russia trilateral has emerged. The New York Post reported that Trump will hold a nuclear arms control-focused meeting with Xi and Putin on the sidelines of APEC in Shenzhen on November 19, but China remains cool on trilateral disarmament talks and nothing has been officially confirmed. Trump is due in Manila on November 16 for the ASEAN summit and a Quad leaders' meeting, where he is expected to press countries to join Pax Silica.

Violence continued on Ukraine's front and in Russia's rear. A strike on an apartment block in Zaporizhzhia on November 13 injured more than 50 people and a rescue worker was killed, while two people died in Odesa. The same day in Moscow, a former spokesman for ex-Ukrainian prime minister Mykola Azarov was seriously injured in a car explosion, and Russian investigators opened an attempted-murder case.

In Africa and the Caribbean, state power and health crises intersect. In the Democratic Republic of Congo, Ebola has reached 11,114 confirmed cases and 5,433 deaths (ECDC, data through November 10), while President Tshisekedi's signing of a referendum law has raised fears of a third-term bid and drawn opposition resistance. In Haiti, Salvadoran troops and Haitian police on November 12 retook the Sylvio Cator national stadium, held by gangs for two years, and turned it into a forward base.

In Gaza, six more people were killed a day after the November 12 strike on Nasser Hospital as attacks continue despite the ceasefire. No major new natural disaster was identified in this period; recovery from Nepal's glacier flood and the response to Congo's Ebola outbreak remain the main humanitarian concerns.

Finance & Economy

Producer prices cooled on the month but hit a high on the year. October PPI rose 0.3%, slightly below the 0.4% forecast, but the annual rate reached 6.5%, the highest since November 2022, and a measure excluding food, energy and trade services rose 0.5% for a second month. Odds of a quarter-point hike in December held at about 88-91%.

The Nvidia leadership shock stretched into a second day. HSBC cut the stock, citing CEO uncertainty, and shares fell another 2% to $162.85, leaving nearly $600 billion in market value erased since the resignation. The Nasdaq fell 0.91%, but more than 60% of S&P 500 members rose, showing the selling was concentrated in AI heavyweights.

Yields and the dollar kept climbing. The 10-year Treasury yield ended near 5.15% after touching 5.17%, its highest since October, and the dollar index logged its best week since September near a 19-month high. The dollar tested 160 yen, and the euro slid to its weakest since April 2025.

Oil was stuck between a supply glut and geopolitical risk. The IEA forecast the first surplus since the Iran war in the fourth quarter as Gulf exports recover, and WTI slipped to $88.56 while Brent hovered near $96, both posting a second weekly decline.

Haven and risk assets fell together. Gold lost about 4.5% for the week, its worst since June, and bitcoin dropped below $69,000 to its lowest since mid-August. High rates and a strong dollar are squeezing both non-yielding assets and leveraged positions.

Asian stocks could not hold early gains. The KOSPI broke above 5,500 before foreign selling of more than 700 billion won pushed it down 0.98% to 5,290.53, and the won weakened to 1,336.7 per dollar. Taiwan's Taiex rebounded 1.35%, while the Nikkei gave back much of its intraday rally.

Tech & Energy

Market cost of Nvidia's leadership vacuum: Nvidia fell about 13% in the week of Huang's exit, its worst week since April 2025, and HSBC cut its price target by more than half to $170 from $365.

Export-control friction: China's foreign ministry said on Nov. 13 it opposes the misuse of export controls and urged both sides to honor their leaders' consensus, sharpening the tension between chip curbs and the trade truce ahead of the APEC meeting.

Mixed reaction across Asian supply chains: Taiwan's Taiex rose 1.35% on Nov. 13 for a 10% weekly gain, while in Korea SK hynix gave up intraday gains to close down 3.03% and the KOSPI fell 0.98%. Uncertainty at Nvidia appears to weigh more directly on HBM suppliers.

A test for AI capital markets: Anthropic is marketing an IPO of up to $64.4 billion at $70 to $78 a share, with pricing expected Nov. 18 and a Nasdaq debut on Nov. 19. A mega AI listing amid Nvidia's slide will be a barometer for investor sentiment.

Oil surplus returns, diesel bottleneck persists: The IEA expects a return to surplus in the fourth quarter as Gulf exports recover but warned diesel remains tight and urged members to consider further releases. The US extended its Jones Act waiver by 90 days, and UK diesel prices are falling far less than crude.

Pressure on Russian refining continues: Ukraine struck the Volgograd refinery, at least the eighth Russian refinery hit since Oct. 30. Saudi authorities have not confirmed damage from the Houthis' claimed pipeline attacks, and Brent held near $96.

Active conflicts

Key indicators

Fed policy rate3.75~4.00% ―[As of Fri 11/13] The rate is unchanged. October producer prices rose 0.3% on the month, slightly below the 0.4% forecast, but the annual rate hit 6.5%, the highest since November 2022. After the release, markets still put the odds of a quarter-point hike at the Dec. 8-9 FOMC at about 88-91%, depending on the snapshot, treating a hike as all but certain.
S&P 5007,561.67 (-0.40%) ▼[Fri 11/13 close] The index fell 30.73 points as AI heavyweights weighed amid lingering concern over Nvidia's leadership gap, though more than 60% of S&P 500 members rose. The Dow added 50.46 points, or 0.1%, to 52,347.55. October PPI came in slightly below forecast on the month but the 6.5% annual rate kept inflation worries alive. The S&P 500 gained about 2.5% for the week, its first weekly advance since October.
Nasdaq Composite25,136.27 (-0.91%) ▼[Fri 11/13 close] The Composite lost about 230 points. Nvidia closed down 2.01% at $162.85 after HSBC cut the stock to hold, citing CEO uncertainty; the company has shed nearly $600 billion in market value this week since the resignation announcement. Rival chipmakers such as AMD, which surged a day earlier, also fell sharply. Nvidia reports on Nov. 17, and Anthropic is expected to price its IPO on Nov. 18.
US 10-year Treasury yieldabout 5.15% ▲[Around the Fri 11/13 close] The 10-year yield rose about 5 basis points from roughly 5.10% a day earlier. It touched 5.17% intraday, its highest since October, and some midday readings showed 5.13-5.14%. The two-year yield edged up to about 4.87%. A softer monthly PPI print was offset by the 6.5% annual rate and expectations of a December hike.
VIX volatility index18.70 ―[Thu 11/12 close retained] Friday's close was reported at 19.30 (+3.21%) by a single source and is shown here as provisional only. Tech weakness and inflation worries lifted volatility, but the index appears to have stayed below 20.
Oil (WTI/Brent)WTI $88.56 / Brent $95.82 ▼[WTI: Fri 11/13 settlement; Brent: Thu 11/12 settlement retained] WTI (December) settled 18 cents (0.2%) lower at $88.56. Reported Brent (January) settlements for Nov. 13 ranged from $95.84 to $95.97 by source, so the previous settlement is kept. In its November report the IEA forecast the market will swing to its first surplus since the Iran war in the fourth quarter, about 1.7 million barrels a day, as Gulf exports recover.
Gold$3,885.30/oz (Nov. 12 COMEX December settlement, -2.9%) ―[Thu 11/12 COMEX December settlement retained] Reported settlements for Friday differ by source. Spot gold edged up 0.1% to $3,879.71 but fell about 4.5% on the week, its biggest weekly drop since early June, as 5.1% Treasury yields and a 19-month high in the dollar capped gains.
BitcoinAbout $68,500 (provisional) ▼[24-hour trading, ET on 11/13] Bitcoin slipped below $69,000, hitting a 24-hour low of $67,922, its lowest since mid-August. Concentrated liquidations of leveraged longs, about $1.2-1.4 billion in a day depending on the tally, a sixth straight day of spot ETF outflows and MSCI's removal of Strategy from its indexes effective Nov. 30 weighed. Quotes range from $68,000 to $69,000 by source.
USD/KRW1,336.7 won (Seoul 3:30 p.m. close, 11/13) ▲[Fri 11/13 Seoul 3:30 p.m. close] The won opened 5.3 won weaker at 1,336.0, reflecting the jump in U.S. yields and the dollar index's 19-month high in New York, and closed 6.0 won (0.45%) weaker at 1,336.7, ending a four-day winning streak. Heavy foreign selling of Korean stocks added pressure.
USD/JPYAbout 159.8 yen ―[Wed 11/11 late New York level retained] The dollar tested 160 yen on Friday, Nov. 13 (high about 160.1) before slipping to 159.5-159.9 late in New York amid intervention worries (varies by source). The yen lost about 1% this week, its biggest weekly drop since September. Finance Minister Katayama warned against one-sided moves, but no actual intervention has been confirmed.
EUR/USDAbout 1.105 (1.100-1.107 by source) ▼[Late New York, Fri 11/13] The euro fell as low as $1.1043, its weakest since April 2025, and posted a third straight weekly loss of about 0.7%. The softer monthly U.S. PPI offered little relief. The dollar index held near a 19-month high in the low-to-mid 103s, on course for its best week since September.
KOSPI5,290.53 (-0.98%) ▼[Fri 11/13 regular-session close] The KOSPI opened 2.05% higher at 5,452.41 and hit 5,504.44 early, but turned lower on afternoon foreign selling to close down 52.20 points. Foreigners sold a net 703.4 billion won and institutions about 22 billion won. Large chipmakers led the decline, and utilities fell 7.7% as Korea Electric Power slumped on a third-quarter earnings miss. The KOSDAQ rose 0.45% to 699.66.

Key relations

View on the map →
← Previous day (2026-11-13)