Access all our platforms from a single account.
Asia Market Quick Take – 10 November, 2026
Key points:
- Macro: Nvidia GC linked to US smuggling probe; Trump: FBI probing Huang spy affair
- Equities: Nvidia lags, down 4.3% to a seven-month low
- FX: NZD leads G10, up 1% to 0.5600 as post-election rally extends
- Commodities: Oil plunges on Iran de-escalation; gold holds above $4,100
- Fixed income: Twist-flatten; long end leads, 10Y 4.88%
------------------------------------------------------------------
Disclaimer: Past performance does not indicate future performance.
Macro:
- Trump said further strikes on Iran are “highly unlikely” if a “very strong agreement” is reached, sending oil prices sharply lower and lifting global risk sentiment, even as new incidents in the Strait of Hormuz underscore ongoing regional instability.
- Nvidia said Sunday it is investigating Jensen Huang after he admitted to an intimate relationship with an executive at a Singaporean firm suspected of smuggling chips into China.
- China extended its suspension of the additional 24% tariff on select US imports for two more months from 10 November, maintaining a 10% levy and formalising the trade truce from the Washington summit.
- Australia’s consumer sentiment index fell 2.7% m/m to 78.2 in November, a third straight decline and lowest since November 2022, amid cost-of-living pressures and higher borrowing costs. Economic outlook and buying conditions weakened, while unemployment expectations rose; Westpac’s Matthew Hassan still does not expect an RBA rate hike in February.
- UK like-for-like retail sales rose 1.1% y/y in October, the fastest since June but just below forecasts, with total sales up 1.5%. Food sales grew 3.2% while non-food was flat. Barclays card spending rose 2.3% y/y, led by fuel and entertainment, but consumer confidence weakened amid higher costs and budget uncertainty.
- Japan’s household spending fell 6.8% y/y in September, the tenth straight drop and steepest since September 2020, as inflation and higher borrowing costs hit demand. Seasonally adjusted spending declined 2.8% m/m.
Equities:
- US - US equities posted their best session since April, with the S&P 500 surging 2.35% to 7,549.94, the Nasdaq Composite climbing 2.74% to 25,253.14, and the Dow Jones adding 2.15% (+1,104 pts) to 52,389.75. The rally was broad, with 423 of 500 S&P stocks closing higher. Meta led large-caps, rising 5.1%, while Microsoft gained 2.7% and Apple added 2.4%. Nvidia was the notable laggard, falling 4.3% to a seven-month low after CEO Jensen Huang admitted to an affair with a woman identified as a suspected Chinese spy, prompting a board investigation. In after-hours trade, Sanmina surged ~20% on earnings, while Trade Desk and Rocket Lab also moved materially higher.
- EU - European equities rebounded strongly, with the Stoxx Europe 600 rising 1.3% to 656.52, the DAX gaining 1.7% to 26,267.19, the FTSE 100 up 1.0% to 10,782.87, and the Euro Stoxx 50 advancing 1.9% to 6,290.45. Banks led gains: UniCredit jumped 6.0% after a profit beat and raised outlook, while Banco BPM surged 10.7% following a merger proposal from Credit Agricole. ASML rose 4.7%, leading tech. Infineon gained 6.3% in Frankfurt. European luxury stocks underperformed, with a basket of LVMH, Kering, Hermes and Richemont down 0.6% after Morgan Stanley cut price targets, citing weak Chinese demand. Citi downgraded US equities and upgraded Europe, citing lower AI exposure.
- Asia - Asian markets are rallying sharply, tracking Wall Street's best session in seven months. The KOSPI surged ~5.2% at the open, led by Samsung Electronics and SK Hynix each jumping over 5%, with Korea Exchange briefly activating a sidecar mechanism to suspend program buying after Kospi 200 futures rose more than 5%. The Nikkei 225 rose approximately 2.4% to 60,171.90, trading above the 60,000 level intraday. Hong Kong futures pointed to a more subdued open; two China chip suppliers — Suzhou Denglin Technology and Jiangsu Xinde Semiconductor — debuted on the HKEX after raising a combined $301 million. The STI is broadly steady, with Singapore REITs receiving a boost from improved rate expectations following the Democratic midterm sweep. The MSCI Asia Pacific Index rose 1.1% to 252.49.
Earnings this week:
- Monday: ANZ; SoftBank Corp.; Barrick Mining; KKR; UniCredit; Skydance; Constellation Energy; Take-Two Interactive
- Tuesday: SoftBank Group; Honda; Suzuki; Subaru; Kawasaki Heavy; Infineon; Petrobras; CoreWeave; Sea
- Wednesday: Recruit; Kirin; Singapore Airlines; RWE; E.ON
- Thursday: SMIC; Bridgestone; Inpex; Cisco; Siemens; Allianz; Merck; Applied Materials
- Friday: MUFG; Sumitomo Mitsui Financial; Mizuho Financial; Japan Post Bank; Singtel; Generali
FX:
- The South Korean won was the best performer among 14 major currencies on Monday, strengthening 1.66% against the dollar, driven by the sharp rebound in Korean chip stocks.
- USDJPY fell 0.4% intraday to 157.79 before steadying near 157.91–158.04. Dollar-yen remains stuck in the 157–158 range as investors await fresh catalysts; Goldman Sachs reiterated the yen as the "best FX hedge" against a deeper AI selloff, with a top forecaster targeting 147 per dollar in 2027.
- The New Zealand dollar extended post-election gains, rising as much as 1% to 0.5600 against the dollar after the weekend's domestic election results.
- USDCNH fell 0.1% to 6.6697 as the yuan gained on broad dollar weakness and dip buying in equities. The PBOC set Monday's fixing at 6.7188 per dollar. USDHKD held steady at 7.8420.
Commodities:
- Brent crude fell 5.8% to settle near $92.57/bbl and WTI dropped 4.4% to $86.43/bbl on Monday — the largest single-day decline in months — after President Trump said further strikes on Iran are unlikely. Oil has now shed nearly 13% over the past week, its biggest weekly drop since April 2020.
- Gold rose 1.7% on Monday to trade near $4,137/oz, supported by a weaker dollar and easing inflation concerns as oil fell. Gold has gained approximately 5% over the past week. ETF buying has resumed, adding further support.
- Henry Hub natural gas futures jumped as much as 8.3% on Monday — the largest move in six weeks — after forecasts for cooler weather along the Atlantic seaboard triggered a short squeeze, forcing hedge funds to unwind large bearish positions.
Fixed income:
- The curve twist-flattened on Monday, with 2-year yields rising ~3bp to close around 4.56% as risk appetite returned, while the long end outperformed with 10-year yields settling at 4.88% and 30-year at 5.28%. The late drop in oil provided some support into the close. A $42 billion 10-year note auction is scheduled for today.
- The Treasury sold $58 billion in 3-year notes at 4.627%, tailing the when-issued yield by half a basis point. Bidding metrics were otherwise solid, with direct bidders taking a record share of the allotment at 35.04% of takedown. The high yield was sharply lower than October's 4.932%.
- Several major dealers including Barclays shifted to neutral on duration from bullish following strong October payrolls data. The Treasury market rally post-election is seen as largely exhausted, with focus now squarely on today's CPI print and the probability of a December Fed rate hike. Fed speakers Goolsbee and Barkin both signalled further tightening may be warranted.
For a global look at markets – go to Inspiration.
This content is marketing content and should not be considered investment advice. Trading financial instruments carries risks and historic performance is not a guarantee for future performance.
The instrument(s) mentioned in this content may be issued by a partner, from which Saxo receives promotion, payment or retrocessions. While Saxo receives compensation from these partnerships, all content is conducted with the intention of providing clients with valuable options and information.