Today, global risk assets are absorbing three variables at once
1｜AI capital: Nvidia founder steps down
Company announcement on November 12: Jensen Huang resigned as president, CEO, and director, effective immediately. CFO Colette Kress was appointed interim CEO, and the board has launched a formal search, considering both internal and external candidates.
The market reaction was concentrated in weekly figures: down 13% for the week, the biggest weekly decline since April 2025; down for a sixth consecutive week, the longest losing streak since 2012; and more than $573.3 billion wiped off its market value this week, equivalent to about RMB 3.82 trillion.
2｜Interest rates: U.S. PPI returns to 6.5%
October PPI rose 6.5% year over year, its highest level since November 2022; core PPI rose 5.0% year over year, unchanged from expectations and the previous reading. The market expected the headline figure to come in at 6.6%, versus 6.3% previously.
What this means for risk assets: The headline figure came in slightly below expectations, while core PPI did not fall. This shows that the data has yet to confirm a broadening of cost pressures, but inflation has also not continued to cool. A single month's reading is not enough to determine the path of interest rates.
3｜Geopolitics: Shenzhen APEC enters its final week
The APEC Economic Leaders’ Informal Meeting will be held on November 18–19, and the APEC CEO Summit on November 17–18. Regarding the purported “China-U.S.-Russia leaders’ meeting,” the exact words of China’s Ministry of Foreign Affairs on November 13 were: “We are maintaining communication with the relevant parties. If there is any further information, we will release it in a timely manner.” This acknowledges contact; it does not confirm any arrangements.
Three points to keep in mind
· Market value wiped out = price × shares outstanding, not net outflows of funds. Confusing the two can distort assessments. · 6.5% is a year-over-year figure, not month over month; it is for October alone, not the full year. · “In communication” ≠ “confirmed”—this is the most common misreading of information at present.
All data have been checked against their original sources; see the bottom of the card for sources.
This article is a news roundup and does not constitute investment advice.
1｜AI capital: Nvidia founder steps down
Company announcement on November 12: Jensen Huang resigned as president, CEO, and director, effective immediately. CFO Colette Kress was appointed interim CEO, and the board has launched a formal search, considering both internal and external candidates.
The market reaction was concentrated in weekly figures: down 13% for the week, the biggest weekly decline since April 2025; down for a sixth consecutive week, the longest losing streak since 2012; and more than $573.3 billion wiped off its market value this week, equivalent to about RMB 3.82 trillion.
2｜Interest rates: U.S. PPI returns to 6.5%
October PPI rose 6.5% year over year, its highest level since November 2022; core PPI rose 5.0% year over year, unchanged from expectations and the previous reading. The market expected the headline figure to come in at 6.6%, versus 6.3% previously.
What this means for risk assets: The headline figure came in slightly below expectations, while core PPI did not fall. This shows that the data has yet to confirm a broadening of cost pressures, but inflation has also not continued to cool. A single month's reading is not enough to determine the path of interest rates.
3｜Geopolitics: Shenzhen APEC enters its final week
The APEC Economic Leaders’ Informal Meeting will be held on November 18–19, and the APEC CEO Summit on November 17–18. Regarding the purported “China-U.S.-Russia leaders’ meeting,” the exact words of China’s Ministry of Foreign Affairs on November 13 were: “We are maintaining communication with the relevant parties. If there is any further information, we will release it in a timely manner.” This acknowledges contact; it does not confirm any arrangements.
Three points to keep in mind
· Market value wiped out = price × shares outstanding, not net outflows of funds. Confusing the two can distort assessments. · 6.5% is a year-over-year figure, not month over month; it is for October alone, not the full year. · “In communication” ≠ “confirmed”—this is the most common misreading of information at present.
All data have been checked against their original sources; see the bottom of the card for sources.
This article is a news roundup and does not constitute investment advice.
