Market Wrap: Europe Breaks Records, Another Scandal at Nvidia

Date: November 12, 2026

Market Overview

Global market sentiment is notably divided today. European stock exchanges, including the DAX and STOXX 600, are reaching new record highs, while U.S. index futures are under pressure due to fresh controversies surrounding Nvidia. Nasdaq 100 futures are down approximately 0.6%, and S&P 500 futures are down around 0.3%, primarily driven by a more than 5% drop in Nvidia shares during pre-market trading. Asian markets are mixed, with the MSCI Asia Pacific down 0.8%, Nikkei 225 down 0.7%, and Hang Seng down 1.3%. The VIX volatility index has increased by about 2%.

Nvidia Scandal

Nvidia is at the center of today's market developments. Reports indicate that the company's board is searching for a successor to CEO Jensen Huang, following an investigation into his personal affairs, including allegations of an affair with a woman accused of espionage for China. This situation raises concerns about broader implications beyond Nvidia's stock price, which has fallen about 6% in pre-market trading. The geopolitical aspect of this issue is significant, as it tests the U.S.-China trade truce set to expire in January, with Democratic senators demanding the preservation of documents related to Nvidia's chip exports to China. Despite these challenges, long-term trends in AI are expected to remain unaffected. Competitors such as AMD, Broadcom, and Alphabet are currently gaining market traction.

European Market Performance

European trading floors are dominated by buyers, with indices reaching record highs. Germany's DAX index has surpassed the 27,000-point mark for the first time, driven by optimism surrounding the AI boom and strong corporate earnings, particularly from Siemens, which reported record profits. The DAX's favorable backdrop includes declining energy prices, positive quarterly results, and expectations for sustained economic recovery. Recent macroeconomic data supports this outlook, with the German government's economic advisers raising the GDP growth forecast for the year to 1.3%, and the UK's GDP growing by 0.7% quarter-on-quarter in Q3, marking its fastest growth in two and a half years. The DAX is up about 1.1%, with other regional markets also advancing: France's CAC 40 is up around 0.5%, the UK's FTSE 100 is up 0.2-0.3%, and both the Euro Stoxx 50 and the pan-European STOXX 600 are gaining about 0.5%, with the latter extending its winning streak to four sessions.

Foreign Exchange Market

In the FX market, the EUR/USD pair remains steady, up 0.03%, while the U.S. dollar index (DXY) has slightly decreased to 102.8 points. The GBP/USD pair is also stable, down 0.04%, with strong UK GDP data not translating into significant gains for the pound. The USD/JPY exchange rate is hovering just below the psychological 160 level at around 159.68, showing minimal movement.

Commodities Market

In commodities, Brent crude oil has pulled back by about 0.3% to $92.3 per barrel, while WTI is down roughly 0.5% to around $86, pressured by easing geopolitical tensions. Natural gas prices in Europe are surging over 3% to around €89.6/MWh, driven by supply concerns ahead of winter. Gold is down over 1%, dropping below $3,950 per ounce, and silver is also down more than 1% to around $51, both affected by rising U.S. Treasury yields and hawkish Federal Reserve expectations.

Top Gainers and Losers

Top Gainers

• Siemens AG (SIE.DE): Up 2.8% following record full-year results and a 22% rise in Q4 industrial profit.
• LVMH (MC.FR): Shares up over 2%, rebounding from lows as the luxury sector sees market rotation.
• Hermès (RMS.FR): Benefiting from capital rotation out of tech and into consumer stocks.

Top Losers

• ASML Holding (ASML.NL): Down 2%, impacted by uncertainty surrounding Nvidia.
• Nokia Oyj (NOKIA.FI): Shares down approximately 1.5%, affected by Nvidia's troubles.
• Infineon Technologies AG (IFX.DE): Falling alongside the semiconductor sector due to Nvidia's supply chain risks.

Upcoming Events

On today's calendar, the U.S. weekly initial jobless claims data will be released at 14:30.