India’s Russian Fossil Fuel Imports Hit Record €6.4 Billion in October
- India purchased a record €6.4 billion worth of Russian fossil fuels in October 2026, the highest monthly value since data collection began in January 2022, according to the Centre for Research on Energy and Clean Air (CREA).
- Crude oil accounted for 91% of the purchases, worth approximately €5.8 billion. Coal imports stood at €333 million, while oil products totalled €232 million.
- India's Russian crude imports increased 10% from September, with purchases rising across its three largest importing refineries:
- Reliance Industries' Jamnagar refinery: +22%
- Indian Oil Corporation's Paradip refinery: +28%
- Nayara Energy's Vadinar refinery: +12%
- The increase made Reliance Industries' Jamnagar refinery the largest importer of seaborne Russian crude again. Russian oil accounted for 30% of its crude imports between August and October, CREA said.
- Higher prices and transportation costs contributed significantly to the record import bill. Russia's Urals crude averaged $101.7 per barrel in October, up 13% from September and its highest monthly average since October 2021.
- The Urals price was more than double the EU-UK price cap of $44.1 per barrel, which took effect on February 1, 2026. Its discount to Brent narrowed slightly to $23 per barrel.
- The closure of the Strait of Hormuz, higher freight and insurance costs, rising crude prices and a weaker rupee added to India's import expenses.
- China remained the largest buyer of Russian fossil fuels at €10.7 billion, followed by India at €6.4 billion. The European Union ranked third at €2.2 billion and Turkey fourth at €1.1 billion.
- CREA also reported that refineries in India, Turkey and Brunei exported €1.6 billion worth of oil products to countries sanctioning Russia. This included €1.2 billion to the EU and €94 million to the US. An estimated €389 million worth of these products was made from Russian crude.
- All US-bound oil products in the reported figures came from Reliance's Jamnagar refinery, CREA said.
Chinese-Speaking Hackers Use AI Framework to Target 19 Organisations, Unit 42 Reports
- Palo Alto Networks' Unit 42 reported that Chinese-speaking attackers used an open-source AI framework called Cairn, paired with Chinese AI models DeepSeek and Zhipu GLM, to conduct cyberattacks against 19 organisations within approximately two weeks.
- The targets included seven organisations in the semiconductor and advanced-manufacturing supply chain, three linked to defence or defence policy, and four human rights and civil society groups.
- The Cairn framework autonomously planned, executed and documented attacks after receiving a target and an objective. Attackers reportedly used a Chinese-language preamble falsely claiming that the operations were authorised security tests.
- Unit 42 said neither AI model refused the malicious requests. It assessed with moderate confidence that the campaign, tracked as CL-STA-1238, was linked to Chinese intelligence collection.
- At a US teachers' union, attackers reportedly accessed more than one million member records, approximately 31,000 CRM contacts and staff password hashes. At an industry standards organisation, they overwrote a live standards-ballot document.
- Separately, Symantec reported an AI-assisted intrusion targeting a US retailer in September. Attackers switched from unsuccessful manually entered commands to lengthy, error-free PowerShell scripts that appeared to contain AI-generated reasoning.
- Symantec said the rapid execution suggested a human operator was relaying information to an AI tool rather than using a fully autonomous agent. The company has investigated dozens of AI-assisted attacks since May.
- Arctic Wolf Labs also identified attacks using AntiFox, a Chinese-language agentic penetration-testing platform, against Microsoft IIS servers and AWS environments. In one incident, attackers made hundreds of API requests within roughly 30 minutes and retrieved a production secret.
- AWS said its services were not compromised and that attackers had used credentials stolen from customers' compromised applications.
- Unit 42 noted that the attacks relied on familiar weaknesses, including weak credentials and outdated software vulnerabilities, suggesting AI increased the scale and speed of exploitation rather than the technical complexity.
Michael Burry Doubles Nasdaq 100 Bets Against AI and Semiconductor Stocks
- Michael Burry, the investor known for predicting the 2008 financial crisis, has doubled his Nasdaq 100 put position and increased his bearish exposure to semiconductor stocks, according to his Substack newsletter.
- Burry said he used a rebound in the Nasdaq 100 from the 27,000 level to double his put position, targeting an early 2027 expiry with a strike approximately 20% below the market level.
- He also repurchased 25% of a semiconductor ETF put position expiring in June that he had previously reduced.
- Burry is targeting the VanEck Semiconductor ETF (SMH), which has Nvidia as its largest holding. He said semiconductor valuations still have room to fall and expects earnings across the fund's holdings to decline over the next couple of years.
- He prefers shorting SMH over the iShares Semiconductor ETF (SOXX), arguing that SOXX has larger exposures to AMD and Broadcom, which he believes could benefit if Nvidia's market dominance weakens.
- Burry also highlighted companies including Nebius, TSMC, ASML and CoreWeave, arguing that they benefited from Nvidia's market power and could face a changing competitive environment.
- His bearish positioning comes amid reports of a US Department of Justice antitrust investigation involving Nvidia. Semafor reported that the DOJ is conducting multiple probes involving Nvidia and other companies, although there was no indication of planned criminal charges against Nvidia or Jensen Huang.
- Super Micro Computer shares reportedly fell approximately 12% following the reports.
- Nvidia is scheduled to report its quarterly earnings on November 17, adding another key event for investors to watch.
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Fed Officials Signal Further Rate Hikes as Inflation Remains Elevated
- San Francisco Fed President Mary Daly said further monetary tightening may be necessary to bring inflation under control, warning that price pressures remain broad-based and are not limited to tariffs or oil prices.
- Daly said an increasing number of businesses are planning to pass higher input costs on to consumers, indicating growing willingness to raise prices.
- She supported the Fed's September rate hike and its decision to hold rates unchanged in October.
- Daly said AI infrastructure spending is pushing up prices in some areas, but its overall contribution to inflation remains moderate, with limited cost increases and little spillover into other sectors.
- She remains optimistic that AI could boost productivity over the long term, although it is too early to determine when those gains will materialise.
- New York Fed President John Williams also warned that inflation remains too high and said policymakers must take further action in the coming period to bring it sustainably back to the Fed's 2% target.
- Williams cautioned that rate decisions must not unnecessarily weaken the labour market, adding that the US economy does not currently appear to be significantly out of balance.
- According to CME FedWatch data cited in the report, markets assign an 84.7% probability of a 25-basis-point rate hike in December and a 15.3% probability of a 50-basis-point increase.
- For cumulative rate increases through January, the probabilities stand at 24.4% for 25 basis points, 64.7% for 50 basis points and 10.9% for 75 basis points.
US Fiscal Deficit Jumps 42% to $404 Billion in October as Spending Rises
- The US federal budget deficit reached $404 billion in October 2026, marking a 42% increase year-on-year and the first month of fiscal year 2027, according to US Treasury Department data.
- Government spending rose 12% to $773 billion, while tax revenue fell 9% to $369 billion.
- Tariff revenue dropped approximately 39% year-on-year to $19.2 billion.
- Higher military spending, healthcare costs and interest payments on national debt contributed to the increase in expenditure.
- Tax receipts were weighed down by lower tariff collections and corporate tax refunds.
- The Treasury projects the fiscal deficit for FY2027 could rise slightly to approximately $2.2 trillion.
- The US recorded a deficit of $1.99 trillion in the previous fiscal year, equivalent to around 6% of GDP.
Anthropic IPO Oversubscribed 6 Times as Investors Target $1.4 Trillion Valuation
- Anthropic's initial public offering (IPO) has attracted orders worth approximately six times the shares available, Bloomberg reported, ahead of its expected Nasdaq debut on November 19 under the ticker ANT.
- The Claude developer and existing shareholders plan to raise up to $64.4 billion by offering 825 million shares at $70–$78 apiece. Final pricing is expected on November 18.
- Anthropic is issuing approximately 801 million new shares, while existing shareholders are selling around 24 million. The company will not receive proceeds from the secondary share sale.
- Separately, Anthropic is conducting a $26 billion private placement, including approximately $10 billion from Nvidia, according to filings. Combined, the IPO and private placement could raise $90.4 billion.
- The company is targeting a fully diluted valuation of approximately $1.4 trillion, reportedly below some investors' expectations. Strong demand could give bankers room to increase the final offer price.
- Bloomberg reported that some investors expecting large allocations are already reselling portions of their anticipated shares at premiums of 3%–5%. Bankers have told investors that existing backers will receive priority, potentially leaving other buyers with smaller allocations.
- Morningstar has reportedly assessed the stock as undervalued, assigning it a fair value of $92 per share.
- Anthropic's filings show revenue of $33.2 billion in the first nine months of 2026, compared with $2.5 billion in the same period last year. Its annualised revenue run rate reached $81 billion at the end of October.
- CEO Dario Amodei and JPMorgan Chase CEO Jamie Dimon are scheduled to participate in a livestreamed investor event on November 13.
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Nvidia Shares Fall 30% From Record High as AI Spending Concerns Mount Ahead of Earnings
- Nvidia shares have declined sharply, with the stock falling more than 4% on Thursday and losing approximately 11% this week following Jensen Huang's reported resignation.
- The stock is now down more than 30% from its all-time high recorded on October 6.
- Nvidia's forward price-to-earnings (P/E) ratio has reportedly dropped to around 12, its lowest level since 2012.
- Beyond the leadership transition, investors are increasingly concerned about a potential slowdown in AI data centre construction and future infrastructure spending.
- CFO Colette Kress is serving as interim CEO while Nvidia's board searches for a permanent successor.
- Analysts continue to expect strong earnings growth, with demand for Nvidia's AI chips expected to exceed available supply.
- Market estimates point to October-quarter revenue growth of 92% year-on-year, while net profit is expected to exceed $60 billion, representing an increase of approximately 89%.
- Nvidia is scheduled to announce its quarterly results next Tuesday. Investors will closely monitor Kress's commentary on future demand, AI infrastructure spending and the company's growth outlook.
Microsoft 365 and Outlook Hit by Widespread Outage; AWS and Google Also Report Disruptions
- Microsoft experienced widespread service disruptions on Thursday, affecting thousands of users across multiple regions, according to outage-tracking website Downdetector.
- The outage began shortly before 11:30 PM Indian time on November 12, impacting Microsoft 365 and Outlook, particularly Exchange Online.
- Microsoft confirmed it was investigating the reported service disruptions, with a spokesperson saying the issues primarily affected Exchange Online.
- Initially, Microsoft attributed connectivity problems to high infrastructure loads across multiple regions.
- The company later identified the cause as unexpected server unavailability, which increased pressure on the remaining infrastructure.
- Meanwhile, users also reported service disruptions involving Amazon Web Services (AWS) and Google.
Oil Prices Fall in Asian Trade as Markets Weigh Iran Diplomacy Outlook
- Oil prices declined during Asian trading hours, erasing earlier gains as investors reassessed the outlook for US-Iran relations.
- Crude prices initially rebounded after US President Donald Trump said Washington no longer needed a deal with Iran and indicated that Vice President JD Vance should shift his focus elsewhere.
- Despite the hardline comments, traders continued to assess the possibility of a diplomatic breakthrough and its potential impact on future oil supplies.
- Terri-Leigh Bennett, COO of CMS Prime, said markets appear to be pricing in the possibility of diplomacy as though it has already translated into additional physical supply.
- Bennett cautioned that negotiations alone cannot immediately repair damaged infrastructure, normalise shipping routes or guarantee uninterrupted oil production.
- She added that the decline does not mean geopolitical risks have disappeared. Instead, traders are reassessing how much of the current supply disruption should remain reflected in oil prices if those disruptions eventually reverse.
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🔴 Breaking
BREAKING: Iran's IRGC Claims Strike on US Early Warning Radar in Bahrain
- Iran's Islamic Revolutionary Guard Corps (IRGC) said its aerospace force struck a US early warning radar installation in Bahrain.
- The IRGC said the attack was carried out in retaliation for an earlier aerial strike on a communications tower in Sirik, Iran.
- The Iranian force warned the US and its allies to halt aerial operations and what it described as oil smuggling activities in the Strait of Hormuz.
- The IRGC said it remains on full alert for an unlimited confrontation if further violations continue.
- It also warned that companies violating its restrictions would face harsher penalties.
US Confirms $500 Million Forex Intervention to Support Japanese Yen
- The United States confirmed it intervened in the foreign exchange market alongside Japan on July 31 to support the Japanese yen, using approximately $500 million worth of euros from its reserves.
- According to a quarterly report released by the Federal Reserve Bank of New York, the US Treasury purchased ¥79.4 billion in the spot market and sold euros from its Exchange Stabilization Fund (ESF).
- The transaction was valued at approximately $497 million at current exchange rates.
- The intervention was aimed at addressing what the US Treasury considered disorderly fluctuations in the yen's exchange rate.
- The New York Fed acted as an agent of the US Treasury. The Federal Reserve itself did not participate in the intervention, according to the report.
- The move was coordinated with Japan after the dollar-yen exchange rate climbed to around 163.9, putting the yen under significant pressure.
- Japan had separately spent a record $97.5 billion on currency intervention operations as of August 26, according to its Ministry of Finance.
India-US Trade Deal Nears Final Stage, but Tariff and Agriculture Disputes Persist
- India and the United States are continuing negotiations to finalise the first tranche of their Bilateral Trade Agreement (BTA), with officials describing discussions as being in the final stretch. However, disagreements over tariffs, agricultural access and US trade policy are delaying a formal agreement.
- A US trade delegation visited New Delhi on November 2–3 for technical discussions on customs and trade facilitation, following the joint framework statement issued in February 2026.
- External Affairs Minister S. Jaishankar said the final stage of negotiations is often the most difficult. US Trade Representative Jamieson Greer has also described talks as being in their final phase, while cautioning against expectations of an immediate announcement.
- Reports suggest Prime Minister Narendra Modi's expected US visit in December for the G20 summit could provide an opportunity for further progress.
- Tariff uncertainty remains a major obstacle: A US Supreme Court ruling invalidating earlier reciprocal tariffs disrupted Washington's previous proposal to reduce India's reciprocal tariff from 25% to 18%, according to reports.
- The US is pursuing fresh Section 301 investigations into issues including excess industrial capacity and forced labour. India is seeking clarity on the resulting tariff structure and how competing exporters, including Pakistan, Sri Lanka and the Philippines, will be treated.
- New Delhi is pushing for preferential tariff treatment compared with regional competitors such as Bangladesh, Thailand and Vietnam. Reports indicate Indian exports currently face a 10% tariff plus applicable Most Favoured Nation (MFN) duties, compared with 12.5% plus MFN rates for several other countries.
- Agriculture and dairy remain key sticking points: India is resisting demands for wider access for US genetically modified crops, dairy products and nuts, citing farmer interests, food security and rural livelihoods.
- India is also seeking safeguards against sudden future tariff increases, including a proposed minimum five-year sunset clause and consultation mechanisms. The Trump administration has reportedly resisted these demands.
- Energy and geopolitics are adding complexity. Washington has pressed India to reduce Russian oil purchases and expand energy cooperation, while New Delhi wants to protect its strategic autonomy and foreign policy interests.
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Binance Replaces Entire $6.3 Billion Stolen in Crypto Hack, Says Customer Funds Fully Restored
- Binance confirmed on November 12 that it had replaced 100% of the approximately $6.3 billion in customer assets stolen during the October 29 cyberattack.
- The exchange absorbed the entire loss using its corporate treasury, emergency reserves and insurance funds, ensuring customers did not bear the financial impact.
- SAFU emergency reserve: Binance used part of its $1 billion Secure Asset Fund for Users (SAFU), a reserve designed to protect customers during security incidents. The exchange pledged to replenish it to $1 billion.
- Insurance and corporate funds: Binance also deployed funds from its futures insurance pool, corporate cash reserves and profits to acquire replacement tokens through open-market and over-the-counter transactions.
- Recovery timeline:
- October 29: Binance coordinated with stablecoin issuers and blockchain analytics firms to freeze an estimated $2.8 billion–$3 billion of stolen assets.
- October 31: The exchange said it had covered approximately 90% of the stolen value.
- November 1: Withdrawals resumed after security measures were implemented. Users withdrew a net $3.64 billion on the first day.
- November 12: Binance completed the replacement of the remaining 10%, largely comprising smaller and less-liquid altcoins.
- The FBI attributed the attack to TraderTraitor, a North Korean state-sponsored hacking group. North Korea denied the allegations.
- According to reports, the attackers compromised software tools and used malware disguised as a job interview assignment to gain access to engineering systems.
- The October 29 breach allegedly involved stolen credentials and an internal AI tool. Approximately $6.3 billion in assets across Ethereum, Bitcoin, TRON, XRP and Solana were reportedly drained.
- Blockchain analytics firm Elliptic reported that unfreezed funds were moved through thousands of wallets and transactions as attackers attempted to launder the proceeds.
India Tops Global Economic Resilience Rankings for 2026–30, Scores 71
- India has been ranked the world's most resilient economy among 10 major economies for 2026–30, scoring 71 out of 100 in an ASSOCHAM report.
- India improved from third position in the 2021–25 assessment, when it scored 66, overtaking China, Japan, Germany and the United States.
- China ranked second with 66 points, followed by Japan and Russia tied at 60. Germany scored 59, Italy and Brazil 53, the UK 52, France 40 and the US 36.
- The report, titled India's Economic Edge in the Top Ten Economies, was prepared by ASSOCHAM's Global Research and Strategy Centre using IMF World Economic Outlook data.
- The assessment compares 10 economies across 10 macroeconomic indicators covering economic growth, trade, savings, external balances and government finances.
- Growth leadership: India ranked first in real GDP growth and real GDP per capita growth, with average annual real GDP growth projected at 6.9% between 2026 and 2030.
- Savings and investment: India ranked second in gross national savings and gross capital formation, behind China.
- Trade and debt: India secured third place in export volume growth and debt-to-GDP ratio.
- Fiscal challenges: Government finances and external balances remain relative weaknesses. India ranked fifth in primary fiscal balance, seventh in current account and structural balances, and eighth in overall fiscal balance.
LIC Makes ₹4,153 Crore L&T Purchase, Sells ₹4,453 Crore of ICICI Bank
- Life Insurance Corporation of India (LIC) made L&T its biggest stock purchase during the quarter, buying approximately ₹4,153 crore worth of shares and adding 1.06 crore shares as the stock declined 9.25%.
- LIC also bought Reliance Industries worth ₹3,967 crore and Bharti Airtel worth ₹3,878 crore, even as their share prices fell 8.26% and 5.13%, respectively.
- Other major purchases included Maruti Suzuki, NTPC and Power Grid Corporation. The estimated net value of LIC's top 10 purchases stood at ₹29,910 crore.
- ICICI Bank was LIC's largest sale. The insurer offloaded 3.16 crore shares worth an estimated ₹4,453 crore, followed by SBI at ₹3,209 crore and Nestle India at ₹2,623 crore.
- LIC also sold approximately ₹2,095 crore worth of Divi's Laboratories shares, despite the stock gaining 41.23% during the quarter. Its top 10 sales totalled an estimated ₹22,643 crore.
- LIC increased its stake in Zee Entertainment Enterprises to 3.56%, from below 1%, and in REC to 5.66%, from 3.33%.
- LIC's equity portfolio declined to ₹15.49 lakh crore, while its ownership of NSE-listed companies fell to a record low of 3.38%, according to The Economic Times. Its holdings remain roughly double those of India's largest mutual fund house.
- Reliance remained LIC's largest holding by value at ₹1.12 lakh crore, followed by SBI at ₹71,999 crore and L&T at ₹67,605 crore.
- By ownership percentage, LIC's largest stakes included 49.24% in IDBI Bank, 45.24% in LIC Housing Finance and 16.45% in ITC.
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FPIs Pump ₹7,831 Crore Into Indian Stocks, November Buying Reaches ₹74,133 Crore
- Foreign Portfolio Investors (FPIs) bought ₹7,831 crore worth of Indian equities on Thursday, extending their buying streak after purchasing ₹12,563 crore on Wednesday.
- November's cumulative net FPI buying has reached approximately ₹74,133 crore, based on previously reported inflows of ₹66,302 crore. This marks a sharp reversal after foreign investors sold more than $30 billion worth of Indian equities earlier this year.
- Reuters reported that foreign investors bought $6.43 billion worth of Indian stocks in November, the highest monthly inflow in more than two years. The buying has helped India overtake Taiwan to become the world's fifth-largest equity market.
- Bank of America Global Research expects foreign inflows to continue, citing improving corporate earnings, relatively attractive valuations and light investor positioning. Its India research head, Amish Shah, said foreign investors were beginning to reduce their underweight positions, with long-only funds also increasing allocations.
- Jefferies estimates that India has attracted $8.2 billion in net foreign inflows since mid-October. It identified a potential reversal in the AI trade, possible equity tax relief, domestic economic resilience and reasonable large-cap valuations as factors supporting further inflows.
- Jefferies identified potential beneficiaries including Reliance Industries, HDFC Bank, Axis Bank and Kotak Mahindra Bank.
- HSBC has upgraded Indian equities to overweight, while Citi and Bernstein have raised their Nifty targets, according to Reuters.
- The Nifty 50 and Sensex have gained approximately 10% in November and ended Thursday largely steady. Dharmesh Kant of Cholamandalam Securities said sustained Brent crude prices below $100 per barrel could support fresh record highs in benchmark indices before year-end.
Eizenkot Accuses Netanyahu of Potentially Using Iran Strike to Retain Political Power
- Former Israeli military chief Gadi Eizenkot, a potential successor to Benjamin Netanyahu, accused the caretaker prime minister of potentially using military action against Iran as a pretext to preserve his political position.
- In a letter sent Wednesday, Eizenkot urged Netanyahu to avoid major national security decisions during the political transition, particularly military actions that could be postponed until a new government takes office.
- Eizenkot also sought assistance from Attorney General Gali Baharav-Miara to secure regular security briefings, citing the need for oversight during the interim period.
- Netanyahu's office rejected the allegations, saying all government decisions are based solely on security considerations and fully coordinated with the defence establishment.
- Both sides confirmed that they would hold a joint briefing on foreign and security matters on Thursday.
🔴 Breaking
BREAKING: Jensen Huang Resigns as Nvidia CEO; Colette Kress Named Interim Chief Executive
- Nvidia announced on November 12 that Jensen Huang has resigned as President, CEO and a member of the company's board, effective immediately.
- Colette Kress, Nvidia's current Executive Vice President and Chief Financial Officer, has been appointed interim CEO. She will retain her CFO responsibilities until a permanent successor is named.
- Nvidia's board has initiated a search for a permanent CEO and will consider both internal and external candidates.
- Kress joined Nvidia in September 2013 and has led its finance organisation during a period of significant growth. Before joining Nvidia, she spent nearly 25 years in finance roles at technology companies, including Cisco and Microsoft.
- Harvey C. Jones has been appointed as the first-ever Chair of Nvidia's Board of Directors. He has more than 30 years of experience as an entrepreneur, technology executive and venture investor, including leadership roles at Synopsys.
- Jones said the board has full confidence in Kress and the existing leadership team, adding that Nvidia's operations, customer commitments and product roadmap are expected to continue without interruption.
- Kress said the company would build on the foundation established by Huang and continue advancing its accelerated computing and AI businesses.
- Nvidia thanked Huang for his contributions over 33 years with the company.
- Nvidia's third-quarter fiscal 2027 results remain scheduled for November 17 at approximately 1:20 PM PT, followed by its earnings call at 2 PM PT.
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USS George H.W. Bush Carrier Strike Group Told to Prepare for Yearlong Deployment Amid Iran Tensions
- US Navy leaders have warned families of the USS George H.W. Bush carrier strike group that the deployment could extend to a full year, with the carrier unlikely to return home for the holidays, according to audio of a November 9 town hall obtained by MS NOW.
- The strike group, comprising approximately 7,000 personnel and four ships, departed Naval Station Norfolk on March 31 for an initially planned six to seven-month deployment. This would mark its second extension.
- Adm. Karl Thomas, commander of US Fleet Forces Command, said the extension decision was so recent that it had not yet been incorporated into official orders.
- Thomas cited Iran's large inventory of one-way attack drones, saying Tehran had learned how to repeatedly target ships enforcing the blockade.
- Acting Navy Secretary Hung Cao said the strike group's return would depend on Iran agreeing to a non-nuclear status or the US developing sufficient autonomous systems to replace the deployed assets.
- Cao said the Navy is working with industry to develop drones that could reduce its reliance on the 17 destroyers currently required for the blockade.
- Vice Chief of Naval Operations Adm. James Kilby said the final decision rests with US Secretary of War Pete Hegseth.
- Navy leaders also said the USS Dwight D. Eisenhower is preparing to relieve the Bush strike group.
Oil Tanker Struck by Unidentified Projectile in Persian Gulf, Multiple Casualties Reported
- An oil tanker was struck by an unidentified projectile while sailing eastbound through the Persian Gulf on November 10, the UK Maritime Trade Operations (UKMTO) said on November 12.
- The incident resulted in multiple casualties. Injured crew members were evacuated ashore for medical treatment, while the remaining crew members were reported safe and accounted for.
- The extent of damage to the vessel and any potential environmental impact remain unclear.
- Relevant authorities are investigating the incident. UKMTO has advised vessels transiting the area to remain vigilant, exercise caution and report any suspicious activity.
Nvidia CDS Spreads Rise as Board Reportedly Explores CEO Succession Options; Shares Fall 9%
- Nvidia's five-year credit default swaps (CDS) widened 3.25 basis points to 1.445%, according to ICE Data Services, approaching their intraday high recorded on November 3.
- The cost of insuring Nvidia's debt against default has more than doubled since mid-year, although it remains roughly half the level of lower-rated megacloud companies SpaceX and Oracle.
- The widening came after Nvidia's board reportedly met on Thursday to discuss CEO Jensen Huang's position.
- According to a person familiar with the matter, the board has engaged an external firm to identify potential CEO replacements following revelations of multiple alleged extramarital affairs involving Huang. It is also considering appointing an interim CEO while searching for a permanent successor.
- US Trade Representative Jamieson Greer described Nvidia as a company of structural significance and said Washington remains concerned about the situation.
- Nvidia shares fell as much as 9% in premarket trading.
- Nvidia's trading volume hit $50 billion. The stock fell over 14% early on but recovered to a 7% decline.
Trump Says US Does Not Need Iran Deal, Claims Washington Controls Hundreds of Billions in Iranian Funds
- US President Donald Trump said he has asked Vice President JD Vance to focus on alleged large-scale corruption and crime in Democratic-run cities and states, including Minnesota, California and Illinois.
- Trump claimed billions of dollars were being stolen every month and said addressing the alleged corruption could quickly balance the federal budget.
- On Iran, Trump said the US does not need a deal, declaring that the era of agreements with Tehran has passed.
- He also claimed Washington controls hundreds of billions of dollars belonging to Iran and said the US has control of the Strait.
India's Retail Inflation Hits 6.09% in October, Breaches RBI's Upper Limit as Food Prices Surge
- India's retail inflation rose to 6.09% in October from 5.54% in September, exceeding the Reserve Bank of India's 6% upper tolerance limit for the first time under the 2024-base CPI series. The reading was also above economists' 5.93% forecast in a Reuters poll.
- Rural inflation stood at 6.63%, while urban inflation came in at 5.41%. Inflation has remained above the RBI's 4% medium-term target for five consecutive months.
- Food inflation climbed to 8.94% in October from 7.74% in September. Onion prices surged 116.22% year-on-year, while garlic rose 60.74%. Ginger and lemon prices increased by more than 47%. Potato prices, however, declined 14.24%.
- Price pressures extended beyond food. ICRA Chief Economist Aditi Nayar said prices increased across 11 of the 12 CPI divisions. Transport inflation also accelerated to 5.84% from 5.01%. ICRA expects inflation to remain around 6.1% in November.
- The RBI's Monetary Policy Committee unanimously raised the repo rate by 25 basis points to 5.5% on October 7, marking its first increase in nearly four years. Economists now see the October inflation data strengthening the case for a second consecutive rate hike in December.
- The RBI expects inflation to average 6% in October-December and 5.7% in January-March 2027. It has raised its full-year inflation forecast to 5.2%.
- Governor Sanjay Malhotra has flagged risks from a weak monsoon and strong El Niño conditions, although adequate foodgrain stocks and government measures could help cushion the impact. Lower crude oil prices may provide some relief.
- The government is scheduled to release November CPI inflation data on December 14.
Hedge Funds Turn Bearish on Big Tech as AI Trade Faces Valuation and Financing Concerns
- Hedge funds increased short positions in major technology stocks, including Amazon, Apple, Nvidia and Meta, during October, according to Hazeltree's Data Insights Crowding Report. Apple, Amazon, Meta and Microsoft all recorded their lowest long-to-short ratios of 2026 as concerns over AI valuations and financing triggered a shift in positioning.
- Apple's long-to-short ratio fell to 0.65x, marking its third consecutive month below parity. Alphabet remained slightly above parity at 1.02x. The report analyses anonymised positioning data covering around 16,000 securities held by more than 700 funds.
- Semiconductor stocks faced the strongest selling pressure. The PHLX Semiconductor Sector Index declined roughly 16% in October, while the share of index constituents with net long positioning fell to 70%.
- Advanced Micro Devices (AMD) shifted from long-biased to short-biased positioning. Its long-to-short ratio dropped from 1.18x to 0.94x, while net long exposure declined from 77.9% to 44.4%. Nvidia remained the most crowded semiconductor long, followed by Broadcom and Applied Materials.
- Data Insights Managing Director Tim Smith flagged growing stress around CoreWeave. The company's 2032 bonds were yielding close to 15%, with default insurance costs widening. Smith said the levels were approaching those typically associated with distressed debt. CoreWeave's long-to-short ratio declined from 0.60x to 0.53x, while its shares fell approximately 37% during October.
- Morgan Stanley's prime brokerage desk said hedge funds had turned underweight the AI trade for the first time since early 2023. Funds also shifted towards defensive sectors.
- Citi downgraded US and global technology stocks to neutral, citing rising credit spreads and weaker earnings revisions.
Nvidia CEO Jensen Huang Faces Possible Congressional Subpoena Amid China Spy Allegations and Leadership Turmoil
- Nvidia CEO Jensen Huang missed Wednesday's deadline to respond to a request for a closed-door congressional briefing scheduled for November 18, prompting House Republicans to signal that a subpoena could follow, Reuters reported.
- House Foreign Affairs Committee Chairman Brian Mast, committee Chairman John Moolenaar and Intelligence Committee Chairman Rick Crawford want Huang to explain his contacts with Alice Huang, a former Megaspeed executive whom the lawmakers have described as a reported Chinese intelligence asset.
- The lawmakers also want details about Nvidia's security protocols. The two individuals named Jensen Huang and Alice Huang are not related.
- Moolenaar and Mast said they had not received a response from the CEO. Mast confirmed that a subpoena was being considered.
- Several US lawmakers have also called for Huang to resign. Senator Kevin Cramer warned that the allegations could leave the CEO vulnerable to extortion or blackmail. Representatives Don Bacon and Suhas Subramanyam also urged him to step down.
- Separately, The New York Times reported that Huang had a relationship with Kimberly Powell, Nvidia's vice president of healthcare, who reports directly to him.
- A source told Reuters that Nvidia's board met on Wednesday night to discuss whether to remove Huang. The company's bylaws allow a majority of its 11 directors to remove the CEO, with or without cause.
- China rejected the espionage allegations, calling them "baseless and purely slanderous smears".
- Any congressional subpoena could face a timeline constraint, as Republicans are set to lose control of House committees in January, potentially requiring Democrats to initiate a fresh process.
- Nvidia has not announced any decision regarding Huang. The company is scheduled to report earnings on November 17, one day before the requested congressional briefing.
- U.S. Republican Senator Kevin Cramer says Jensen Huang should temporarily step down, calling it a prudent move. Cramer also expressed support for issuing a subpoena if necessary, adding that Huang would be better off testifying voluntarily.
Tesla and SpaceX Lose $456 Billion in Combined Market Value After Democrats Win Congress; Merger Speculation Continues
- Tesla and SpaceX have lost approximately $456 billion in combined market value since Democrats won control of both chambers of Congress, according to TheStreet.
- Despite the market losses and political uncertainty, speculation continues over a possible all-share merger between Elon Musk's two companies.
- Both companies formed special committees in October to review a potential transaction, which Musk described as a "good idea". However, he said he is conflicted and cannot participate in the discussions.
- SpaceX has stated in a regulatory filing that any deal would require approval from its special committee, board and controlling shareholder Musk.
- Tesla's committee has a broader mandate to explore ways to deepen the company's relationship with SpaceX. Musk has also said a merger would require approval from holders of 50% of all outstanding shares, not just votes cast.
- JPMorgan expects a potential all-share transaction led by SpaceX, with a typical acquisition premium of 30% to 35%. At current market valuations, the combined company would be worth approximately $3.5 trillion.
- Governance experts have raised concerns over potential conflicts of interest and Musk's voting control in the combined entity. Regulatory approvals across multiple countries, particularly China, could also delay the transaction.
- Kathleen Brooks of XTB warned that congressional hearings could push back the proposed 2027 completion timeline.
- Meanwhile, Dan Ives of Yorkville Ives estimates that SpaceX shares carry a 20% to 25% political discount but continues to expect SpaceX to acquire Tesla.
Putin Authorises Sanctioned Russian Bank to Take Control of London Broker's Securities Worth Millions
- Russian President Vladimir Putin has signed a decree allowing sanctioned Moscow Credit Bank to take control of securities held by collapsed London-based brokerage firm Sova Capital Ltd., without approval from its UK-appointed administrator.
- The September decree authorises the bank to dispose of shares in Russian companies held by Sova Capital, according to people familiar with the matter.
- The assets include stakes in major Russian energy companies Rosneft and Gazprom, collectively worth tens of millions of dollars.
- The securities have remained under the control of UK administrator Teneo Financial Advisory Ltd. since Russia launched its full-scale invasion of Ukraine in February 2022.
- However, the assets are physically held in Russia and have been effectively trapped there because of international sanctions.
- The decree could allow Moscow Credit Bank to transfer or dispose of the securities without Teneo's consent, potentially limiting the ability of UK authorities to block the transactions.
Trump and Netanyahu Reportedly Clash Over Resuming Military Action Against Iran
- US President Donald Trump and Israeli caretaker Prime Minister Benjamin Netanyahu reportedly had a heated disagreement during a phone call last weekend over the next steps in dealing with Iran.
- According to Israeli media reports, Netanyahu urged Trump to resume military action against Iran, while Trump favoured continuing diplomatic negotiations.
- Two sources described the conversation as difficult, with one report characterising it as a "hellish and heated argument".
- Netanyahu's office rejected the reports, calling them "fake news" and "complete nonsense".
- A senior Israeli official confirmed that the call took place but denied that it was confrontational, saying it was not a difficult conversation.
India's Retail Inflation Rises to 6.09% in October, Food Inflation Surges to 8.94%, Breaches RBI's Upper Limit
- India's Consumer Price Index (CPI) inflation rose to 6.09% year-on-year in October, compared with 5.54% in September and market expectations of 6%.
- This is the highest retail inflation reading in around two years and the first time headline inflation has crossed the RBI's upper tolerance limit since October 2024.
- Food inflation climbed sharply to 8.94% in October, adding to overall price pressures.
- Inflation has increased every month in 2026, marking its ninth consecutive monthly rise under the new CPI series.
- Retail inflation had stood at 2.74% in January 2026.
- October's reading is also the highest under the revised CPI series, which uses 2024 as its base year and was introduced in January 2026.
- The RBI's inflation target is 4%, with a tolerance band of 2% to 6%. The current mandate runs until March 2031.
- The latest inflation print puts pressure on the central bank ahead of its December monetary policy review.
Nvidia Shares Fall as Board Reportedly Discusses Jensen Huang's Future Amid Fresh Allegations
- Nvidia's board reportedly met late Wednesday to discuss CEO Jensen Huang's future following renewed scrutiny over his alleged personal relationships, CNN reported.
- A resurfaced video from a Taipei dinner in May 2025 shows Huang's daughter, Madison Huang, photographing him alongside Alice Huang, a former Megaspeed executive.
- US officials have reportedly linked Alice Huang to Chinese intelligence, while China has dismissed the allegations as baseless. Taiwan has revoked her entry permit.
- The renewed controversy has raised investor concerns, with Nvidia shares declining further in after-hours trading.
- The sell-off contributed to a broader decline in US equity futures. Nasdaq 100 futures fell 0.6%, while S&P 500 futures declined 0.3%.
- Continued weakness in Nvidia could wipe out more than $200 billion in its market capitalisation.
- AI-linked stocks also saw mixed moves. CoreWeave reversed around 5% after gains on Wednesday, while Broadcom and AMD advanced.