On Friday (13 November, 9:17 AM, GMT+7, Bangkok time), most major indices in the Asia-Pacific gained ground as market participants evaluated Nvidia’s leadership upheaval, marked by the departure of CEO Jensen Huang.
Huang’s resignation, which followed disclosures of personal conduct involving a woman suspected by U.S. intelligence to be a Chinese agent, introduced uncertainty regarding Nvidia’s future. According to CNBC, analysts stated that the ensuing volatility could result in a potential 20% decline in the stock.
Chief Financial Officer Colette Kress has been appointed interim chief executive officer. The company’s board has initiated a search that includes both internal and external candidates for the permanent CEO position.
Investor strategy appears to be shifting amidst this disruption. Rather than stalling the wave of capital targeting AI stocks, the development may be prompting a more selective approach, favoring firms considered best positioned to maintain growth. Wall Street trading reflected this trend, as Broadcom and Advanced Micro Devices each surged by more than 5%.
Elsewhere, oil prices advanced following a statement from President Donald Trump on Truth Social indicating that, “We don’t need a deal with Iran,” fueling apprehension about a prolonged conflict involving the U.S. and Iran.
Looking ahead, markets await the upcoming release of October’s producer price index, a key gauge of wholesale inflation. Projections compiled by Dow Jones anticipate a 0.4% monthly rise and a 6.6% increase on an annual basis.
Japan’s NIKKEI jumped by 1.71% to 61,861.30. South Korea’s KOSPI surged 1.98% to 5,448.78, while Australia’s ASX 200 dropped by 0.61% to 9,090.80.
Shanghai’s SSEC increased by 0.28% to 3,666.24. Shenzhen’s SZI climbed by 0.14% to 11,213.19, and Hong Kong’s HSI fell by 0.60% to 23,864.93.
The U.S. stock markets edged down on Thursday as the Dow Jones Industrial Average (DJIA) lost 0.36% to 52,297.09. NASDAQ contracted by 0.39% to 25,366.09, and the S&P 500 declined by 0.35% to 7,592.40. VIX advanced by 6.92% to 18.70.
As for commodities, oil prices settled higher on Thursday as renewed strikes on Saudi energy sites and mounting obstacles to shipping in the Strait of Hormuz intensified supply concerns. Brent crude advanced $3.06 to reach $95.82 per barrel, marking a gain of 3.3%. U.S. West Texas Intermediate finished the session $2.21 higher at $88.74 a barrel, up 2.6%.
This morning, Brent futures decreased 66 cents, or 0.69%, to $95.16 per barrel, and WTI futures lost 66 cents, or 0.74%, to $88.08 per barrel.
Meanwhile, gold futures grew by 0.74% to $3,914.00 per troy ounce.
