Germany

US stock futures fell further after Jensen Huang resigned as Nvidia president and CEO, injecting uncertainty into the global AI sector. Contracts for the S&P 500 fell 0.8%, the Nasdaq 100 fell over 1%, and the Dow inched lower. Nvidia shares sank 10% premarket after CFO Colette Kress was named interim CEO following a board meeting that resulted in Huang's resignation over his involvement with a Megaspeed executive widely suspected of being a Chinese spy. Huang's stewardship of Nvidia saw the company grow to a market cap of nearly $6 trillion and led deal-making across the entire AI supply chain, implicating the global tech sector in the leadership change. AMD and Broadcom were higher, although AI infrastructure stocks sank sharply. Meanwhile, Nebius sank nearly 10% after delaying some data center capacity buildout. Still, other sectors offered some respite, rebounding after the hot CPI reading on Tuesday supported bets of more Federal Reserve rate hikes in the current tightening cycle.

Canada

The number of people claiming unemployment benefits in the US rose by 9,000 to 200,000 in the week ending November 7th, slightly ahead of the median consensus of 195,000. Despite the increase, the levels remained well below historical averages. Continuing claims, a gauge for total outstanding unemployment in the country, fell by 13,000 to 1,679,000 in the last week of October, testing the lowest level since March 2023. The data continued to point to a robust labor market since the second half of the year, as noted by members of the FOMC, despite elevated interest rates and high energy prices. Meanwhile, initial claims filed by federal employees, which remain in the spotlight due to the administration's push to shrink the public sector, rose by 33 to 585.

Futures tracking Canadian equities edged lower on Thursday, mirroring the traditional economic sectors of their US counterparts following key earnings. The tech sector was under pressure from a plunge in Nvidia stock as the company's board met to potentially fire CEO and co-founder Jensen Huang due to his involvement with a suspected Chinese spy. Meanwhile, commodity-backed companies in Canada were likely under pressure as oil prices were volatile and gold prices fell. Crude oil futures wavered on fresh evidence of higher output from the Middle East. On top of that, Franco-Nevada was due to open lower after signaling its annual earnings should land at the midpoint of earlier guidance instead of prior estimates of the top half. At the same time, persistent bets on multiple rate hikes by the Federal Reserve next year pressured gold prices.

Futures tracking US equities were lower on Thursday, weighed down by a plunge in Nvidia as its board weighed firing CEO and co-founder Jensen Huang. Contracts for the S&P 500 fell 0.5% and the Nasdaq 100 fell 1%, while the Dow was flat. Nvidia was down 8% premarket after reports suggested the chipmaker's board was likely to oust the CEO. Nvidia has lost over 20% this month as Huang's involvement with a Megaspeed executive investigated for being a Chinese spy combined with concerns over a lower data center buildout following the Democratic Party victory in US midterm elections. AMD and Intel erased earlier gains to trade down 3%. Meanwhile, Nebius sank nearly 10% after posting its earnings results, erasing its gains from the last session following the earnings beat by CoreWeave. Still, other sectors offered some respite, rebounding slightly after the hot CPI reading on Tuesday supported bets on multiple Federal Reserve rate hikes in the current tightening cycle.

The Swiss franc weakened past 0.83 per USD, close to its lowest level since May of 2025, amid rising expectations of another Fed rate hike, which would further widen the interest rate differential between the US and Switzerland. Stronger-than-expected inflation and labour report in the US lifted expectations of further Fed hikes and boosted the greenback. By contrast, Swiss borrowing costs are expected to remain at 0%, the world's lowest, supporting the franc's appeal as a funding currency for carry trades, where investors pursue higher-yielding assets abroad. While the SNB has dialled down its threat of currency interventions, officials reiterated to lawmakers on Wednesday they stand ready to intervene if necessary to counter sharp appreciation. Nevertheless, the franc's renewed safe-haven status amid worries over a eurozone sovereign debt crisis and risks regarding AI erodes carry trade returns and is prompting an unwinding of these positions, adding upward pressure on the currency.

The UK economy expanded at a faster pace in the third quarter as activities related to artificial intelligence boosted services sector growth. Real gross domestic product grew 0.7 percent on a quarterly basis, showing an improvement from 0.5 percent expansion posted in the second quarter, preliminary data from the Office for National Statistics revealed Thursday.

Germany

Top currency gainers are South Korean Won (0.45%), Polish Zloty (0.29%) and Japanese Yen (0.07%). Biggest losers are Australian Dollar (-0.37%) and Indian Rupee (-0.32%). Meanwhile, Euro, British Pound and Dollar Index were little changed.

European equities traded higher on Thursday, with the STOXX 50 gaining 0.3% to 6,415 points and the broader STOXX 600 reaching a fresh all-time high of 665 points, supported by strong third-quarter earnings and easing energy prices. According to Deutsche Bank, STOXX 600 earnings growth accelerated from 22% to 28%, its strongest pace in four years. Meanwhile, Brent crude traded around $93 a barrel, well below recent highs, while European gas prices also declined amid increased Gulf supplies and easing concerns over a renewed escalation in the conflict. Among individual movers, Siemens surged over 4.5% after raising its growth outlook on strong demand for trains and AI-related data centres. Allianz gained 2% after reporting record nine-month results and expressing greater optimism for 2026, while Burberry jumped 7% as retail sales slightly exceeded expectations. On the economic front, UK GDP grew 0.7% Q3 2026, in line with expectations, while September GDP rose 0.2%, beating forecasts.

The FTSE 100 rose 0.2% to around 10,860 on Thursday, extending gains from the previous session and reaching its highest level in almost four weeks, underpinned by positive corporate updates. Rolls-Royce climbed more than 2% after announcing an accelerated £1.5 billion share buyback and reaffirming its 2026 guidance. 3i Group gained more than 3% after unveiling a new £750 million buyback programme and increasing its stake in its flagship investment, Action, despite lower first-half returns partly due to foreign-exchange losses. The luxury fashion house Burberry rallied more than 7% after reporting a 6% increase in first-half revenue, while defence company BAE Systems added 0.3% after raising its cash flow forecast amid strong demand. Broader sentiment was also supported by encouraging economic data releases, which pointed to resilience in economic activity.

Frankfurt's DAX 40 rose over 1% to surpass 26,900 on Thursday, setting a fresh record high and extending gains for the fourth straight session. Strong corporate earnings and falling oil prices supported sentiment, offsetting renewed tech-sector concerns. Nvidia was at the centre of the turmoil, after reports emerged that the company's board was considering Jensen Huang's removal as CEO following allegations of a second affair with an executive at his company. Industrials and insurers were among the strongest performers. Siemens climbed 4.5%, topping the index, after beating fourth-quarter expectations on record order intake and raising its medium-term targets. Merck gained around 3% after lifting its full-year guidance for the third time this year. Allianz rose 2.2% after raising the upper end of its 2026 operating profit outlook, while Munich Re advanced 1.5% on better-than-expected third-quarter results. Infineon Technologies was the biggest laggard, dropping nearly 2%.

Top commodity gainers are Rubber (3.20%), Canola (1.42%) and Palm Oil (1.36%). Biggest loser is Oat (-1.35%).

Top commodity losers are Iron Ore CNY (-2.12%), Copper (-0.78%) and Gold (-0.64%).

Rolls-Royce shares increased to 1386.00 GBp, the highest since October 2026. Over the past 4 weeks, Rolls-Royce lost 3.8%, and in the last 12 months, it increased 16.49%.

Top commodity gainers are Natural Gas EU (2.04%), Natural Gas UK (1.89%), Natural gas (0.91%), Brent Oil (0.54%) and Crude Oil (0.46%).

The yield on 10-year UK government bonds held just above 5.2%, recovering from lows not seen in more than two months, as investors assessed strong UK economic data. Oil prices also stabilized, with Brent crude regaining some ground following sharp declines in recent sessions. Data from the ONS showed that the UK economy expanded by 0.7% in the third quarter, accelerating from 0.5% growth in the previous quarter and matching market expectations. On an annual basis, growth accelerated to 1.9% from 1.4%, also in line with forecasts, while monthly GDP rose by 0.2% in September, exceeding expectations. The resilient data strengthened expectations of further Bank of England tightening, with markets pricing in another rate hike before year-end and a further increase by March. In the US, stronger-than-expected inflation and hawkish Fed commentary reinforced expectations of a December rate hike, while raising the possibility of a more aggressive 50-basis-point increase.

Sterling remained under pressure, trading below the $1.33 level and hovering near its lowest point since mid-October, as investors digested stronger-than-expected UK economic data, while the US dollar continued to draw support from expectations of further Federal Reserve tightening. Oil prices also stabilized, with Brent crude recovering momentum after recent steep declines. ONS data showed the UK economy grew by 0.7% in the third quarter, up from 0.5% in the previous quarter and in line with expectations. Annual growth accelerated to 1.9% from 1.4%, while September GDP rose 0.2%, exceeding forecasts. The resilient data strengthened expectations of further Bank of England tightening, with markets pricing in another rate hike before year-end and a further increase by March. In the US, stronger-than-expected inflation and hawkish Fed commentary reinforced expectations of a December rate hike, while raising the possibility of a more aggressive 50-basis-point increase.

UK construction orders declined 25.3% year-on-year in Q3 2026, deepening from a revised 18.5% decline in the previous quarter and marking a third consecutive quarter of contraction. This was the steepest annual drop since Q4 2023, driven by a sharper fall in orders for other work (-27.5% vs -19.0% in Q2), particularly private commercial orders (-47.8% vs -28.9%). Private industrial orders also declined (-22.0%), although at a slower pace than in Q2 (-60.4%). Meanwhile, other infrastructure orders edged up 0.4%, reversing a 22.0% decline, while other new work excluding infrastructure rebounded (44.5% vs -46.1%). New housing orders fell 16.6%, reversing an 8.9% increase in Q2, as both private housing (-22.6% vs 14.5%) and public housing orders (-13.5% vs -18.1%) declined. On a quarterly basis, construction orders rose 1.2%, recovering from an 11.9% decline in Q2 and marking the first increase in four quarters.

Manufacturing production in the UK grew by 0.7% month-on-month in September 2026, beating market expectations for a 0.5% decline and matching the pace recorded in the previous month. This remained the fastest growth since March, as output increased in seven of the thirteen manufacturing subsectors, with the largest positive contribution coming from the manufacture of food products, beverages and tobacco (2.9% vs -0.5% in August). Moreover, production rebounded sharply in coke and refined petroleum products (12.2% vs -7.4%) and electrical equipment (3.8% vs -2.2%), while growth in chemicals and chemical products accelerated (1.3% vs 0.8%). In contrast, the largest negative contribution came from basic metals and metal products (-2.1% vs 0.3%). On an annual basis, manufacturing production increased by 4.4% in September, the fastest rise since March 2024, exceeding forecasts of 3.8% and accelerating from a 2.5% gain in the preceding period.

Business investment in the United Kingdom rose 0.4% quarter-on-quarter in the three months to September 2026, exceeding market expectations of a 0.2% decline, according to preliminary estimates. This marked a slower pace of growth from 1.8% in the previous period, as corporate spending moderated. The slowdown was largely driven by weaker investment in dwellings and other machinery and equipment, while spending on transport equipment, ICT equipment, and intellectual property products increased significantly. On an annual basis, business investment grew 3.0% in the third quarter, slowing from a one-year high of 5.2% in the second quarter. Meanwhile, overall gross fixed capital formation increased by 3.4% quarter-on-quarter and 3.1% year-on-year.

UK construction output fell 1.5% year-on-year in September 2026, easing from a marginally revised 1.9% decline in the previous month and outperforming market estimates for a 2.1% drop. This marked an 11th consecutive month of contraction, although the pace was the slowest since June. New work continued to shrink for a 12th month (-6.2% vs -6.1% in August), while growth in repair and maintenance accelerated (5.0% vs 3.9%). On a monthly basis, output rose 0.8%, rebounding from a 0.5% decline in August and marking the first increase in five months. It also beat forecasts for a 0.1% decrease. Repair and maintenance continued to expand (0.6% vs 0.6%), while new work returned to growth (0.9% vs -1.4%). Over the three months to September, construction output contracted 0.7%, extending its decline for a third consecutive period. New work fell 1.6%, while repair and maintenance grew 0.5%.

Industrial production in the UK rose 0.3% month-on-month in September 2026, defying market expectations of a 0.3% decline, although easing from 0.7% in the previous month. Output growth slowed in mining and quarrying (1.4% vs 3.2% in August), and electricity, gas, steam and air-conditioning supply fell (-0.3% vs 0.6%). Moreover, output in water supply, sewerage and waste management dropped at a faster pace (-1.7% vs -0.6%). On the other hand, manufacturing production remained steady at 0.7%, led by food products, beverages and tobacco (2.9%), while basic metals and metal products (-2.1%) recorded the largest decline. During the third quarter of 2026, industrial production increased 0.1%, recovering from a 0.1% decline in the previous three-month period. On a yearly basis, industrial production climbed to 3.1% from a downwardly revised 1.1%, surpassing market expectations of 2.9%. This also marked the strongest annual growth since June 2021.

The United Kingdom