This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- Nvidia (NVDA) shares face downward pressure after Oppenheimer lowered its rating to Perform following reports of a board investigation into CEO Jensen Huang.
- The New Zealand Dollar (NZD) hit a 19-month low near 0.5560 as traders price in an 85% chance of a larger Federal Reserve rate hike in December.
- South Korea is closely monitoring a potential trilateral summit between the U.S., China, and Russia, which could take place on the sidelines of the APEC summit in Shenzhen later this month.
- Advanced Micro Devices (AMD) surged 12% earlier this week after receiving an upgrade to Outperform from Oppenheimer, contrasting with Nvidia's recent struggles.
Nvidia Rating Slashed Amid Executive Uncertainty
Oppenheimer has downgraded Nvidia (NVDA) to Perform, citing growing concerns over a board-led investigation into CEO Jensen Huang. The investigation reportedly centers on Huang's relationship with an alleged foreign agent, a development that has introduced significant key-person risk to the semiconductor giant.
The stock fell more than 5% in recent sessions, extending a slide that has seen shares lose approximately 9.5% of their value since late last week. Analysts at Wells Fargo also lowered their price target for the chipmaker to $300 from $315, though they maintained a Buy rating ahead of the company's fiscal third-quarter earnings report on November 17.
Kiwi Dollar Weakens as Fed Hawks Gain Momentum
The New Zealand Dollar (Kiwi) came under heavy selling pressure on Thursday, trading near 0.5560 against the U.S. Dollar. The decline follows hotter-than-expected U.S. Consumer Price Index (CPI) data, which rose 0.4% in October, prompting markets to brace for more aggressive tightening from the Federal Reserve.
The U.S. Dollar Index (DXY) reached an 18-month high of 103.06 as investors factored in the possibility of a 50-basis-point rate increase in December. While the Reserve Bank of New Zealand (RBNZ) is expected to raise its own cash rate to 3% next month, the widening interest rate differential continues to favor the greenback.
Seoul Watches for Historic Shenzhen Summit
South Korean Vice Foreign Minister Kim Hong-kyun confirmed that Seoul is "closely watching" the prospects for a historic trilateral summit between President Donald Trump, President Xi Jinping, and President Vladimir Putin. The meeting is being coordinated for the APEC summit in Shenzhen, scheduled for November 18–19.
The proposed talks are expected to cover nuclear arms control and the war in Iran, though South Korean officials are particularly concerned about the inclusion of Korean Peninsula issues in any joint declarations. Reports suggest that while the three leaders may meet for a high-profile photo opportunity, substantive agreements remain difficult due to conflicting regional interests.
Automated market updates written with AI from market data and news wire reports, published without human review.