This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- Nvidia CEO Jensen Huang has been summoned by top US House Republicans for a closed-door briefing on November 18 following reports of a Chinese espionage operation targeting the company.
- US equity futures showed resilience in early trading, with Nasdaq 100 futures rising 0.6% and S&P 500 E-minis flattening after erasing earlier losses.
- China's 10-year government bond yield plummeted to 1.581%, hovering near historic lows as sovereign bond futures reached record highs amid persistent economic weakness.
- Japan's Prime Minister Sanae Takaichi proposed utilizing proceeds from the Bank of Japan's accelerated ETF sales—estimated to reach ¥860 billion ($5.5 billion) annually—to fund national economic security initiatives.
- Taiwan's currency weakened to 33.04 against the US dollar, even as the Deputy Finance Minister maintained that the nation's economic fundamentals remain stable.
US Lawmakers Target Nvidia Over China Ties
Key Republican lawmakers have requested that Nvidia (NVDA) CEO Jensen Huang appear before Congress to address national security concerns. The request, led by the chairs of the House committees on China, Foreign Affairs, and Intelligence, follows a New York Times report alleging that a Chinese espionage operation targeted Huang through a relationship with an executive at Megaspeed, a Singapore-based cloud firm.
Lawmakers are specifically investigating whether the People's Republic of China (PRC) gained unauthorized access to sensitive US technology. Nvidia (NVDA) has denied the allegations, stating that its interactions with customers are routine and that no trade secrets or national security information were compromised.
US Futures Rebound Despite Tech Volatility
US stock futures staged a recovery in early Friday trading after a sharp sell-off in the previous session. Nasdaq 100 futures gained 0.6%, while S&P 500 futures remained flat, recovering from a 1.4% drop.
The rebound was supported by a modest recovery in semiconductor stocks during after-hours trading. Advanced Micro Devices (AMD) rose 2% and Micron Technology (MU) climbed 4%, providing a temporary reprieve after the Dow Jones Industrial Average shed over 1,800 points on Thursday.
China Bond Yields Hit Historic Lows
In Asian debt markets, China's 10-year government bond yield fell to 1.581%, reflecting a flight to safety as domestic economic data continues to disappoint. The manufacturing PMI fell to a three-month low of 49.3 in October, signaling a contraction in industrial activity.
The yield decline coincided with 10-year sovereign bond futures reaching a fresh record high. Investors are increasingly betting on further monetary easing from the People's Bank of China (PBOC) to combat deflationary pressures and sluggish growth.
Japan and Taiwan Navigate Regional Uncertainty
Japanese Prime Minister Sane Takaichi is eyeing a massive windfall from the Bank of Japan (BoJ) to fund her "economic security" agenda. The BoJ recently announced it would more than double its annual ETF sales to ¥860 billion, which could generate an additional ¥800 billion in annual revenue for the government's budget.
Meanwhile, Taiwan's currency fell to 33.04 per greenback, its weakest level in recent sessions. Despite the currency slide, Deputy Finance Minister Ruan Jhing-ru emphasized that the island's economic position is "strong and stable," likely aiming to soothe investor nerves amid heightened regional geopolitical tensions.
Automated market updates written with AI from market data and news wire reports, published without human review.