Friday 13th November 2026

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Phil and NAB’s Ken Crompton unpack a dramatic session of rotation across global markets, where an executive shakeup at NVIDIA sends its shares lower while rival chipmakers—including AMD and Broadcom—surge higher, alongside a major Microsoft Exchange outage disrupting email traffic. Across rates and currencies, US Treasury yields bounce sharply higher following the Veterans Day holiday—pushing 10-year yields toward 5.1%—as a heavy slate of hawkish Fed commentary (including Beth Hammack and Austan Goolsbee) reinforces expectations for further tightening ahead of tonight's US PPI print. The resulting broad US dollar strength has pushed the Australian dollar down 0.6% toward 68 US cents and briefly nudged USD/JPY past the key 160 level, putting markets on alert for potential Japanese currency intervention. Phil and Ken also examine rising Brent crude prices above US$95 a barrel despite a solid build in US inventories, a strong UK Q3 GDP beat (up 1.9% YoY) that failed to move sterling or gilts, softening New Zealand retail card spending, and a sharp drop in US existing home sales toward GFC-era lows as elevated mortgage rates weigh on housing.

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