Tech Rout Gone and Forgotten
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Tech Rout Gone and Forgotten
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Thursday 12th November 2026
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Phil and NAB’s Gavin Friend discuss another powerful rally in the US dollar alongside a roaring comeback for technology equities, even as US bond markets remained closed for Veterans Day. The US Dollar Index (DXY) climbed 0.7% to 102.9—touching its highest level since mid-October—putting widespread pressure on European currencies and the Yen, while the Australian dollar held relatively steady around 68.5 US cents. On Wall Street, the NASDAQ jumped 2.1% led by an extraordinary 3.8% surge across IT and semiconductors, with NVIDIA rebounding nearly 5% and Micron surging 14%. Europe’s Stoxx 600 also notched a fresh all-time high, buoyed by solid corporate earnings from the likes of Siemens Energy. Meanwhile, oil prices steadied near US$93 a barrel despite simmering rhetoric between Washington and Tehran, UK 2-year gilt yields surged 20 basis points over two sessions on rising Bank of England rate hike expectations ahead of today's UK Q3 GDP release, and Australian data revealed a record 16% quarterly plunge in the value of new home loans—driven by a 32% collapse in investor lending.
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