EU Close Digest - 13 Nov 2026

US Producer Prices rose 6.5% annually in October, pushing Treasury yields higher and equities lower.

US Session Open & European Close

US equities traded lower with the S&P 500 down 0.89% at 7,525 and the Nasdaq 100 falling 1.96% to 27,734 during the 16:37 ET session. European markets closed modestly lower, with the Euro Stoxx 50 finishing at 6,381, down 0.27% at 16:22 CET. The US open diverged from the relatively calm European session as hotter-than-expected inflation data reignited rate hike fears across the Atlantic. Treasury yields climbed, with InvestingLive noting the 10-year yield rose 6bp to 5.16% today, pressuring growth stocks disproportionately. Technology shares led declines amid ongoing leadership scrutiny at Nvidia, while energy names found support from rising crude prices near US$ 96.05 per barrel.

Analyst Consensus

• Inflation: The Bureau of Labor Statistics reports final-demand PPI up 0.3% in October, lifting the 12-month rate to 6.5% through October. Goldman Sachs argues the US inflation overshoot is almost entirely explained by tariffs and the Iran energy shock, estimating headline PCE ex-shocks at roughly 2.2%. Despite this temporary framing, Bank of America and Deutsche Bank call for hikes in December, January and March, while the market prices 86bp of tightening over the year ahead. This divergence between transient shock math and delivered hikes creates key rates risk for duration holders. Investors must weigh Goldman's look-through logic against the Fed's credibility mandate highlighted by Chicago Fed President Goolsbee.
• Technology: Nvidia earnings are scheduled for Tue 17 Nov, but leadership crisis headlines dominate the interim period according to CNBC. CEO Jensen Huang resigned days after admitting to an affair, following scrutiny of his relationship with a woman reportedly deemed a Chinese spy. Concurrently, Treasury Secretary Bessent blames Commerce Secretary Lutnick for failing to blacklist Megaspeed, signaling escalating intra-administration friction on export controls. Microsoft faces separate operational risk with an Outlook outage stretching into a second day, estimated at a US$ 100 million to US$ 400 million negative impact. These compound risks test the chipmaker's role as the 'central bank of AI' ahead of the Tue 17 Nov print.
• Europe: Destatis argues Germany's wholesale inflation is re-accelerating sharply, with wholesale selling prices rose +8.8% y/y in October 2026. Against that, Destatis signals that the agricultural producer-price deflation is decisively bottoming, with agricultural producer prices fell only -4.6% y/y in September 2026. INSEE reports French inflation remains structurally sticky at 3.4% year-over-year in October 2026, significantly overshooting the ECB's 2% target. This inflation trajectory forces the ECB to maintain restrictive policy longer than market pricing anticipates, supporting higher-for-longer French OAT yields. The divergence between wholesale energy surges and agricultural deflation implies headline inflation optics will be highly composition-dependent.
• Energy: The Financial Times reports the Norwegian Supreme Court has established a precedent requiring Scope 3 emissions accounting for exported hydrocarbons. The ruling explicitly mandates that the government should have considered emissions from burning oil abroad, extending domestic climate liability to downstream combustion. Bloomberg notes Rebecca Patterson argues Iran has effectively won greater influence over the Strait of Hormuz, which will keep shipping and insurance costs elevated. Brent crude trades at 96.05, up 0.24%, as global oil markets swing to surplus while Gulf shipments rebound. Expect accelerated capex deferrals for frontier Arctic projects where development economics face breakeven pressures above US$ 55 per barrel.
• Crypto: CoinDesk reports Bitcoin heads for sixth weekly loss as Anthropic's blockbuster IPO looms, suggesting risk appetite may be shifting away from crypto. Bitcoin fell to a 12-week low as the dollar strengthened on interest-rate expectations, triggering over US$ 1.6 billion in liquidations. A Bitcoin momentum indicator is flashing bearish and implies a potential retreat below US$ 60,000, per the article's technical analysis. Real-time updates show Bitcoin plunging back toward bear-market lows, wiping out the late-summer rally. The combination of tighter political scrutiny on China chip sales and turmoil at Nvidia raises the risk of policy-driven volatility in semis and AI-linked equities.

Next Session Setup

The Asia-Pacific session opens with traders monitoring whether US producer price data reignites inflation fears and riles up the bond market. Nvidia earnings are scheduled for Tue 17 Nov, representing a binary risk event for the AI complex alongside the Megaspeed export-control headlines. No consensus level identified for next day macro data, but current positioning reads hawkish with 86bp of tightening priced over the coming year. Watch the 10-year Treasury yield at 5.16% and the S&P 500 at 7,525 for directional implications at the open. The one open question the market is most focused on heading into the next session is whether the Fed reestablishes its inflation credibility without triggering a growth breakdown.