[MARKET ANALYSIS] European bourses modestly firmer; Nvidia CEO Huang "honeytrapped", shares sour

Newsquawk Staff · 9 Nov 2026, 10:22 UTC

European bourses (STOXX 600 +0.5%) started the session flat/modestly lower, but have gradually moved higher throughout the morning. As such, major indices are broadly in the green, posting gains between 0.2-0.6%.
Upside which follows on from a relatively decent session in Asia, which saw the Nikkei 225 close higher by c. 2.3%. However, the tech-heavy KOSPI (-0.8%) fell overnight, with overarching fears surrounding the AI/memory space remaining front of mind. SK Hynix (U/C) and Samsung (+0.5%) both traded tentatively overnight.
Further adding to the negative sentiment, Nvidia CEO Huang admitted to having an affair with an alleged Chinese spy. The Nvidia board has launched an independent investigation on the matter, with some investors worried about a potential ousting of the CEO. As such, Nvidia shares are falling in pre-market trade, currently lower by around 5%. A factor which has brought the rotation play out of the ES (+0.2%) & NQ (U/C), and back into the RTY (+1%).
Back in Europe, sectors are mixed. Basic Resources is the clear outperformer, benefiting from the stronger-than-expected Chinese PPI metrics and as recent PBoC data showed continued gold buying for a 24th consecutive month. Elsewhere, Banks hold towards the top of the pile. Banco BPM (+10%) gains after Credit Agricole (-0.8%) pitches a merger of its Italian business with Banco BPM. Sticking in Italy, UniCredit (+5%) gains after Q3 profit rose more than expected, and after raising guidance. To complete the top three is Healthcare, with Argenx (+4.3%) higher after it said its Phase 3 ALKIVIA trial of VYVGART Hytrulo met primary and key secondary endpoints. On the downside, Consumer Products underperforms; Telecoms and Food Beverage & Tobacco complete the bottom three.

What our morning note said

EU Market Open, 9 Nov, 06:36 UTC · what it led with

US President Trump said it is highly unlikely the US will need to resume military action against Iran if negotiations progress, while Secretary of State Rubio said talks have been unproductive.
DXY consolidated after Friday's jobs-driven upside; Antipodeans outperformed, with the NZD aided by the weekend's election result.

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Iranian President Pezeshkian says the Supreme Leader has granted the government some authority on dialogue, ISNA reports.
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ECB President Lagarde (Q&A) says policymakers believe they are in a good position to wait for incoming information. The situation they are in could have warranted a hike.
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