Most US stock indices closed lower on Friday amid a renewed selloff in chipmakers. The S&P 500 lost 0.4%, the Nasdaq fell 1.2%, and the Dow inched up 51 points. Chipmakers dragged the indices down in another rout triggered by the Nvidia crisis. Beyond CEO Huang’s resignation over an alleged relationship with a suspected Chinese spy, Nvidia faces heightened regulatory scrutiny, including probes into whether US export restrictions were circumvented in sales to Chinese companies. Dip buyers remained cautious on the AI trade ahead of Nvidia’s earnings next week. Nvidia fell 2%, Broadcom tumbled 4.9%, AMD sank 8.7%, and Micron lost 2.5%. Cisco sank 6.2% despite raising its FY2027 guidance, while Applied Materials fell 2.8% despite record revenues. Meanwhile, fresh PPI data showed high energy prices raising factory costs in core sectors, reinforcing bets for multiple Fed rate hikes this cycle. On the week, the S&P 500 rose 1.4%, the Nasdaq 100 gained 2.1%, and the Dow added 472 points.

Earnings from Nvidia will set the tone for equity markets next week, offering updates on the chip giant's status as a backstop for global AI investment shortly after the firm ousted CEO Jensen Huang. Meanwhile, Anthropic is expected to debut via IPO in the second half of the week amid reports of heavy oversubscription. The war in the Middle East will also continue to drive energy prices and shape global borrowing costs as signs of higher supply from the region clash with lingering risks of escalation. On monetary policy, minutes from the FOMC's latest rate hold, which included two rate-hike dissents, will be scrutinized. Key US economic data includes retail sales, industrial production, and housing indicators. Elsewhere, the UK will post inflation, unemployment, and retail sales figures. In Asia, investors await Chinese industrial production, retail sales, housing prices, fixed-asset investment, and unemployment data, while Japan will release its Q3 GDP figures.

The US dollar index was above 103 on Friday, its highest level since March 2025, supported by persistent inflationary pressures that strengthened expectations of further monetary tightening by the Federal Reserve. US producer prices rose 6.5% year over year in October, the fastest annual increase since 2022, although the reading was slightly below market expectations of 6.6%. Monthly PPI growth also undershot forecasts, rising 0.3% against expectations of 0.4%. Excluding food and energy, prices increased 5% annually and 0.3% month over month, both in line with estimates. Following another firm reading of underlying consumer inflation earlier in the week, markets widely expect the Fed to raise interest rates by 25 basis points on December 9. Meanwhile, President Donald Trump suggested Washington could forgo a deal with Tehran, renewing uncertainty over US-Iran relations.

The Euro Area recorded a €10.3 billion trade deficit in goods in September 2026, reversing a €13.5 billion surplus in the same month of 2025 and significantly exceeding market expectations of a €4.5 billion shortfall. The annual deterioration was primarily driven by a widening energy deficit, which increased to €33 billion from €20.7 billion a year earlier. Imports surged 16.1% to €283 billion, marking their third-highest level on record, while exports rose at a slower pace of 6.0% to €272.7 billion. The September shortfall contributed to a substantial deterioration in the region's overall trade position during the first nine months of the year. Between January and September 2026, the Euro Area recorded a €36.5 billion trade deficit, compared with a €102.2 billion surplus in the same period of 2025. Over this period, imports increased 9.2% to €2.30 trillion, largely reflecting higher energy costs linked to the war in the Middle East, while exports grew by just 2.4% to €2.26 trillion.

New yuan loans extended by Chinese banks fell by a net CNY 100 billion in October 2026, the first-ever contraction recorded for the month, swinging from a positive CNY 220 billion last year and missing median expectations of a net extension of CNY 20 billion. The result maintained the current trend of sharp contractions in bank credit to Chinese households and businesses amid a slowing economy and weak consumer demand, particularly for housing. In turn, total social financing, a broader measure of net credit, jumped to CNY 1.15 trillion from CNY 810 billion in the previous year, although the figure fell short of expectations of CNY 1.45 trillion. This underscored the ongoing shift away from traditional sectors of the economy toward tech, which commonly raises cash in the bond and equity markets instead of through bank loans.

India's merchandise trade deficit widened to a one-year high of $39.88 billion in October 2026, above market expectations of $32 billion and rising from $42.58 billion a year earlier. Imports surged by 16.51% to $89.35 billion, the highest on record, despite the limitation of a week rupee. Purchases surged 54.3% to $22.819 billion for petroleum, crude oil, and products, as the war in the Middle East drove wholesale oil prices to rise sharply and lifted importing turnover for major energy importers like India. Imports also rose sharply for vegetable oil (56.5% to $2.5 billion) and electronic goods (50% to $14.3 billion). Exports surged 45.06% year over year to a record $49.47 billion amid sharp increases in gems and jewelry (40.6% to $3.2 billion), engineering goods (36.0% to $12.7 billion), and petroleum products (140.2% to $8.9 billion).