The slowdown in US producer prices is not enough to overcome inflationary pressures. Published Friday, November 13, 2026, the October statistics show a monthly increase of 0.3%, after 1.4% in September. But the annual increase is 6.5%. The other issue is in artificial intelligence accounts: sales growth does not exempt very expensive equipment from financing.
Item established on 13 November. The observations are not simultaneous and do not constitute a global closing balance. American markets are still open. Intraday quotations from which the no-zone could be established are excluded; the closings of the previous day and the official references are explicitly dated.
World markets of the day: starting from established closures
The previous session gives a distinct landmark. On Thursday, November 12, the S&P 500 had finished at 7,592.40, the Dow Jones at 52,297.09 and the Nasdaq at 25,366.09. All three had lost about 0.4 per cent. Russell 2000, more representative of the small US capitalizations, had divested about 1.7%. It’s about Thursday closings, not Friday final levels.
Lower inflation over one month, higher over one year
The U.S. Bureau of Labour Statistics measures a 0.3% increase in producer prices for final demand in October. The figure is seasonally adjusted. Over 12 months, the unadjusted increase reached 6.5%, its highest rate since November 2022. The indicator excluding food, energy and commercial services increased by 0.5% over the month and by 4.9% over the year.
The detail forbids reducing inflation to oil alone. Goods increase by 0.5%, services by 0.2% and food by 1.3%. Energy fell slightly by 0.1%. Road freight transport is up 3.9%, while diesel is down 7.9%. The publication was issued on 13 November at 8.30 a.m. Eastern United States time, at 1.30 p.m. UTC and 3.30 p.m. in Beirut.
The monthly slowdown does not mean a general fall in prices. An index that increases less rapidly continues to increase. The annual change compares two levels spaced by 12 months. It can therefore accelerate as the last monthly movement slows down, in particular because the comparison period changes.
A distinction must also be made between producer prices and prices paid by households. Companies can absorb some of the costs in their margins, modify their products or renegotiate their contracts. On the other hand, a drop in the input is not necessarily immediately passed on to the final price. More expensive acquired stocks and trade commitments may delay this transmission.
Fed’s decision did not change Friday
The last Federal Reserve Decision Communiqué, dated 28 October, keeps the fed funds in the range of 3.75% to 4%. The vote was ten to two. Lisa Cook and Beth Hammack wanted a quarter-point increase. This reminder is not a new monetary announcement of November 13.
The central bank then describes strong activity and still high inflation. Friday’s data feed into the upcoming assessment, but do not mechanically determine the next decision. A market anticipation, an analyst’s opinion and an actually voted rate are three different informations. There is no likelihood of an increase here due to the lack of a verifiable and time-sensitive market statement.
Nvidia: a confirmed transition, results still expected
Nvidia announced on 12 November the immediate resignation of Jensen Huang from his office as President, CEO and Director. Colette Kress is acting while maintaining financial management. Harvey C. Jones became chairman of the board. The search for a permanent leader must examine internal and external candidates.
The board says it waits for operations, customer commitments and the product schedule to continue without interruption. This is the company’s position, not an independent guarantee on future performance. The press release maintains the third quarter results of fiscal year 2027 to Tuesday, November 17, at approximately 1:20 p.m. in California, followed by a conference at 2 p.m.
The distinction is important to analyze the session. The transition of leadership is an established fact. Quarterly results announced for the following week are not yet available. It would be premature to deduct a review of demand, margins or deliveries. This file does not include any personal charges to explain the courses.
Nebius: growth does not measure the need for financing
Nebius’ unaudited accounts, published on November 12 for the quarter ended September 30, offer a concrete case. This cloud company for the AI has 980.8 million dollars in turnover, compared to 146.1 million a year earlier. Its adjusted EBITDA amounts to 465.8 million, but the activities continued still have a net loss of 37.5 million.
Acquisitions of tangible and intangible capital assets amounted to $7,300.4 million over the quarter. The operating cash flow of the activities continued is negative by 273 million. These items answer different questions: recognised sales, adjusted performance, accounting income and investment disbursements are not interchangeable.
Adjusted EBITDA is a non-accounting indicator within the meaning of U.S. standards, defined and reconciled with accounting measures by the company. It does not represent the remaining money after all investments. Nor should the quarterly capex be treated as a charge which would be fully deducted from the result of the same quarter.
The growth of turnover can therefore coexist with a high consumption of financial resources. This does not prove that the investments will be unproductive. This requires reviewing their schedules, client commitments and available resources. A data centre built today must be used and invoiced tomorrow; between these two stages, the company finances the equipment and bears the risk of execution.
Oil: not to confuse forecast and quotation
The November report of the International Energy Agency, released this Friday, describes a recovery of supply faster than demand. World production reached 105.4 million barrels per day in October. The average consumption forecast for 2026 is 102.3 million, down 2.7 million over one year. These two numbers do not cover the same period and therefore should not be subtracted to calculate a monthly surplus.
The agency observed a 52 million barrels increase in world stocks in October, but sea volumes increased by 86 million. Land stocks continue to decline. A stock in transit does not guarantee immediate availability for a refinery or distributor.
The price of approximately $93 from the North Sea Dated quoted in the report corresponds to its wording. This is not the Brent in session on Friday. Accessible quotations of different products, at different times, are not artificially assembled in a single course. Maritime risk and refining constraints remain distinct from the only global amount of crude produced.
The exchange adds a second invoice
The European Central Bank’s reference for 13 November is $1,1052 per euro. It also shows 176.83 yen, 0.83559 pound sterling and 0.9266 Swiss francs per euro. These values are informative and the ECB does not recommend their use as a transaction price.
The consultation usually takes place around 14:10 in Central Europe, i.e. 13:10 UTC. The publication normally takes place at approximately 4 p.m., or 3 p.m. UTC. These schedules describe the usual procedure, not a certification to the second of the day’s statement.
A fictitious invoice of €100,000 represents $110,520 at this reference, excluding costs and exchange margin. For a company that cashes in dollars, the amount to be forecast also depends on the date of payment. The rate finally obtained from an intermediary may be different.
This mechanism directly concerns importers: the price of the supplier and the exchange can evolve in opposite directions. A reduction in the price in euro may be partially cancelled by an appreciation of the euro. Conversely, a favourable currency movement can ease a purchase whose catalogue price has not changed. It is necessary to know the currency of invoicing before concluding that imports become cheaper.
Next tests are dated
Friday’s painting brings together several horizons. US inflation covers October, Nebius’s accounts for the quarter ended in September and the U.S. indices for the previous day’s closures. Oil forecasts extend to 2027. Bringing them together illuminates economic tensions, but does not turn them into contemporary data for the same minute.
Nvidia’s next confirmed appointment is November 17. The accounts and management comments will then allow us to examine the business path beyond the only governance transition. For the November 13 U.S. indices, the closing values remain to be determined after the end of the session.
Comments