Markets wrap · X @MoneyTurkey

Indices S&P 5007,561.7 −0.40% NASDAQ 10027,944 −1.22% DOW52,348 +0.10% RUSSELL 2K2,790.5 −0.31% S&P FUT7,583.0 −0.42% NDX FUT28,035 −1.23% VIX19.30 +3.21% TSX36,106 −0.09% BOVESPA172,458 +0.66% MEXICO IPC71,205 −0.84% FTSE 10010,903 +0.36% DAX26,750 −0.08% CAC 408,368.9 +0.09% STOXX 506,386.9 −0.19% SMI15,106 −0.29% FTSE MIB51,859 +0.10% IBEX 3520,020 +0.27% AEX1,141.0 +0.07% OMXS303,356.9 −0.07% BIST 10011,843 +1.51% NIKKEI61,142 +0.53% HANG SENG23,638 −1.55% SHANGHAI3,634.4 −0.59% CSI 3004,016.3 −0.68% KOSPI5,290.5 −0.98% TAIEX43,675 +1.35% ASX 2009,082.2 −0.71% SENSEX81,592 −0.35% NIFTY 5025,144 −0.44% STI5,231.8 −0.96% FX DXY103.41 0.00% EUR/USD1.1028 −0.28% GBP/USD1.3209 −0.20% USD/JPY159.69 −0.10% USD/CHF0.8382 +0.44% USD/CAD1.4267 +0.09% AUD/USD0.6774 −0.54% NZD/USD0.5525 −0.43% USD/CNH6.6738 +0.02% USD/TRY50.3447 +0.12% EUR/TRY55.4947 −0.22% GBP/TRY66.5168 −0.07% USD/MXN18.5230 −0.36% USD/BRL5.6666 +0.38% USD/INR94.23 +0.20% USD/ZAR16.9231 +1.14% USD/KRW1,335.1 +0.06% USD/SGD1.2877 +0.11% USD/HKD7.8455 +0.02% USD/SEK10.0729 +0.53% USD/NOK9.5597 +0.26% USD/PLN3.9928 +0.30% EUR/GBP0.8343 −0.07% EUR/JPY175.99 −0.38% EUR/CHF0.9243 +0.21% GBP/JPY210.97 −0.25% Yields US2Y4.85% −1.2bp US5Y4.96% +1.8bp US10Y5.14% +3.6bp US30Y5.47% +4bp DE2Y3.11% −0.4bp DE10Y3.39% +1.3bp GB2Y4.97% +0.2bp GB10Y5.34% −0.3bp GB30Y5.79% +0.2bp FR10Y4.93% +0.9bp IT10Y4.43% −0.7bp ES10Y3.94% +0.2bp CH10Y0.57% +1.2bp JP10Y2.87% +1.1bp CN10Y1.61% −2.6bp AU10Y5.13% 0bp CA10Y3.86% +4.6bp IN10Y7.31% +6bp BR10Y15.34% −10.5bp ZA10Y8.68% +3.5bp MX10Y9.30% −0.6bp TR2Y36.26% −52bp TR10Y33.52% 0bp Commodities GOLD$3,886.30 +0.03% SILVER$49.12 −1.89% PLATINUM$1,489.70 −2.02% COPPER$6.090 −1.71% BRENT$95.84 +0.02% WTI$88.56 −0.20% NAT GAS$3.230 −3.29% WHEAT593.25¢ +1.54% CORN445.50¢ +0.68% SOYBEANS1,231.50¢ +1.03% COFFEE279.25¢ +0.22% Crypto BTC$64,524 −2.06% ETH$1,814 −1.20% SOL$71.20 −2.00% XRP$0.9485 −0.89% BNB$590.56 +0.09% DOGE$0.0585 −2.73% ADA$0.1531 −1.21% TRX$0.3052 −0.57% AVAX$7.18 −3.96% LINK$9.19 +0.53%
18:15 GMT · Markets wrap ›

Minerals and Chip Curbs Loom Over Trump-Xi Talks

MoneyTurkey editors
Light animated zero-based bar chart of neodymium-iron-boron magnet manufacturing capacity in 2025, in thousand tonnes a year (IEA): United States 4.5, China 210. Headline: Minerals and Chip Curbs Loom Over Trump-Xi Talks. Lead: About 4,500 tonnes vs 210,000, US vs China magnet-making capacity a year, 2025. Tiles: China's share of permanent magnet production, 94% in 2024 (IEA); truce with some mineral export-control waivers runs to 10 January, Trump and Xi expected to meet Thursday. MAJOR badge. Kicker: MONEYTURKEY / POLITICS, 15 NOV 2026. Footer: Politics desk / MAJOR / Sunday 15 Nov 2026. Sources: IEA, Reuters. Chart: MoneyTurkey.

Donald Trump meets Xi Jinping in Shenzhen this week with his push for home-grown critical minerals still years from paying off, while a scandal around Nvidia’s former chief has hardened the mood in Washington against easing chip curbs.

MoneyTurkey | Politics | 15 November 2026

Key points

  • Trump and Xi are expected to meet on Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit in Shenzhen, with Vladimir Putin due to join three-way talks
  • Many US mining, refining and magnet projects remain years from production, leaving American manufacturers reliant on Chinese rare earths and magnets
  • The US-China trade truce, which includes waivers on some Chinese mineral export controls, runs to 10 January
  • Lawmakers in both parties are using the Nvidia scandal to press for tighter chip export controls

Minerals: the unfinished part of the plan

Trump goes into the talks with a key part of his trade strategy unfinished, Reuters reported: a domestic supply of the critical minerals used in semiconductors, robotics, weapons and the artificial intelligence boom. Despite billions of dollars of federal investment, many US projects remain years from production, which limits how hard Trump can press Xi on tariffs and export controls without risking access to metals and magnets, analysts told the agency.

The gap is widest in magnets. US capacity for neodymium-iron-boron magnets, used in electric vehicles and military equipment, was about 4,500 tonnes a year in 2025, against about 210,000 tonnes in China, according to International Energy Agency figures cited by Reuters. China accounted for 94% of permanent magnet production in 2024, the IEA says.

Projects that could narrow the gap are some way off. A $7.4 billion refinery in Tennessee backed by South Korea’s Korea Zinc is not expected to open until 2030, and Lithium Americas’ Thacker Pass lithium mine in Nevada is due to start production in 2028, according to Reuters. More than $2.5 billion in federal loans and equity has gone into US rare earth companies such as MP Materials and USA Rare Earth, The Business Times reported.

Truce on the table

China this month extended its pause on export controls for some critical minerals to 10 January, preserving the truce agreed in Busan in November 2025, The National and Nikkei Asia reported. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer told Vice Premier He Lifeng in a call that Beijing must fully implement its commitments, particularly on rare earths and farm purchases. Reuters said the two leaders may agree to extend the truce, which caps US tariffs on Chinese goods at about 20%, according to Nikkei Asia.

Chips: the Nvidia scandal hardens the mood

Lawmakers on both sides of Congress are seizing on reports about Jensen Huang, who stepped down as Nvidia’s chief executive on Thursday, to press for tighter technology export controls, the Associated Press reported. Huang has apologised for being unfaithful to his wife. US officials suspect Alice Huang, a former executive at Singapore-based Nvidia customer Megaspeed, of being a Chinese spy, according to The New York Times, but the Justice Department has not reached a conclusion and Beijing calls the allegation unsubstantiated. Megaspeed said on Sunday she left the company in August 2025 and that it has started an internal investigation, CNBC and the AP reported.

Several congressional Democrats have written to Commerce Secretary Howard Lutnick demanding an immediate halt to exports of advanced AI chips to China. The Senate version of a defence policy bill would let Congress review licences for such sales and have the Commerce Department track chips to prevent diversion. Chinese Foreign Ministry spokesperson Mao Ning said the US “should stop fabricating the ‘Chinese spy’ narratives as a pretext for imposing technology restrictions.” Senior US officials said Trump does not plan to confront Xi over the Nvidia issue, according to the AP.

Nvidia once held about 95% of China’s market for advanced AI chips before US export curbs, according to Huang’s own past remarks reported by the AP and Fortune. Trump approved sales of its H200 chips, which are advanced but not its most powerful, earlier this year.

What to watch

  • Whether Trump and Xi extend the trade truce beyond 10 January
  • Any new US chip export measures, and whether Beijing answers with fresh rare earth curbs
  • The three-way talks with Putin, which European leaders have urged Washington to approach with “no surprises” on Ukraine

Related on MoneyTurkey

For information only. Not investment advice.

Sources

More from this desk