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Tech stocks in Asia advanced after yesterday positive session on Wall Street ahead of Nvidia’s earnings, as investors awaited the company’s outlook on chip demand to gauge if the global rally since April can continue. Nvidia will report earnings after the US market close; the stock is near to the ATH
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AI remained in focus, with China’s Cambricon surging up to 8.2% to a record high on strong profits. Nikon shares jumped 21% after reports that EssilorLuxottica (Ray-Ban maker) may raise its stake.
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US and European equity futures also moving slightly higher ahead of Nvidia’s report, however broader sentiments during the Asian session (ex-tech) were weaker; Chinese indices are sliding the most today
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Dollar index gained 0.2%, reversing Tuesday’s drop linked to Trump’s move to oust Fed Governor Lisa Cook. Gold slips almost 0.5%, Treasuries held steady after earlier declines in long-term bonds across the US, France, and the UK.
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Australian CPI came in much hotter than expected, rising 2.8% in July vs exp. 2.3% and 1.9% previously. Construction work done rose 3% quarterly vs 1% exp. and 0% previously. Despite 'inflationary' data, AUD gains only slightly vs the US dollar
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Oil prices stayed flat as Washington imposed new tariffs on India; US API Crude Oil Stock Change came in at: -0.974M (Forecast -1.7M, Previous -2.4M)
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China’s industrial profit data showed a slower pace of decline in July, suggesting that measures against overcapacity may be easing pressures.
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Trump imposed a 50% tariff on select Indian goods, the harshest in Asia, in retaliation for India’s purchases of Russian oil—marking a sharp turn in US–India relations.
