Global markets are holding their breath as Nvidia Corp. prepares to release its earnings report after the US market close. The results from the $3.2 trillion chipmaker are anticipated to influence risk assets and gauge AI investment trends across the tech sector. Analysts forecast a revenue increase of over 70% for the current quarter. Any negative surprises could impact markets significantly due to Nvidia’s prominence in US indexes. Options markets suggest a potential 10% swing in Nvidia’s stock following the results.
In other market movements, the Stoxx Europe 600 index inched up, while Asian stocks were mostly stable, with Chinese shares falling due to disappointing corporate earnings. US Treasuries remained steady, and the dollar rose slightly. The yen extended its losses by 0.4% against the dollar following remarks from Bank of Japan Deputy Governor Ryozo Himino, who indicated potential rate hikes dependent on inflation.
Cryptocurrencies saw a decline, with Bitcoin dropping below $60,000 and Ether falling sharply. Oil prices stabilized after a previous drop, and gold retreated after a recent climb.
Upcoming key events include Nvidia’s earnings report and various economic indicators, including US GDP and Eurozone consumer confidence, scheduled throughout the week.
Market Movements:
Stocks:
1.Stoxx Europe 600 +0.2%
2.S&P 500 futures: little changed
3.Nasdaq 100 futures: little changed
4.MSCI Asia Pacific Index +0.1%
Currencies:
1.Bloomberg Dollar Spot Index +0.2%
2.Euro -0.3% to $1.1153
3.Japanese yen -0.4% to 144.51 per dollar
Cryptocurrencies:
1.Bitcoin -4.2% to $59,226.28
2.Ether -4.5% to $2,464.10
Bonds:
1.10-year US Treasuries yield: 3.83%
2.Germany 10-year yield: 2.27%
3.UK 10-year yield: 3.99%
Commodities:
1.Brent crude +0.2% to $79.68 per barrel
2.Spot gold -0.6% to $2,509.79 per ounce
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