Market Summary
Asian Stocks Rise Ahead of Nvidia Earnings: Asian semiconductor stocks advanced overnight as traders positioned for Nvidia’s results today and looked for signs that the AI trade could regain momentum. The KOSPI rose 1.38%, while the Nikkei 225 gained 0.7%. However, US equity futures are pointing to a broadly flat open, with both Nasdaq 100 and S&P 500 futures little changed.
Oil Extends Slide as Hormuz Shipping Talks Progress: Brent crude fell for a third consecutive day, dropping 5.50% yesterday to around $87 a barrel and extending this week’s decline to roughly 8%. The latest move lower follows discussions between Iran and Oman over an “interim framework” aimed at resuming shipping through the Strait of Hormuz. Lower oil prices have eased inflation concerns and helped support bonds.
Treasuries Hold Gains: US Treasuries maintained their gains from Tuesday, when the benchmark 10-year yield fell by around seven basis points. The 10-year yield is now around 4.64%, with markets continuing to assess the inflation outlook and the path of US interest rates.
Gold Remains Above Moving Averages: Gold continues to trade above its key moving averages and is currently around $4,636 an ounce. The precious metal remains closely watched alongside movements in the dollar and Treasury yields. Meanwhile, USD/JPY remains around the 159 level.
Three Key Events to Shape Markets: Nvidia’s earnings today will provide a major test for the AI rally, while the US PCE inflation gauge will offer fresh insight into whether price pressures remain persistent. Attention will then turn to Federal Reserve Chair Kevin Warsh’s Jackson Hole speech on Friday for signals about the future path of interest rates.
Economic Calendar
- US PCE Gauge
- US GDP
- US Personal Income
- US MBA Mortgage Applications
- Bank of Thailand Interest Rate Decision
Key Market Moves Today
- S&P 500 Futures: -0.13% (7,681.0)
- US 10-Year Yield: +0.98 bps (4.64%)
- Brent Crude: -1.81% ($86.90)
- Bitcoin: +1.04% ($79,013)
- Spot Gold: -0.52% ($4,636)
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