Stocks edged lower in the runup to Nvidia Corp.’s earnings, a key test for market stability, after concerns over lofty valuations triggered a selloff that wiped out about $1.6 trillion from global equities. Asian shares dipped 0.3%, extending their losses into a fourth day. Futures for the S&P 500 fell 0.2% and those for the Nasdaq 100 index retreated 0.3% ahead of the AI bellwether’s results. Contracts also indicated a weaker start for European shares. On Tuesday, the Bloomberg World Exchange Market Capitalization Index trimmed its overall market valuation to $144.7 trillion with losses in the US and Europe. Bitcoin weakened over the session, trading around $90,000. Global stocks are hovering around the lowest in a month as Wall Street questions frothy valuations and whether billions in AI spending is delivering meaningful returns. The focus now turns to Nvidia, whose earnings on Wednesday will test sentiment at the heart of the AI boom and may set the next direction for markets after the rally since April. The S&P 500 Index is down more than 3% this month. Volatility has roared back. Wall Street’s so-called fear gauge, the Cboe Volatility Index, topped 24 — above the key 20 level that causes concern for traders — and reached its highest in a month.
Turmoil in global markets in recent days resembles a “healthy correction” as investors grapple with how to assess elements of technological change, said Bob Diamond, the former chief executive officer of Barclays Plc who now runs investment firm Atlas Merchant Capital. Other investors also warned of a correction for big AI stocks. “The likelihood is that we are going to have a significant correction,” Algebris Investments’ founder and chief executive officer Davide Serra said at the Bloomberg New Economy Forum in Singapore. The malaise sweeping financial markets globally is creeping into credit markets as well. Risk premiums on everything from investment-grade corporates to junk bonds are hovering near their highest levels in weeks. Another major focus for investors is whether the Federal Reserve will cut interest rates next month. Traders have less conviction about another reduction in borrowing costs, with swaps now implying a less-than-50% likelihood of a December move. Several policymakers have recently cautioned against one, citing the risk of inflation, although Fed Governor Christopher Waller repeated his view in favor of lowering rates. Investors are stepping up bets in the options market that the Fed will lower benchmark borrowing costs at a third straight meeting next month. Treasuries were little changed Wednesday with the 10-year yield holding at 4.12% after sliding three basis points Tuesday. Elsewhere, Japanese bonds pared their losses slightly as a sale of 20-year government debt showed investors are still cautious about extra supply ahead of Prime Minister Sanae Takaichi’s first economic package.
Oil fell as a report showing rising US stockpiles helped to offset concerns about the fallout from Western sanctions on Russia. Gold steadied.
A Bloomberg gauge of the dollar traded steady on Wednesday. Doubts surrounding the dollar’s position as the pre-eminent currency of global finance are overblown, GIC Pte’s Lim Chow Kiat and Franklin Templeton’s Jenny Johnson said. US After Hours LZB +6.5% nicely higher on earnings and dividend hike; ON +3.2% on $6 bln buyback program; IPAR -5% after downside guidance.
Nikkei -0.23% Hang Seng -0.60% CSI +0.42% Shanghai +0.11% Shenzen -0.63%
Eur$ 1.1590 CNH 7.1100 CNY 7.1090 JPY 155.34 GBP 1.3151 CHF 0.7993 RUB 81.0584 TRY 42.3574 WTI$ 60.65 -0.15% Gold 4,092 +0.62% BTC 90,702 -1.89% ETH 3,029 -2.17% SOL 138.22 -1%
S&P -0.10% Nasdaq -0.20% EuroStoxx -0.04% FTSE +0.10% Dax -0.13% SMI +0.44%
Macro :
- European Commission Raises €5b of EU-Bonds
- Gold to Hit $4,900 in 2026, Goldman Says. The Rally Has Legs.
- AI Bubble and Growth Fears Are Creeping Into US Credit Markets
- US Plans to Approve Sale of Chips to Saudi AI Venture Humain
- US Approves $105m Possible Foreign Military Sale to Ukraine
- Goldman’s Waldron Says Market Bias Suggests More Downside Coming
Keep an eye on :
Keep an eye on :
- ABI BB : Anheuser-Busch InBev Nears $700 Million Deal for Party Punch Maker BeatBox -- WSJ
- AIR FP : BOC Aviation to Buy, Lease Back 3 Airbus Aircraft to EgyptAir
- AKZA NA : AXTA finished -ve after merger announce
- BEZQ IT : Israeli Telecoms Firm Bezeq’s Top Holder Seeks to Exit Stake
- BPE IM : UniCredit May Consider Bper as Potential Target: Stampa
- CAI AV : CA Immo Says Starwood Appointed Sternlicht to Supervisory Board
- CBK GY : UniCredit May Consider Bper as Potential Target: Stampa
- DAE SW : Datwyler Sees Higher Single-Digit Organic Rev Growth Mid-Term
- GLEN LN : Glencore Seeks Approval for $103 Million Chile Copper Project
- GLEN LN : Glencore Merafe Chrome Venture Warns of Job Cuts, Smelter Idling
- GOOGL US : Alphabet’s New Gemini Model Underlines AI Strength
- GOOGL US : Google DeepMind Opens New AI Research Lab in Singapore
- HSBA LN : HSBC CEO Sees Fragmented World With More Strategic Assets
- NHY NO : Hydro Signs New Sustainability-Linked Credit Facilities
- Iliad : Iliad’s French Mobile Towers JV Is Said to Attract Phoenix, TDF
- IMMU SS : Mendus Offers SEK50 million Shares via Pareto Securities,Mendus Offering of 10.5m Shares Prices at SEK5/Share
- ITP FP : Interparfums Shares Slide on Disappointing 2026 Outlook, Interparfums Sees FY Sales ~€890M at Current FX Rates
- KER FP : Kering CEO Calls for Reduced Store Network, Gucci Exposure: Rtrs
- META US : Meta Wins FTC Antitrust Trial Over Instagram, Whatsapp Deals
- META US : Meta Dodges Breakup as Judge Highlights Market Share Declines
- NESN SW : French Court Rejects Complaint Against Nestlé’s Perrier Water
- NKT DC : NKT Sees FY Guidance at High End of Ranges; Sets 2030 Targets
- EGL PL : Mota-Engil 9M Ebitda EU699M Vs. EU609M Y/y
- OPM FP : OPmobility and Yanfeng Group Strengthen Joint Venture Yfpo
- PSKY US : Paramount Skydance Prepares $71b WBD: Variety
- PSKY US : Paramount Skydance Prepares $71b WBD: Variety
- PLUG US : Plug Power Is Said to Offer 6.75% Coupon on Convertible Bond
- 1913 HK : Prada Buys Milan Property to Build Corporate Headquarters
- ROG SW : Roche’s Giredestrant Readout ‘Changes Everything,’ Intron Says
- SAP GY : Mistral, SAP Partner for ‘Trustworthy’ French, German AI
- SW FP : Sodexo SA: Delaporte to Lead North America for Period of Time
- STLA US : Stellantis Expands EV Charging Access With Tesla Integration
- TSLA US : Elon Musk's xAI in Advanced Talks to Raise $15 Billion, Lifting Valuation -- WSJ
- TSLA US : Tesla Gets Approval for Autonomous Rideshare Service in Arizona
- UMG NA : Universal Faces EU Warning Shot Over $775 Million Downtown Deal
- UCG IM : UniCredit May Consider Bper as Potential Target: Stampa
- VSUR SS : Verisure Gets Mostly Bulls as Analysts Start Coverage
- VISC SS : Gruvaktiebolaget Viscaria Offers Shares at SEK9.50/Share
- VIRI FP : Viridien Splits Chair and CEO Roles, Names Berg as CEO
- WEHB BB : Wereldhave Belgium Buys Ville2 Shopping Center in Charleroi
- 1810 HK : Xiaomi Shares Drop After Chip Costs Weigh on Profit: Street Wrap
- 1810 HK ! Xiaomi’s EV Arm Posts First Profit in Boost for Ambitions (2)
- YOU LN : YouGov Shares Resume Gains After Betaville ‘Uncooked Alert’