Stocks in Asia slipped as Nvidia Corp. earnings lacked the wow factor to impress investors, while Chinese results helped extend a selloff in the country’s tech companies. MSCI’s Asia-Pacific gauge declined as much as 0.6%, dragged by chipmakers Taiwan Semiconductor Manufacturing Co. and SK Hynix Inc. Futures on the Nasdaq 100 Index were down 0.8% in Asia. Nvidia slumped more than 8% in post-market trading following a sales forecast that missed the highest analyst estimates. The outlook threatens to cool an AI frenzy that has powered global tech stocks for much of this year. Nvidia is a key beneficiary of a race to upgrade data centers to handle AI software, and its sales forecasts have become a barometer for that spending boom. Chinese equity benchmarks fell as glum earnings underscored sluggish consumer demand in the world’s no. 2 economy. Treasury 10-year yields steadied after rising one basis point to 3.84% in the previous session. The dollar edged lower after gaining broadly amid speculation investors were buying the US currency for portfolio re-balancing. The New Zealand dollar strengthened after the country’s business confidence jumped to a 10-year high. In Japan, a sale of two-year sovereign notes saw the highest bid-cover ratio since 2019 after a recent increase in yields attracted investors.
Among major Chinese earnings, EV maker Li Auto Inc. missed estimates, spurring a near 15% slump in its share prices. Peer BYD Co. also fell despite delivering a 33% jump in profit. Meituan was an outlier, jumping after the delivery service provider beat estimates and unveiled a $1 billion buyback. Adding to the sour mood, UBS Group AG downgraded its forecast for China’s growth for this year and the next, citing a deeper-than-expected property market slump. While Nvidia’s guidance underwhelmed, revenue more than doubled to $30 billion in the fiscal second quarter, which ended July 28. And the Santa Clara, California-based company’s board approved an additional $50 billion in stock buybacks. Later Thursday, investors will shift focus to key US data including a growth reading, personal consumption and weekly jobless claims to help firm bets the Federal Reserve will quickly ease policy this year. Fed Bank of Atlanta President Raphael Bostic said it “may be time to cut” but he’s still looking for additional data to support lowering interest rates next month. In commodities, oil steadied after a two-day drop, with stock market losses offsetting a drawdown in US stockpiles and supply disruptions in Libya. Gold traded just below its record high, on course for a monthly gain. US After Hours AFRM +15%, CRM +2.8%, CRWD +2% among gainers following earnings; PSTG -14.3% and NVDA -5.9% slipping after reporting quarterly results; BIG -27.3% down big after considering bankruptcy, according to Bloomberg.
Nikkei -0.22% Hang Seng -0.01% CSI -0.03% Shanghai -0.36% Shenzen +1.41%
Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P -0.27% Nasdaq -0.56% EuroStoxx -0.18% FTSE +0.24% Dax -0.05% SMI -0.08%
Macro :
- Israel Central Bank Says Cuts Only Likely Next Year as War Rages
- European Car Sales Stagnate as EV Demand Plummets in Germany
- European Car Sales Stagnate as EV Demand Plummets in Germany
- Telegram CEO Charged Over Alleged Criminal Use of App
- PDD’s $55 Billion Stock Crash Sends Warning on China Economy (1)
- Hedge Fund Arbitrage Tactic Sees Payoff in PDD’s Record Plunge
Keep an eye on :
Keep an eye on :
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- META US : META PLATFORMS PLANNING NEW MIXED REALITY DEVICE: INFORMATION
- MU US : Micron to Gain From Blackwell Ramp-Up, Factory Purchases: React
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- NVDA US : Nvidia’s CEO Says New Chip Will Have ‘Lots and Lots’ of Supply
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- TEP FP : Teleperformance Names Moulay Hafid Elalamy Chairman
- TSLA US : Elon Musk, Eyeing 2024 Edge, Hires Republican Political Adviser
- TSLA US : SpaceX’s Falcon 9 Rocket Grounded Again After Failed Landing
- TGS NO : TGS Ups PGS Integration Synergy Target to $110-130m Vs $90-110m
- X US : Nippon Steel Looks to Woo US Union With Extra $1.3 Billion
- UNIR IM : Unieuro Sees Issues in Fnac Darty Bid, Approves Issuer Statement
- VSCO US : Victoria's Secret Boosts FY Adjusted Operating Income Forecast
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