• Asian shares rise as Nvidia results meet forecasts
• Nasdaq, S&P 500 futures dip after earnings
• Yen steadies after Bank of Japan policy comments
• Oil prices rise ahead of U.S.-Iran talks
Nvidia Forecast Disappointment Makes Asian Markets Tick Up Slightly. Asian market trends had improved slightly by Thursday due to the positive report by Nvidia that promised a stable demand of AI tools. The confidence took a knock though as its future prognosis did not result in a new wave of surge in global technology shares markets. After the overnight momentum, Japan Nikkei 225 rose by a margin of 0.15.
The KOSPI of South Korea advanced – gaining 3 percent on improved feeling. On an eastern view, MSCI broad based index on Asia-Pacific markets outside Japan also increased 0.65%. But in other places the markets calmed down: Hang Seng in Hong Kong plunged down 0.76%. At the same time, CSI300 in mainland China fell 0.2%. Futures based on U.S. stocks fell during the time of earnings announced by Nvidia.
Nasdaq contracts declined by 0.3, after a previous decline of 0.2. In the meantime, S&P 500 contracts fell 0.2%. In Europe, EUROSTOX 50 futures had fallen 0.2%. Another slight decrease of 0.08 percent appeared in FTSE futures. According to Nvidia, the company anticipates higher revenue in the second quarter than most anticipations, indicating that consumers are yet to abandon its artificial intelligence chips.
According to Reuters, the stock of Nvidia rose by nearly 18 percent since the beginning of the year before the release of the number.
Brent crude increased by 0.28 percent settling at $71.05 a barrel which was preceded by a 0.4 percent growth. In the meantime, the West Texas Intermediate rose 0.24 to 65.58 a barrel. Fresh lift in the spot gold boosted it to half a percent as it rose to $5,197.08 per ounce. Previous profits had already increased by 0.3%. Investors resorted to the metal even as a growing caution went by. More than anticipated, protection was the motivation of purchase.
Yen Attention gathers with Doubts to the Future of BOJ Policy
The yen was given a slight push up Thursday that advanced by 0.3 to trade at 155.88 against the dollar after falling to its lowest levels in fourteen days. The backing was offered with the comments of BOJ official Hajime Takata, who favored tighter policy – who supported slow rises in the cost of borrowing.
Strategists at OCBC said in a note that “Dovish-leaning BOJ nominees have brought doubts back that the central bank will struggle to normalise policies, devaluing the JPY and pressing up the JGB curve.” The dollar index was struck by a little crunch as euro rose to reach at $1.1821 at a gain of 0.1. Elsewhere, sterling remained unchanged at 1.3561. Scarcely any movement appeared in the U.S. Treasury yields.
This is according to data by Reuters which revealed that the 10-year note was hovering around 3.86. OCBC strategists said that their USD/JPY prediction remains at 149 because the currency will not swap to an investment currency unless the BOJ becomes more hawkish than our two-rate increase predictions this year.
