Date: 29th August 2024.


Market News – Nvidia dropped after hours; Equities mixed; Dollar pared some losses.


Asia & European Sessions:


* Nvidia dropped about -7% in after hours trading in Frankfurt this morning, mirroring a fall in US after-hours trading which took Wall Street futures down with it. Though Nvidia’s guidance fell short of lofty expectations, the company’s revenue more than doubled to $30 billion in the fiscal second quarter, ending July 28. Additionally, Nvidia’s board approved $50 billion in new stock buybacks.
* Beats from Salesforce and CrowdStrike help contain losses. Nvidia reported solid results but the bar was so high that the data failed to top the most bullish estimates..
* The NASDAQ led the decline, dropping -1.77% before paring losses into the close to finish -1.12% lower. The S&P500 tumbled -1.1% before closing with a -0.6% loss. The Dow trimmed its -0.99% decline to -0.39%
* In Japan, a 2-year government bond auction attracted the highest bid-cover ratio since 2019, spurred by recent yield increases.
* In China, the downbeat earnings trend persisted. Shares of electric vehicle maker Li Auto Inc. plummeted by up to 15% after missing forecasts, while BYD Co. also declined despite posting a 33% profit increase. Contributing to the negative sentiment, UBS Group AG lowered its growth forecasts for China for this year and next, citing a more severe property market downturn than expected.


Financial Markets Performance:


* The USDindex has pared some of yesterday’s gains and is at 101.17.
* The New Zealand Dollar gained strength following a surge in the country’s business confidence to a decade-high.
* Oil prices steadied after a 2-day decline, with stock market losses balancing out a reduction in US inventories and supply disruptions in Libya.
* Gold traded just below its record high, poised for a monthly gain.


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Please note that times displayed based on local time zone and are from time of writing this report.


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Andria Pichidi
Market Analyst
HFMarkets

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