📆 Wednesday, August 28
► European stocks extended yesterday's gains with the Stoxx 600 0.35% higher, with also European investors keenly awaiting Nvidia's earnings, which are expected to significantly impact the tech and AI sectors. Germany's DAX traded around six-week highs, up 0.5%, while France's CAC gained 0.35%, buoyed by a rise in consumer confidence to 92.1 in August. On the other hand, the UK’s FTSE 100 saw a slight dip of 0.1% after four days of gains.
► US stock futures remained largely unchanged as investors continue to wait ahead of Nvidia's earnings report – arguably the most important and anticipated earnings report in the world and one that could set the tone for the technology sector and broader markets. Investors are also eyeing key economic data later this week, including the PCE index and second estimates of Q2 GDP figures, which could provide further insights into the Fed’s monetary policy direction. Also software giant Salesforce is reporting earnings today.
► Asian markets were mostly in the red, led by declines in Chinese stocks as weak corporate earnings weighed on sentiment. The Shanghai Composite fell 0.47%, and Hong Kong’s Hang Seng index dropped 0.94%. Japan’s Nikkei 225 dipped slightly by 0.02%, with also the JPY weakening further by 0.4% against the USD, following comments from the Bank of Japan’s Deputy Governor, who emphasized the need to monitor inflation developments with “utmost vigilance.” Australia’s S&P/ASX 200 index fell 0.29%, impacted by hotter-than-expected inflation data for July, which reinforced expectations of a hawkish stance by the Reserve Bank of Australia.
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