🗓 Thursday, August 28, 2025
► Europe softer – tech drag, politics linger
European equities slipped as Nvidia’s weaker sales forecast pressured tech sentiment and political uncertainty in France and (although reduced now) the Netherlands remained in focus. The Stoxx 600 -0.15%, DAX flat, CAC 40 +0.4%, FTSE 100 -0.3%, Italy’s FTSE MIB +0.2%, IBEX +0.05%. French bonds rebounded modestly, though spreads remain wide. FX saw the euro stronger at $1.167 (+0.3%), GBP at $1.352, while EUR/JPY hovered near 171.5.
► Wall Street cautious – Nvidia aftermath, PCE in focus
US futures were mixed after Nvidia’s Q2 results beat expectations but the sales outlook disappointed lofty hopes. The stock slid -2% (fell up to 4%) premarket before partially recovering. Snowflake (+14%) and MongoDB (+30%) impressed with AI-linked demand. Futures: S&P 500 flat, Nasdaq flat, Dow +0.15%. Jobless claims were in-line with expectations, continuing claims lower, suggesting labor remains resilient. Treasuries steady (10Y yield 4.23%), while the dollar softened slightly. All eyes are now on Friday’s PCE inflation data for Fed signals.
► Asia mixed – China strong, Hong Kong weak
Asian markets diverged: Shanghai +1.1%, Shenzhen +2.3% as domestic inflows lifted sentiment, while Hong Kong lagged -0.8%. Japan’s Nikkei +0.7% and Taiwan -1.2%. Korea’s Kospi +0.3%, India’s Nifty -0.9%, Australia’s ASX +0.2%. FX was dollar-heavy: USD/JPY 146.9 (-0.3%), USD/CNY 7.13 (-0.3%), AUD/USD 0.653 (+0.4%).
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