Dollar Gains & Asian Tech Shares Rise Before Nvidia – Asia Market Wrap
Tech shares rose in Asia ahead of Nvidia’s earnings, as investors waited for the company’s perspective on chip demand to see if a worldwide market boom that began in April would continue.
The AI theme remains a focus, with Chinese AI stalwart Cambricon rising as much as 8.2% to its highest level ever following a record profit. Nikon shares rose 21% as Ray-Ban maker EssilorLuxottica considered increasing its investment. A measure of Asian tech stocks gained as high as 0.7%. Equity-index futures for US and European equities rose ahead of Nvidia’s announcement after the bell.
The Dollar index climbed 0.2%, recouping Tuesday’s loss from President Trump’s push to remove Fed Governor Lisa Cook. Gold declined 0.6%, while Treasuries held steady after long-term bonds from the US, France, and the UK sank Tuesday. Oil was flat as the US imposed additional tariffs on India.
In China, data revealed that industrial companies’ profits fell at a slower rate in July, potentially indicating that measures to reduce overcapacity are beginning to alleviate the burden caused by strong producer competition.
On the trade front, Trump put a crushing 50% tariff on some Indian goods, the biggest in Asia, to penalise the country for purchasing Russian oil, upending Washington’s decades-long efforts to strengthen ties with New Delhi. Indian markets are closed for a holiday on Wednesday.
