Stocks Are Unfocused Ahead of Nvidia’s Results – Asia Market Wrap

Stocks in Asia dipped, and futures pointed to a quiet opening in Europe as traders waited for Nvidia’s findings.

The MSCI Asia Pacific Index fell 0.5%, reversing its over 1% gain the previous session. Contracts for the Euro Stoxx 50 rose 0.4%. US futures edged higher on Tuesday after Wall Street benchmarks rose despite an escalation in Russia’s war against Ukraine.

Investors are looking to Nvidia to see if the world’s most valuable firm can sustain its amazing run, which has been powered by investments in AI hardware. The chipmaker’s stock jumped 4.9% on Tuesday. According to Barclays strategists, trading in options implies that the findings will be the most important catalyst left this year, surpassing the Fed’s December meeting.

Elsewhere in Asia, Chinese banks maintained their benchmark lending rates, as expected. The Indonesian central bank is expected to leave interest rates on quo later in the day.

Gold rose for the third day in a row, boosted by increased demand for safe haven assets following an escalation of hostilities in Russia’s war with Ukraine. Oil prices remained stable as an industry report indicated an increase in US oil stocks ahead of official government numbers.