Nov 20 2024: Asian shares traded cautiously on Wednesday as investors awaited Nvidia’s highly anticipated third-quarter earnings, with risks of a potential market reaction. The dollar steadied after three consecutive sessions of losses, remaining near a one-week low.
Nvidia, the world’s most valuable semiconductor company, is set to announce its results after the market close. Shares climbed 4.9% on Tuesday, with options pricing indicating a possible 9% movement in either direction for the $3.6 trillion AI-focused tech giant.
Nasdaq futures edged up 0.2% following a 1% gain overnight, while EUROSTOXX 50 futures rose 0.4%. FTSE futures, however, remained flat.
The MSCI Asia-Pacific index outside Japan dipped 0.1%, while Tokyo’s Nikkei slid 0.2%. In China, the central bank held benchmark lending rates steady as expected, boosting blue-chip stocks by 0.4%. Hong Kong’s Hang Seng index saw a modest gain of 0.1%.
Bitcoin surged past $94,000 for the first time overnight before stabilizing above $92,000, fueled by expectations of a crypto-friendly U.S. administration under President-elect Donald Trump.
Oil prices were stable, with U.S. WTI crude trading at $69.39 a barrel. Gold continued its upward trend, rising 0.2% to $2,636.46 per ounce.
Safe-haven assets like the Japanese yen and U.S. Treasuries briefly gained amid geopolitical tensions involving Ukraine and Russia, though concerns eased slightly. The U.S. 10-year Treasury yield rose 2 basis points to 4.4041%, remaining below its recent peak.
The dollar steadied at 106.23 against major currencies after recent declines, while it gained 0.2% against the yen, recovering from a one-week low of 153.28.
