2023-08-24 12:38:16
(Photo: The Canadian Press)
MARKET REVIEWS. Global markets were generally higher on Thursday following Wall Street hit its best day since June.
World stock markets rose in the wake of the spectacular results of processor giant Nvidia, which pulled the technology sector up, while bond interest rates stabilized following a sharp drop at the start of the week.
Stock indices at 8:00 a.m.
Paris et Frankfurt gained 0.9% and 0.8% respectively. HAS Londonthere was an increase of 0.4%.
Mixed result at Wall Streethowever, with a drop of less than 0.1% for the average Dow Jones industrial stocks and a rise of 0.6% for the broader index S&P 500.
In Asia, the Nikkei 225 of Tokyo climbed 0.9%, while the Kospi South Korea advanced 1.3%. Hong Kong jumped 2.1% and Shanghai gained 0.1%.
On his side, Sydney advanced 0.5%.
In the energy market, the oil benchmark american crude fell 59 cents to US$78.30 a barrel.
The Brent oilthe international standard, fell 56 cents to US$82.65 a barrel.
The context
The major event of the week for the markets will be the speech later in the day by US Federal Reserve Chairman Jerome Powell. He is speaking at an event in Jackson Hole, Wyoming, which has seen major Fed policy announcements in the past.
As for Nvidia (NVDA)whose results exceeded expectations, its share price climbed 8% to more than 500 US dollars (US$) in electronic trading before the opening, an unprecedented level.
In the second quarter, the Californian group doubled its turnover and multiplied its net profit over one year by 9.4. For the current quarter, Nvidia expects approximately US$16 billion (B) in revenue, a figure beyond expectations.
“Market expectations were very high, the results were extraordinary, the forecasts for this quarter are equally astounding (…). There’s nothing more an investor might ask for,” comments Ipek Ozkardeskaya, an analyst at Swissquote Bank, adding that this confirms “that all the talk around the AI madness was not in vain, following All”.
Shares in the semiconductor sector are progressing all over the world in the wake of Nvidia: STMicroelectronics (STMEF) took 1.22% in Paris, Infineon (IFNNY) 0.96% in Frankfurt, ASML 0.72% in Amsterdam. TSMC gained 2.17% in Taiwan, Semicondutor Manufacturing International Corp (TSM) 4.49% in Hong Kong and Advantest (ATEYY) 1.60% in Tokyo.
Since the start of the year, Nvidia’s stock has more than tripled and the company has entered the very exclusive circle of companies worth more than US$1,000 billion on the stock market (including Apple, Microsoft, Amazon and Alphabet).
In addition, investors will direct their gaze to Jackson Hole where the annual conference of central bankers begins on Thursday.
Turkish Surprise
The Turkish central bank created a surprise on Thursday by raising its key rate sharply, from 17.5% to 25%, in order to prevent a rebound in inflation.
The index ARE 30 of the Istanbul Stock Exchange climbed 3.40% in the wake of this announcement, and the Turkish lira rose 1.61% once morest the dollar to 26.76 pounds for one US dollar around 07:40, thus returning to a level not seen since July 18.
Commodities and Currencies
European natural gas was down sharply around 7:35 a.m. as the union at a major Australian gas field reached a tentative agreement with energy giant Woodside, ruling out the possibility of a strike in Australia disrupting gas supply liquefied natural.
The benchmark European contract lost 11.59% to 32.52 euros per megawatt hour, while it approached 45 euros on Tuesday.
Oil prices meanwhile moved up slightly on Thursday following weekly crude inventories in the United States dwindled, but remained generally caught between fears regarding Chinese demand and OPEC+ production cuts.
L’euro was stable (-0.09%) at 1.085 US dollar per euro.
The bitcoin lost 0.28% to $26,510.
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