2023-08-24 17:00:44
Nvidia’s results, well above expectations, are not enough to keep the markets in the green on Thursday, the hour being for caution before statements from central bankers. The American processor giant had set the bar high for its second quarter financial results, but far exceeded it with net profit multiplied by nearly 9.4 over one year, to 6.2 billion. After having gained more than 6% in the first exchanges, the title only advanced by 1.47% around 3:55 p.m. GMT. But the value of its share has multiplied by almost 3.25 since the beginning of the year. “We thought that with the results, the most beautiful of the whole season, the market was going to take off, as in the previous results, but we can see that it’s windedobserves Frédérik Rozier, portfolio manager at Mirabaud.
On the rise this morning, the semiconductor sector in Europe finally ended sharply lower, from Infineon (-2.49%) to STMicroelectronics (-2.48%). After a sharp rise in the opening, the Nasdaq, with a technological coloring, fell by 1.37% on Wall Street, the S&P 500 by 0.80% and the Dow Jones by 0.53% around 3:55 p.m. GMT. “At this valuation level, if Nvidia had published results in line (with expectations), it would have been a purge», continues Frédérik Rozier. In Europe, the stock market indices also turned around: Paris lost 0.44%, Milan 0.57%, Frankfurt 0.68%, only London maintaining a gain of 0.18%.
Investors are directing their eyes to Jackson Hole, in the United States, where the annual conference of central bankers begins on Thursday. The biggest day is Friday, with speeches by Jerome Powell, the president of the American central bank (Fed), and Christine Lagarde, president of the European Central Bank (ECB). Jerome Powell”has the opportunity (…) possibly to prepare investors for the revision of forecasts“, particularly in terms of the level of key rates”which is likely at the September meetingsays Sonia Meskin, head macroeconomist for the United States at BNY Mellon IM. On the bond market, government interest rates rose a little in the United States and Europe following three sessions of sharp decline.
Boeing still disturbed
The aircraft manufacturer Boeing (-3.62%) announced that it had identified a defect on an element of the 737 MAX which will once more disrupt deliveries of its flagship aircraft. The entire airline sector was in difficulty, especially airlines with -2.55% for United Airlines, but also in Europe with -2.11% for Lufthansa in Frankfurt.
The Turkish lira benefited from the decision of the Central Bank to drastically raise its key rates, from 17.5% to 25%, a measure that investors dared not wait following having been disappointed many times. It soared more than 5% once morest the dollar, to 25.63 pounds to the dollar around 3:55 p.m. GMT. A sign of investor caution, the dollar was sought following once morest other currencies: it gained 0.35% once morest the euro, at 1.0826 dollars for one euro, and 0.75% once morest the pound at 1, 2633 pound for one dollar. Bitcoin also lost 1.91% to $26,080 and gold appreciated 0.27% to $1,920.63 an ounce.
Caution also weighed on oil prices, a barrel of Brent for delivery in October fell 0.26% to 82.99 dollars and that of West Texas Intermediate (WTI) at the same maturity fell 0.23% to 78.71 dollars. European natural gas was down sharply around 1320 GMT 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 natural gas supply liquefied. The benchmark European contract lost 13.36% to 31.87 euros per megawatt hour, while it approached 45 euros on Tuesday.
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