On Thursday, Asian stocks saw a decline, particularly taking a hit from tech stocks after Nvidia’s earnings forecast did not meet investor expectations.Investors also focused on the forthcoming release of a significant U.S. inflation report on Friday, which is expected to indicate that consumer price increases remained subdued in July.In Asian trading, the dollar remained steady ahead of the latest U.S. GDP estimate and initial jobless claims report scheduled for release later in the day.Gold experienced a modest rise following comments from a Federal Reserve official suggesting it might be time to consider rate cuts.Oil prices rebounded after facing two days of losses, triggered by reports from Ukraine’s military claiming it had targeted an artillery depot and two oil storage facilities in Russia.China’s Shanghai Composite fell by 0.5% to close at 2,823.11 after investment bank UBS reduced its 2024 GDP growth estimate for China to 4.6% from 4.9%, attributing the downward revision to a more severe property market downturn than previously anticipated.In Hong Kong, the Hang Seng index rose by 0.53% to 17,786.32, driven by mixed earnings results. Shares of Chinese EV maker Li Auto dropped by 8.9%, following a significant decline in second-quarter profits. Conversely, food delivery giant Meituan surged by 12.3%, reporting a notable 21% increase in second-quarter revenue.Japanese markets concluded the day almost unchanged, with technology stocks recovering from earlier declines. The Nikkei average ended slightly lower at 38,362.53, having reached an intraday low of 37,970.20, while the broader Topix index finished marginally higher at 2,693.02.Nidec Corp, a manufacturer of electronic components, dropped by 3.3% following Super Micro Computer’s announcement of a delay in filing its annual report amid allegations of accounting manipulation, family-related self-dealing, and sanctions evasion.In Seoul, the stock market also experienced a steep decline as major technology stocks faced selling pressure following Nvidia’s disappointing earnings report. The Kospi average fell by 1.02% to 2,662.28, with chipmakers Samsung Electronics Co. and SK Hynix declining by 3.1% and 5.4%, respectively.Australian markets ended slightly lower in anticipation of retail sales data due out on Friday. The S&P/ASX 200 dropped by 0.33% to 8,045.10, while the broader All Ordinaries index also fell by 0.33% to 8,263.60.Mineral Resources, a diversified miner, saw its shares plunge by 8.1% after reporting an almost 80% drop in annual profit. Wesfarmers, a retail giant, despite posting strong FY 2024 earnings results, slumped by more than 4%.In New Zealand, the benchmark S&P/NZX-50 index closed 0.94% lower at 12,353.61, even though the country’s business confidence index for August reached its highest level in a decade.U.S. stocks ended lower on the previous day, as technology stocks faced selling pressure ahead of Nvidia’s earnings release and the upcoming PCE data on Friday. The Dow Jones Industrial Average dipped by 0.4%, the S&P 500 shed 0.6%, and the tech-heavy Nasdaq Composite lost 1.1%.The material has been provided by InstaForex Company – www.instaforex.com
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