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This afternoon’s first-quarter results from Nvidia are unlikely to cool the artificial intelligence frenzy. In nominal terms, net income almost certainly grew to a level no public company has ever surpassed. But the chipmaker’s dazzling numbers—and the reaction felt across asset classes—will also illuminate a risk that ought to concern investors and businesses far beyond Silicon Valley:...
A bruising multi-day selloff in government bonds is showing signs of exhaustion this morning as investors train attention on Nvidia’s first-quarter results after the closing bell—an event that has become one of the most reliable positive catalysts for risk appetite in global markets. US equity futures are pointing to a tentative recovery after three days of losses, and the dollar is surrendering...
• Market wobbles. Inflation concerns & rising bond yields dampen sentiment. USD firmer. AUD & NZD underperform. AUD now ~2.2% from recent high.• Data flow. UK CPI inflation out today. FOMC minutes due tomorrow. Australian labour report also out on Thursday. Will holiday timing impact the jobs data?
Global Trends
After a brief respite there was another bout of ‘risk-off’ sentiment across...
Good morning. Oil prices are edging lower and the dollar is strengthening after President Trump said he had suspended a planned bombardment of Iran, leaving market hopes for a reopening of the Strait of Hormuz effectively in limbo. “We were getting ready to do a very major attack tomorrow, and I put it off for a little while, hopefully maybe forever, but possibly for a little while, because we’ve had...
• Inflation worries. Higher oil prices & central bank rethink push up bond yields. Equities dipped on Friday. USD firmer. AUD & NZD fall back.• Macro pulse. Concerns about the global economy & inflation remain. China data due today. Monthly Australian jobs report released later this week.
Global Trends
A few wobbles across cyclical assets at the end of last week with European and US...
• US data. Solid US retail sales underpinned sentiment. Upshift in US interest rate expectations & weaker GBP boosted the USD. AUD slipped back.• Macro pulse. Markets toying with the idea the US Fed may hike interest rates. More US/Iran related volatility possible. China data batch due Monday.
Global Trends
A mixed performance across asset classes overnight, though there was a hint of US outperformance...