Tokyo (AFP) – Asian markets were mixed Thursday after AI powerhouse Nvidia’s quarterly earnings beat expectations, but its shares slipped over worries about the company’s stalled business in China. Investors had been awaiting the key earnings update from the California-based firm, whose robust growth has largely driven strong gains for tech stocks in recent months.
The AI giant posted a profit of $26.4 billion on record revenue of $46.7 billion in the recently ended quarter, but shares fell in after-market trading as important data centre revenue declined. The earnings report comes amid market worries about an AI spending bubble that could burst and hurt the chip giant’s fortunes. “The information feeds into niggling fears of slowing investment in the AI space and lower growth going forward,” Kyle Rodda, senior market analyst at Capital.com in Melbourne told Bloomberg News.
During Thursday trading in Asia, Tokyo, Shanghai, and Seoul finished up, while Taipei fell. Hong Kong was down 0.7 percent in afternoon trade. In Japan, media reported Thursday that Tokyo’s chief negotiator for the trade agreement with the United States, Ryosei Akazawa, had postponed his planned trip to Washington. Akazawa said Wednesday he hoped to use this trip to pressure the US administration to implement reduced tariffs agreed upon in July.
London, Paris, and Frankfurt ticked up during early trading in Europe. On Wednesday, the Paris stock market bucked the downward trend by rebounding from the previous day’s tumble. That fall had been caused by fears that France’s minority government could be toppled after Prime Minister Francois Bayrou proposed a confidence vote over his proposed budget cuts. France’s borrowing costs have soared since the vote was called Monday, as the government wrestles with how to find around 44 billion euros ($51 billion) in savings.
– Key figures at around 0715 GMT –
Tokyo – Nikkei 225: UP 0.7 percent at 42,828.79 (close)
Hong Kong – Hang Seng Index: DOWN 0.7 percent at 25,034.13
Shanghai – Composite: UP 1.1 percent at 3,843.60 (close)
London – FTSE 100: UP 0.1 percent at 9,260.21
Euro/dollar: UP at $1.1666 from $1.1633 on Wednesday
Pound/dollar: UP at 1.3508 from 1.3496
Dollar/yen: DOWN at 146.83 from 147.51 yen
Euro/pound: UP at 86.36 from 86.20 pence
West Texas Intermediate: DOWN 0.9 percent at $63.58 per barrel
Brent North Sea Crude: DOWN 0.9 percent at $67.47 per barrel
New York – Dow: UP 0.3 percent at 45,565.23 points (close)
© 2024 AFP
