Precise Investors Editorial Team
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat while Nikkei stock index gained 0.22%
Asian shares wobbled, as concerns about technology company valuations and geopolitical hotspots weighed on sentiment.
Chinese equities dropped while stocks in Japan and South Korea were volatile after glowing results from artificial intelligence sector company Nvidia failed to impress investors Gold and crude prices edged higher.
AI and geopolitics remained front and centre for financial markets, prompting a retreat from risk assets and a shift towards safe havens, Mantas Vanagas, senior economist at Westpac Group, wrote in a note.
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat while Nikkei stock index gained 0.22%. CSI300 index was down 0.34% while South Korea’s Kospi slipped 0.6%.
Nvidia posted better-than-expected results for the January quarter on Wednesday and forecast current-quarter revenue above market estimates.
It seems ‘the Street’ simply wanted more, or perhaps just isn’t prepared to chase the stock at its current lofty valuation, IG market analyst Tony Sycamore said about Nvidia’s results in a note.
The dollar index dropped 0.05% to 97.68, with the euro up 0.09% at $1.1808. The yen firmed 0.2% to 155.78 per dollar.
U.S. crude rose 0.54% to $65.56 a barrel, and Brent rose to $71.00 per barrel, up 0.35% on the day. Spot gold rose 0.15% to $5,194.48 an ounce.
The yield on benchmark U.S. 10-year notes dropped 1.7 basis points to 4%. The 30-year bond yield slipped 1.3 basis points to 4.6556% from 4.669% late on Thursday.
Data in Japan showed cooling inflation in Tokyo and weaker-than-expected factory output, complicating the case for policy rate hikes by the central bank. The data came on the heels of Prime Minister Sanae Takaichi putting forward two Bank of Japan board nominees.
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