U.S. index futures rose in pre-market trading on Thursday as
investors reacted to Nvidia’s earnings. Although the AI chip giant
exceeded expectations in sales and profits, the market reaction was
negative, reflecting disappointment with the growth magnitude,
illustrating the pressure on high-tech companies to consistently
surpass high expectations. Investors are also awaiting reports from
major retailers and key economic data.
As of 5:09 AM ET, Dow Jones (DOWI:DJI) futures gained 206
points, or 0.50%. S&P 500 futures gained 0.10%, and Nasdaq-100
futures advanced 0.05%. The 10-year Treasury yield stood at
3.822%.
In today’s U.S. economic calendar, at 8:30 AM ET, initial
jobless claims for the week ending August 24 are projected at
230,000, a slight decrease from 232,000 the previous week. The
second quarter’s advance GDP report is expected to confirm a 2.8%
growth. Additionally, the July goods trade balance will be closely
watched, particularly after the previous month’s $96.6 billion
deficit. Moreover, advanced data on the goods trade balance, retail
inventories, and wholesale inventories for July will be released.
At 10:00 AM, pending home sales for July are expected to show a
modest 0.1% increase, following a 4.8% rise in June.
In the commodities market, oil prices fell after two sessions of
losses, influenced by a smaller-than-expected drop in U.S. crude
oil inventories and concerns over Libyan supply. Libya is facing
production disruptions due to internal disputes, which could impact
OPEC+ supply plans.
West Texas Intermediate crude for October fell 0.44% to $74.19
per barrel, while Brent for October fell 0.55% to $78.22 per
barrel.
Aluminum (CCOM:ALUMINUM) dropped nearly 4% since Tuesday after
hitting a two-month high, due to abundant supply and weak demand in
China. The spot price discount to the three-month contract suggests
ample supplies. Other metals also retreated, influenced by reduced
risk appetite in the financial market.
Asia-Pacific markets mostly closed lower on Thursday. South
Korea’s Kospi fell 1.02% due to losses in SK Hynix and Samsung, and
the Kosdaq declined 0.85% for the seventh consecutive day. Taiwan’s
weighted index dropped 0.75%, pressured by declines in Taiwan
Semiconductor and Foxconn. Japan’s Nikkei 225 saw a slight drop,
while the Topix rose marginally. Australia’s S&P/ASX 200 fell
0.33%. Mainland China’s CSI 300 lost 0.27%. Hong Kong’s Hang Seng
recovered with a 0.47% gain in the final hour of trading.
In Japan, investors are expected to buy a record $47.3 billion
(¥6.83 trillion) in foreign bonds in August, the largest amount in
17 years. The rise in global debt and falling currency hedging
costs, coupled with the yen’s appreciation, make foreign bonds
attractive.
In China, the 2024 growth target is becoming less likely as UBS
cuts its forecasts. The real estate crisis and tight fiscal policy
are affecting growth, now estimated at 4.6% for this year and 4%
for 2025. Weak earnings reports and a lack of significant
government stimulus suggest the 5% target may not be met. The real
estate crisis and low consumer confidence contribute to economic
difficulties.
U.S. President Joe Biden and Chinese President Xi Jinping are
expected to communicate by phone in the coming weeks. U.S. National
Security Advisor Jake Sullivan is in China meeting with diplomat
Wang Yi, with discussions on artificial intelligence underway.
High-level communication between the leaders, strained by recent
tensions, is being resumed.
Chinese tech giant Huawei reported an 18% increase in net profit
and a 34% rise in revenue in the first half, reaching $7.7 billion
in profit and $58.7 billion in revenue. Growth was driven by strong
smartphone sales and success in the smart car components sector,
despite U.S. sanctions.
In South Korea, the Financial Supervisory Service (FSS), the
financial regulator, demanded that creditors resolve problematic
loans by September 6. Exposure to project financing reached $162
billion, with 9.7% considered risky. Projects with loans overdue
for more than three months should be auctioned to improve financial
health and restore confidence. Additionally, the FSS is adjusting
feasibility assessment criteria and supporting the restructuring of
unviable projects. For projects classified as “normal,” the FSS
will encourage maturity extensions to ensure business
continuity.
South Korea’s SK Hynix (KOSPI:000660) launched
the first 10-nanometer sixth-generation DRAM chip, with 9% more
energy efficiency than the previous model. The 16Gb 1c DDR5 chip
can reduce electricity costs in data centers by up to 30%,
especially useful during the AI boom. Mass production will begin
next year. Despite this, the company’s shares closed down 5.35%,
influenced by declines in Nvidia’s stock.
In Singapore, Singapore Exchange Ltd.’s head of capital markets,
Matthew Song, is leaving after one year in the role. Song, who led
the merger of SGX’s capital market divisions, resigned this week
and will depart later this year.
European markets opened higher on Thursday, boosted by the tech
sector following Nvidia’s strong earnings. Pernod
Ricard (EU:RI) shares rose 5.3% due to optimistic sales
forecasts, despite a 1% annual decline in net sales. Additionally,
China’s Ministry of Commerce opted not to impose anti-dumping
duties on EU cognac, generating optimism.
In Spain, preliminary inflation data indicated a 2.2% index in
August. In Germany, inflation fell in six key states in August,
with rates ranging from 1.5% to 2.6%. These data suggest a possible
national inflation drop to 2.3%, down from 2.6% the previous month.
Germany will release these numbers ahead of eurozone data, which is
expected to show 2.2% inflation.
European car sales grew only 0.4% to 1.03 million units in July.
Demand for electric vehicles fell, particularly in Germany, which
saw a 37% decline. Reduced incentives and economic weakness weighed
on sales, with hybrids being the biggest winners.
U.S. stocks fell on Wednesday, with tech sector weakness
weighing on markets. The Dow Jones dropped 0.39%, the S&P 500
fell 0.60%, and the Nasdaq lost 1.12%. Nvidia
(NASDAQ:NVDA), which fell 2.1%, raised concerns ahead of its
quarterly results, while other sectors, including semiconductors
and computer hardware, also saw significant declines.
Before the market opens, Best
Buy (NYSE:BBY), Dollar
General (NYSE:DG), American Eagle
Outfitters (NYSE:AEO), Ollie’s Bargain
Outlet (NASDAQ:OLLI), Campbell
Soup (NYSE:CPB), Burlington
Stores (NYSE:BURL), Birkenstock (NYSE:BIRK), 1-800-Flowers.com (NASDAQ:FLWS), Atour
Group (NASDAQ:ATAT)
and Stratasys (NASDAQ:SSYS) will report
their quarterly results.
After the close, numbers from Dell
Technologies (NYSE:DELL), Lululemon
Athletica (NASDAQ:LULU), Ulta
Beauty (NASDAQ:ULTA), Marvell
Technology (NASDAQ:MRVL), Gap
Inc. (NYSE:GPS), Autodesk (NASDAQ:ADSK), MongoDB (NASDAQ:MDB), 3D
Systems (NYSE:DDD), A-Mark Precious
Metals (NASDAQ:AMRK),
and Elastic (NYSE:ESTC), are
expected.
Campbell Soup (NYSE:CPB)
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