Tech Boosts Global Stock Exchanges

The tech sector is pulling global markets on Tuesday, ahead of Nvidia’s highly anticipated results on Wednesday and with a slight easing in interest rates.

The European markets are moving up sharply: around 11:30 GMT, Paris rose by 1.19%, Frankfurt by 1.08%, Milan by 1.05% and London by 0.68%.

In the United States, the futures contracts of the main indices presaged an opening on the rise, between 0.2% for the Dow Jones and 0.65% for the Nasdaq, with technological coloring.

On Monday, this index had already taken 1.56%, carried by the jump of Nvidia (+8.47%), whose “investors are impatiently awaiting the publication of the results” on Wednesday, underlines Stephen Innes, analyst at Spi AM.

During the first quarter results, the chipmaker announced ambitious guidance for the second quarter, which triggered a general momentum from investors on all companies close to artificial intelligence.

This technological momentum was also transferred to Asia, where the Tokyo Stock Exchange gained 0.92%, that of Hong Kong 0.95% and that of Shanghai 0.88%.

Tuesday’s agenda is still thin for investors. But it will intensify on Wednesday, with the publication of leading PMI activity indicators in Europe, the United Kingdom and the United States, then the start of the conference of central bankers in the United States from Thursday.

This last event marks the return of the financial markets, and tension mounts as it approaches, particularly on the bond market.

The yield on the 10-year US bond is hovering around its highest since 2007 (4.31%, against 4.34% on Monday at the close), driven by fears that the US Central Bank could once again raise its interest rates to ensure that inflation does not pick up again or to keep rates at a high level for longer than what the markets envisaged just a few weeks ago.

Nvidia still thriving

After a gain of more than 8% on Monday, which enabled it to multiply its price by 3.2 since the beginning of the year, the chipmaker Nvidia was still heading for a rise of 1.8% according to the exchanges. pre-session emails.

All semiconductor companies followed, such as STMicroelectronics (+3.41%) in Paris, ASLM (+3.80%) in Amsterdam, or Infineon (+3.22%) in Frankfurt.

The tech sector as a whole was doing well. In Japan, SoftBank gained 1.4% after the announcement overnight of the first stage for the introduction on Wall Street of its subsidiary, the British manufacturer of Arm microprocessors. It could be the biggest IPO of the year.

Borussia Dortmund folds the match

The German first division football club Borussia Dortmund (+ 1.51%), runner-up to Bayern Munich last season, ended the staggered 2022/2023 financial year with a net profit of 9.6 million euros, erasing the loss of the previous year.

Commodities and Currencies

Oil was down slightly on Tuesday on fears over Chinese demand, however mitigated by OPEC+ production cuts, while European gas continued to rise amid fears of strikes in Australia.

Around 11:20 GMT, the barrel of Brent was trading at 83.93 dollars (-0.62%) and the American WTI at 80.40 dollars (-0.40%).

After closing at its highest for two months on Monday, the price of European gas rose another 6.02% to 43.24 euros per megawatt hour.

The euro fell 0.09% against the dollar, to 1.0886 dollars for one euro.

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Beth Malcolm

Beth Malcolm is Scottish based Journalist at Heriot-Watt University studying French and British Sign Language. She is originally from the north west of England but is living in Edinburgh to complete her studies.