Stock markets: Asia down ahead of Nvidia’s results. Bitcoin at a three-month high
Oil prices remain unchanged
Asian markets are down following a sell-off in US semiconductor stocks, whilst investors await Nvidia’s financial results to see whether the artificial intelligence sector leader will live up to high expectations and weather the climate created by the threat of US sanctions against Iran.
South Korea’s Kospi index led the losses, falling by as much as 4.3 per cent, whilst Taiwanese shares lost up to 1.2 per cent and hit their lowest level since 7 August. Among chipmakers, Samsung fell by 2.1 per cent, SK Hynix by 4.3 per cent and Taiwan Semiconductor by more than 1 per cent. On the corporate front, according to a source familiar with the matter, members of the SK Hynix trade union narrowly rejected a provisional pay deal.
The Nikkei is down, with chip-related shares following the downward trend of their US counterparts. The index is down 0.5 per cent at 65,197.7, whilst the broader Topix index is up slightly by 0.06 per cent at 4,075.83. At the midday break, the benchmark Shanghai Composite Index was down slightly by 0.1 per cent, whilst the blue-chip CSI 300 Index had lost 0.5 per cent.
The smaller Shenzhen index fell by 0.3 per cent, the ChiNext Composite index, which focuses on start-ups, fell by 1.43 per cent, and the Shanghai STAR50 index, which focuses on the technology sector, fell by 0.64 per cent.
Bitcoin has surpassed $80,000, reaching a three-month high, as the weakening of the US dollar – in the wake of measures taken by Treasury Secretary Scott Bessent to stabilise the bond market – has reignited momentum in the cryptocurrency sector.
