DAX in wait-and-see mode as all eyes turn to Nvidia
The DAX is likely to trade cautiously as lower oil prices and easing bond-market tensions offset some of the risk ahead of Nvidia earnings.
Chief Market Analyst
Falling crude oil prices and a gradual easing of tensions in the bond market appear to be taking some of the sting out of the highly anticipated Nvidia earnings release. Wall Street ended yesterday’s session on a positive note, providing a constructive lead for Asian markets. Once again, semiconductor stocks such as SK Hynix and Samsung Electronics attracted strong buying interest.
However, the outlook is far from risk-free. This afternoon’s US PCE price index could prove a stumbling block, while Nvidia’s results after the US market close carry even greater potential to move markets. As always, expectations are exceptionally high, not only for revenue and earnings, but also for management’s outlook on the future development of the data-centre business. Nvidia could therefore effectively determine the short-term direction of global equity markets.
From a technical perspective, the DAX is expected to trade initially within a range of 26,100 to 26,350 points today, before Nvidia’s results set the tone for tomorrow’s session.
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