Vidya Ranganathan looks ahead to European and global markets.
Tuesday’s top headlines include Wall Street’s overnight high and Nvidia’s (NASDAQ:) new bid to dethrone Apple Inc. (NASDAQ:) as the world’s most valuable company. This is a great attempt.
A resurgence of excitement around technology, artificial intelligence and corporate profits is setting the tone for Asia, with Tokyo’s stock index once again above 40,000, and European stock markets also likely to rise.
Overnight, AI darling Nvidia rose 2.4%, driven by chip stocks after a strong start to Q3 earnings season, closing in on a record high and hitting 43,000 points for the first time. did.
Nvidia stock closed at a record high on Monday, increasing its market value to $3.39 trillion. This is slightly less than Apple’s $3.52 trillion and more than Microsoft (NASDAQ:)’s $3.12 trillion.
Further bank earnings are expected to be released on Tuesday. Bank of America expects third-quarter profits to decline, Goldman Sachs expects fees from advisory and underwriting services to increase, and Citigroup and brokerages to charles schwab (NYSE:) also reported earnings.
Key for Europe amid a flurry of employment and inflation data will be the European Central Bank’s review of bank lending to the eurozone economy, which should feed into expectations for Thursday’s policy review. The ECB is expected to cut rates by another quarter of a percentage point on Thursday, but policymakers have been reluctant to do so, with traders pegging the chance at less than 25% at the ECB’s meeting a month ago.
Key developments that may impact the market on Tuesday:
Revenue: Bank of America, Goldman Sachs, Charles Schwab, Citi
Economic data: UK employment, French CPI, Eurozone industrial production, German ZEW business confidence, ECB bank lending survey
Government debt: UK 30-year government bond auction resumes
(Written by Vidya Ranganathan; Edited by Edmund Claman)
