Thursday 21st November 2024: Asian Markets Slip Amid Nvidia’s Slowdown and Adani Group Controversy

Global Markets:

•  Asian Stock Markets : Nikkei down 0.81%, Shanghai Composite up 0.02%, Hang Seng down 0.27% ASX down 0.07%
• Commodities : Gold at $2658.35 (0.24%), Silver at $31.2 (0.48%), Brent Oil at $72.94 (0.16%), WTI Oil at $68.9 (0.19%)
• Rates : US 10-year yield at 4.406, UK 10-year yield at 4.469, Germany 10-year yield at 2.341

News & Data:

• (USD) Crude Oil Inventories 0.5M vs -0.1M expected

Markets Update:

  Asia-Pacific markets largely declined on Thursday, with investors focused on tech shares following Nvidia’s robust quarterly results. The chipmaker reported a 94% year-on-year revenue surge to $35.08 billion for the third quarter, though growth slowed compared to prior quarters’ triple-digit gains. Net income rose to $19.3 billion, nearly doubling from $9.24 billion a year ago.

Indian markets faced turbulence as Adani Group stocks plummeted after its chairman, Gautam Adani, was indicted in a New York federal court on charges related to bribery and fraud. Flagship Adani Enterprises plunged 20%, Adani Green Energy fell 18.19%, and other group companies like Adani Power, Adani Ports, and Adani Wilmar saw losses between 10% and 20%. The Nifty 50 and BSE Sensex dropped 0.84% and 0.8%, respectively.

Japan’s Nikkei 225 declined 0.8%, with the Topix down 0.54%. Semiconductor supplier Advantest, linked to Nvidia, lost 3%. In South Korea, the Kospi rose 0.38%, while Samsung Electronics gained 2.53%, offsetting a 0.41% drop in SK Hynix. Australia’s S&P/ASX 200 dipped 0.17%, while Hong Kong’s Hang Seng index fell 0.13%, and China’s CSI300 slid 0.22%.

In the U.S., the S&P 500 ended flat Wednesday as Nvidia shares slipped 1% ahead of its earnings report. The Nasdaq Composite edged down 0.11%, while the Dow Jones Industrial Average gained 0.32%, buoying investor sentiment.

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The post Thursday 21st November 2024: Asian Markets Slip Amid Nvidia’s Slowdown and Adani Group Controversy first appeared on IC Markets | Official Blog.