Asian benchmarks mostly decline as markets await Nvidia earnings
Asian shares are trading mostly lower, despite a record high on Wall Street, as investors awaited a closely watched earnings report from Nvidia
TOKYO — Asian shares were mostly lower Wednesday, despite a record high on Wall Street, as investors awaited a closely watched earnings report from Nvidia.
Japan’s benchmark Nikkei 225 slid nearly 0.3% in morning trading to 38,188.50.
Toyota stock jumped more than 3% after Japanese media reported Japan’s top automaker was going to announce a cooperative agreement on fuel cells with European automaker BMW.
Fuel cell vehicles are ecological, running on electricity produced when hydrogen and oxygen combines to form water. Japanese business daily Nikkei reported a partnership will be announced next week.
Toyota Motor Corp., often criticized as falling behind the global push in electric vehicles, is a longtime proponent of fuel cells.
Australia’s S&P/ASX 200 lost 0.6% to 8,024.70. Australia’s headline index of inflation for July fell less than expected, down 3.5% from the previous year.
South Korea’s Kospi declined 0.5% to 2,674.72
Hong Kong’s Hang Seng, which has been rising steadily in recent sessions, dipped 0.8% to 17,735.39. Analysts believe the higher-than-expected China’s industrial profits reported this week isn’t great enough to maintain the optimism. The Shanghai Composite dipped 0.3% to 2,839.34.
All eyes are on the upcoming Nvidia earnings report. Big tech companies like Nvidia have become extremely influential lately, if not overblown, with the artificial intelligence company’s total market value topping $3 trillion.
Nvidia reports its latest results on Wednesday. It rose 1.5% on Tuesday and has made a 159% gain this year.
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