Asian shares mostly slip as market focus turns from Nvidia to US economy
Asian shares are mostly lower as market attention turns to upcoming data on the U.S. economy after Nvidia reported its financial results
TOKYO — Asian shares mostly fell Thursday as market attention turned to upcoming data on the U.S. economy after Nvidia reported its financial results.
Nvidia, one of several companies that have ridden a wave of enthusiasm over artificial intelligence developments, reported earnings Wednesday.
The results showed a strong profit, but Nvidia stock fell 2.1%, though it is up 153% for the year. The company is one of the most influential stocks on Wall Street, with a total market value topping $3 trillion.
Japan’s benchmark Nikkei 225 slipped 0.1% in afternoon trading to 38,330.03. Australia’s S&P/ASX 200 declined 0.3% to 8,045.10. South Korea’s Kospi dipped 0.9% to 2,664.45. Hong Kong’s Hang Seng added 0.2% to 17,718.26, while the Shanghai Composite dropped 0.3% to 2,827.96.
Sentiments remained cautious even after the White House said Beijing and Washington will plan for a phone call in the coming weeks between Chinese President Xi Jinping and U.S. President Joe Biden.
The White House statement said both sides would keep lines of communication open. Worries are growing lately about tensions over Taiwan.
Investors are looking ahead to Friday, when the U.S. government releases its latest data on inflation with the PCE, or personal consumption and expenditures report, for July.
Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022. The rate of inflation has been easing steadily back toward the central bank’s target of 2% since then, following the
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