Stock markets around the world are seeing substantial gains this week, boosted by Nvidia’s exceptional performance, while the yen remains weak against other currencies.
European markets are expected to open higher, with EUROSTOXX 50 futures rising 0.1% and FTSE futures gaining 0.2%. US futures, on the other hand, are broadly stable.
Nvidia’s remarkable 16.4% increase has added a staggering $277 billion to its market value. This rise has sparked a broader rally in technology stocks around the world, pushing major indices such as the S&P 500, the Dow Jones Industrials, Europe’s STOXX 600 and Japan’s Nikkei stock average to record highs.
Despite a pause in some regional technology stocks, the MSCI Asia-Pacific ex-Japan IT index remains at its highest level since March 2022, gaining 0.3%.
China’s Shanghai Composite Index briefly surpassed the psychologically significant 3,000-point mark before retreating to trade 0.3% higher. However, Hong Kong’s Hang Seng Index fell 0.2%.
In currency markets, the yen is steady at 150.59 per dollar, above the critical level of 150. The Australian and New Zealand dollars rose to nine-year highs against the yen, while the euro approached a 15-year high.
Oil prices saw a slight decline after earlier gains due to ongoing tensions in the Red Sea and a significant increase in US crude oil inventories.
Meanwhile, the spot price of gold remains stable at $2,022.22.
Overall, global markets continue to ride the wave of Nvidia’s success, with investors closely monitoring developments in various sectors.
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