There are now 3 certainties in life; death, taxes and Nvidia outperformance. Don't burst the bubble yet, second-quarter revenue will be $28 billion, beating the $26.8 billion predicted by analysts. The company also announced a 10-for-1 stock split and boosted its quarterly dividend by 150%. A Bloomberg gauge of Asian chipmakers jumped as much as 1.9%. The Nasdaq sits +7.30% month to date and the S&P +5.39%. Little attention was paid to the minutes of the FOMC which showed officials remained in no rush to cut interest rates, the sentiment is too bullish.
Domestically, the election is the focus and does Britain want 'change'? Cable opens at 1.2730 and fails to rally and we still keep an eye on USDJPY. Although the MoF, has not yet officially confirmed that it intervened in the market in late April and early May, the newswires suggest that the MoF spent USD35 bln and USD23 bln on these occasions. Yet USDJPY still nudges higher and sits at 156.60 this morning.
Marketwise the yield on 10-year Treasuries was little changed at 4.43%, West Texas Intermediate crude fell 0.7% to $77.06 a barrel, Spot gold fell 0.3% to $2,371.72 an ounce, Bitcoin fell sub 70k and opens at $69,446.54, whilst Ether is at $3,778.75.
As for the day the G7 countries Finance Ministers will meet in Stresa, watch out for any headlines, we have Eurozone S&P Global services and manufacturing PMIs. In Turkey, we have a rate decision at midday day - rates are presently 50%. In the US we have Initial Claims, New Home sales, services PMI numbers and a speech from the Fed’s Raphael Bostic.
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