The Overnight Report: Nvidia Guidance Flops

This story features BELLEVUE GOLD LIMITED, and other companies. For more info SHARE ANALYSIS: BGL

Good morning.

Australian shares are poised to rise after a negative session yesterday and a choppy session on Wall Street with investors anxiously awaiting the release of Nvidia’s quarterly results and outlook after the closing bell.

As it turned out, Nvidia’s revenue outlook seems to have disappointed and tech shares have come under selling pressure after hours.

The local calendar includes reportedly more than 30 AGMs today and we’ve caught many in our own: https://fnarena.com/index.php/financial-news/calendar/

In Europe, the Euro Stoxx 50 and the FTSE 100 indices closed down -0.5% and -0.2%, respectively.

In bond markets, the US 10y Treasury bond yield was little changed compared to this time yesterday, at 4.40%.

In commodity markets, the active WTI oil future was down -0.8%, at USD68.9/bbl, while gold gained 0.8%, at USD2,653.1/oz.

Inflation is back on the radar, or at least: inflation stickiness.

Last night, October headline inflation in the UK showed accelerating to 2.3% y/y vs 1.7% in the previous month.

Both core and services CPI firmed up 0.1ppt to 3.3% y/y and 5.0% y/y respectively. An increase in price caps for electricity and gas largely explains the acceleration in the headline rate, economists at ANZ Bank comment.

Iron ore prices pushed above USD100/t as sentiment continues to improve.

Base metals closed higher amid signs of improving fundamentals. Copper premiums on the Chinese spot market are rising, following data showing retail sales expanded in October at the fastest pace in eight months.

Beijing’s cut to export taxes also raised the prospect of tighter supplies globally.

Aluminium rose in Shanghai as Chinese fabricators rushed to front-load exports ahead of the tax cut in December.

Some have been shipping cargo after foreign clients urged delivery ahead of schedule, while others are sending cargoes to bonded warehouses at Chinese ports to reap tax rebates.

SPI futures are indicating another cautious opening awaits the local bourse.

On the calendar today:

-US Oct existing home sales

-US Phil Fed bus outlook

-Bellevue Gold ((BGL)) AGM

-Chalice Mining ((CHN)) AGM

-Close The Loop ((CLG)) AGM

-Dexus Industria REIT ((DXI)) AGM

-Evolution Mining ((EVN)) AGM

-Growthpoint Properties Australia ((GOZ)) AGM

-Hub24 ((HUB)) AGM

-Insignia Financial ((IFL)) AGM

-Mineral Resources ((MIN)) AGM

-Netwealth Group ((NWL)) AGM

-Predictive Discovery ((PDI)) AGM

-Washington H Soul Pattinson ((SOL)) AGM

-ResMed ((RMD)) AGM

-Worley ((WOR)) AGM

FNArena’s four-weekly calendar: https://fnarena.com/index.php/financial-news/calendar/

Corporate news in Australia:

-Cuscal ((CCL)), owned by Mastercard, Bendigo & Adelaide Bank ((BEN)) is making its debut today. It will be this year’s biggest IPO for the ASX

-Rio Tinto ((RIO)) is acquiring full control of the Ranger uranium mine in Kakadu

-AML3D ((AL3)) is raising $25m to expand its US operations

-Pinnacle Investment Management Group ((PNI)) is raising $400m to acquire stakes in international asset management firms VSS Holdings and Pacific

The Australian share market over the past thirty days

For more detail go to FNArena’s Australian Broker Call Report, which is updated each morning, Mon-Fri.

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