- Equities in Asia and US equity futures advanced in a broad-based rally aided by rising tech shares and signs that the Federal Reserve's rate-hiking campaign is coming to an end.
- Equities in Japan, Australia, and South Korea rose, while Hong Kong shares were on track for their best day in a month, led by a surge in technology stocks. The S&P 500 gained 1.1% on Wednesday, its best day since June, while the Nasdaq 100 gained 1.6%. Futures contracts for the two benchmarks rose further after Nvidia reported positive earnings.
- The chipmaker, a major component of both US benchmarks, rose in extended trading following earnings that forecast quarterly sales of $16 billion, exceeding analysts' expectations of $12.5 billion. The company's Asian suppliers also rallied, as did the South Korean won, which is heavily reliant on technology.
- Bond yields in Australia and New Zealand fell, while Treasury yields stabilised after falling across the curve on Wednesday. The 10-year yield fell 13 basis points this week after touching a 2007 high, while policy-sensitive two-year yields fell eight basis points to below 5%.
- These moves were aided by weaker-than-expected US flash purchasing managers index data for August, which echoed weak eurozone data.
