Live Markets: Tech rally passes Nvidia test

Embracer AB

23/05/2024 07:49

Welcome to the home for real-time coverage of markets brought to
you by Reuters reporters. You can share your thoughts with us at
    
    
    TECH RALLY PASSES NVIDIA TEST
    The tech rally has passed the Nvidia  NVDA.O  test, with the
U.S. chipmaker surprising investors once again with a forecast
above Wall Street estimates that sent its shares rallying 7% to
a new lifetime high in early Frankfurt trade. 
    The positive news is set to energise global tech shares, but
a major uplift is yet to be seen for Europe's benchmarks, which
were poised for slightly positive start near recent peaks. 
    Nasdaq  NQc1  futures gained 0.9% and Europe's own AI
darling ASML  ASML.AS  added 1.3% in Frankfurt. 
    EuroSTOXX50  STXEcv1  futures rose 0.3% and contracts on the
FTSE 100  FFIc1  traded at par with Wednesday's close,
unimpressed by unfolding political drama in the UK. 
    Rishi Sunak and his Labour Party rival Keir Starmer will
kick off their election campaigns in earnest on Thursday, a day
after the PM surprised the nation by calling a vote for July 4. 
    Staying in the UK, National Grid  NG.L  said it would raise
about $8.90 billion in a fully underwritten rights issue as the
utility firm steps up its investment in network infrastructure.
    Anglo American  AAL.L  also stayed at the centre of
attention after rejecting BHP's  BHP.AX  third bid proposal.
Sources said BHP will stand firm on the structure and value of
its latest proposal, focusing instead on allaying its target's
concerns around execution risks over the coming week.
    Returning to tech, German software maker SAP  SAPG.DE  might
get some positive readacross from Snowflake  SNOW.N , which
raised its expectations for the year, on strong demand for its
cloud-based services amid a surge in use of generative AI.
    In other corporate news, imaging solutions group Exosens
said it aimed to raise 180 million euros in an initial public
offering on Euronext Paris.
    Swedish games developer Embracer's  EMBRACb.ST  Q4 operating
profit met market expectations, driven by growth in its Tabletop
Games segment that was helped by a better product mix.    
    
    (Danilo Masoni)
    *****
    
    
    FOR THURSDAY'S OTHER LIVE MARKET POSTS:
    PMIS TO LEAD AS CENTRAL BANKS WAIT ON RATES CLICK HERE

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
NVIDIA earnings    https://reut.rs/4awNC1y
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>