Asian markets extended Wall Street gains on Wednesday, fueled by upbeat U.S. economic signals and optimism ahead of Nvidia’s earnings report. Investors welcomed easing trade tensions between the U.S. and Europe and a stabilization in global bond markets after a recent spike in yields.
Stronger-than-expected U.S. consumer confidence and hopes of strong tech earnings boosted investor sentiment. Nvidia (NASDAQ: NVDA), which surged over 4% on Tuesday, is set to report its Q1 results after U.S. markets close. Analysts expect a 66.2% year-on-year revenue jump to $43.28 billion, according to LSEG. Pepperstone’s Chris Weston said there’s growing belief Nvidia will outperform estimates, which could trigger a further rally.
The MSCI Asia-Pacific index excluding Japan rose 0.3%, while Japan’s Nikkei climbed 0.6%, marking its fourth consecutive session of gains. Australian shares edged up 0.17%, though the Australian dollar slipped 0.2% after hotter-than-expected April inflation data. Meanwhile, the New Zealand dollar dropped 0.3% following the Reserve Bank of New Zealand’s rate cut.
The dollar index rose 0.1%, adding to Tuesday’s 0.6% gain, as the greenback firmed against major currencies, including the euro, which fell to $1.132.
Japanese government bonds eased slightly ahead of a key 40-year auction amid speculation the Ministry of Finance might cut long-term bond issuance.
Oil prices rose after the U.S. barred Chevron (NYSE: CVX) from exporting crude from Venezuela, heightening supply concerns. Brent crude futures gained 0.4% to $64.37 a barrel. Spot gold inched up 0.1%, rebounding slightly after a 1% drop the previous day.
Overall, global market sentiment remained cautiously optimistic as investors await Nvidia's earnings and key U.S. labor data later in the week.


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