Premarket: Stocks catch a ride higher with Nvidia; investors cautious over rates

Global shares edged up on Thursday after results from AI poster-child Nvidia ignited a rally across tech stocks, although the prospect that interest rates could stay higher for longer than many had expected tempered some investor optimism.

The MSCI All-World index edged into positive territory, helped by a rally in European stocks, where technology shares outperformed the broader STOXX 600, which rose 0.2 per cent. “One thing that’s interesting from the last 24 hours that can be taken away is still the uncertainty from central banks about policy settings and at what levels interest rates have to be at, and where they need to potentially stay at, in order to tame inflation,” said Kyle Rodda, senior financial market analyst at“That’s causing uncertainty from a policy point of view, but it’s obviously also causing uncertainty from a market point of view.

“We have seen that with many sectors, oil, banks before 2008,” he said, “As an investor you should diversify a little bit.” Japan’s Nikkei closed 1.26 per cent higher at 39,103.22, while Hong Kong’s Hang Seng dropped 1.7 per cent to 18,868.71. The euro got a boost from a survey that showed German business activity grew for a second straight month in May, underpinning confidence that the euro zone’s largest economy could be turning a corner. It was last up 0.2 per cent at US$1.084.

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