Premarket: Stocks slip on inflation jitters, offsetting Nvidia hopes

Share markets fell on Wednesday as stronger-than-expected inflation in Britain offset investor hopes that AI-heavyweight Nvidia could meet sky-high expectations, with the market also waiting for possible clues on when the U.S. Federal Reserve will begin to bring down interest rates.

The data underscored jitters over whether central banks would move as quickly as markets hope to reduce interest rates. With Nvidia’s chips the gold standard in AI, its results are widely seen as a barometer for the burgeoning AI industry, whose evolution has stoked investor enthusiasm and helped drive the bull run in U.S. stocks.

Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.3 per cent, having already climbed for four straight weeks to reach a two-year top. Japan’s Nikkei closed 0.85 per cent lower at 38,617.10, while Hong Kong’s Hang Seng slid 0.13 per cent to 19,195.60. Fed fund futures imply about a 66-per-cent chance of a rate cut by September and have 43 basis points of easing priced in for this year.The euro was trading steady at US$1.0851, just off its recent top of US$1.0895.

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