LONDON, Aug 28 - Global stocks held near all-time highs on Wednesday ahead of the release of results from chipmaking market darling Nvidia, while sterling hovered near a 2-1/2-year high as traders bet that Britain would lag the U.S. in cutting interest rates.
Nvidia's , opens new tab market value has ballooned thanks to its dominance of the computing hardware behind artificial intelligence. The stock price is up some 3000% since 2019 and with a market capitalisation of $3.2 trillion, a move in its share price affects the broader market. "The company's revenue and sales guidance is a barometer of AI capex, with inferences to be drawn about the health of the other mega-cap tech names," he said.
Shares in Australian gambling company Tabcorp meanwhile were headed for their largest fall since 2008, dropping 17% to a four-year low after the company warned compliance and other costs meant it would miss earnings targets.Debt and currency markets were steady in the Asia session, though the Australian dollar briefly touched its highest since January at $0.6813 after monthly inflation data was slightly above market forecasts.
Interest rate futures price 100 basis points of U.S. rate cuts this year and last week Fed Chair Jerome Powell endorsed the start of cuts saying"the time has come". "In our view, the BoE is likely to only cut rates once a quarter going forward," Rabobank senior strategist Jane Foley said in a note, against a forecast for four consecutive 25 bp cuts from the Fed from September to January.
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