Markets wrap: Asian stocks dip as Nvidia results fail to impress:

Asian equities slipped in Thursday trading, reflecting a muted mood on Wall Street triggered by Nvidia Corp.’s lackluster revenue forecast. Bitcoin set a fresh record.

A gauge of Asian equities edged down 0.1%, as shares in Japan, Australia and Taiwan fell. Stocks in China fluctuated. Contracts for US benchmarks continued to decline Thursday in Asian trading after Nvidia reported third-quarter revenue and earnings that met estimates but fell short of the highest estimates for future revenue.

Nvidia’s earnings outlook may ripple across its suppliers and global markets, given the company’s size and role in the artificial intelligence boom. Traders will also assess any fallout from a US indictment of Gautam Adani over an alleged bribery plot and await President-elect Donald Trump’s nominee for the Treasury secretary.

“I have a feeling we’ve reached peak Nvidia,” Amy Xie Patrick, head of income strategies for Pendal Group, said on Bloomberg Television. “This is a stock that beat analyst estimates but didn’t beat enough.”

A gauge of Asia’s semiconductor stocks slid as much as 1%. Adani Group’s existing US-currency notes plunged in Asian trading and its units scrapped a $600-million dollar bond on Thursday after US prosecutors charged the group’s founder.

Treasury yields slipped Thursday after rising across the curve in the prior session, partly reflecting lukewarm demand in a 20-year US government debt auction. An index of the dollar edged down after gaining Wednesday amid geopolitical tensions. Ukraine fired British cruise missiles at military targets inside Russia for the first time.

Shares of Taiwan Semiconductor Manufacturing Co. fell as much as 1.5%. Korea’s SK Hynix, a supplier of Nvidia, sank as much as 1.4% in Seoul.

US prosecutors charged Adani, one of the world’s richest people, with participating in a scheme that involved promising to pay more than $250-million in bribes to Indian government officials to secure solar energy contracts. Prosecutors in Brooklyn, New York, alleged on Wednesday that Adani and other defendants lied about the plan as they sought to raise money from US investors.

South Korea’s early trade figures showed exports returning to growth in November. Other data set for release in Asia includes the current account balance for Indonesia and inflation in Hong Kong.

Elsewhere in Asia, Japan’s largest labor union chief is calling for Prime Minister Shigeru Ishiba’s government to accelerate efforts to boost wages.

Bitcoin set another all-time high, supported by a series of developments highlighting the deepening embrace of the digital-asset industry in the US under crypto cheerleader Trump. The world’s largest cryptocurrency is fast approaching $100,000, helped along by MicroStrategy Inc.’s massive purchases.

More cuts

Federal Reserve Bank of Boston President Susan Collins said more interest-rate cuts are needed, but policymakers should proceed carefully to avoid moving too quickly or too slowly. Swaps market pricing indicated a less than 50% chance the Fed will cut rates again in December.

Traders are also monitoring Trump’s administration picks, especially his selection for the Treasury secretary role. Former Federal Reserve Governor Kevin Warsh and Apollo Global Management’s Marc Rowan are contenders, according to people familiar with the matter.

“As I look at the Treasury secretary race, I want to see exactly who is in that role because the tax policies, the debt limit all come back,” Ed Mills, Washington policy analyst at Raymond James, told Bloomberg Television. “We need to see exactly how that person has a relationship with the Federal Reserve, because monetary policy will quickly figure into all of this.”

Gold was up Thursday, notching its fourth daily advance. Oil prices also climbed after retreating Wednesday.

Some of the main moves in markets:

Stocks

• S&P 500 futures fell 0.3% as of 11:21 a.m. Tokyo time


• Japan’s Topix fell 0.3%


• Australia’s S&P/ASX 200 was little changed


• Hong Kong’s Hang Seng fell 0.1%


• The Shanghai Composite fell 0.2%


• Euro Stoxx 50 futures rose 0.1%

• The Bloomberg Dollar Spot Index fell 0.1%


• The euro was little changed at $1.0549


• The Japanese yen rose 0.3% to 155.05 per dollar


• The offshore yuan was little changed at 7.2462 per dollar

• Bitcoin rose 0.3% to $94,756.46


• Ether fell 0.6% to $3,062.28

• The yield on 10-year Treasuries was little changed at 4.40%


• Japan’s 10-year yield advanced 1.5 basis points to 1.080%


• Australia’s 10-year yield advanced one basis point to 4.57%

• West Texas Intermediate crude rose 0.5% to $69.08 a barrel


• Spot gold rose 0.2% to $2,656.24 an ounce. DM