Asian shares were mostly lower on Wednesday, despite a record high on Wall Street, as investors awaited a closely watched earnings report from Nvidia. Japan’s benchmark Nikkei 225 edged up 0.2% in afternoon trading to 38,352.07. Toyota stock jumped 3.7% after Japanese media reported Japan’s top automaker was going to announce a cooperative agreement on fuel cells with European automaker BMW.
Fuel cell vehicles are ecological, running on electricity produced when hydrogen and oxygen combine to form water. Toyota Motor Corp., often criticized as falling behind the global push in electric vehicles, is a longtime proponent of fuel cells. Australia’s S&P/ASX 200 was little changed, inching up less than 0.1% to 8,071.40. South Korea’s Kospi declined 0.2% to 2,684.41.
Hong Kong’s Hang Seng dipped nearly 1.0% to 17,700.81, with analysts expressing concerns about the sustainability of recent gains. The Shanghai Composite also dipped 0.6% to 2,832.59. All eyes are on the upcoming Nvidia earnings report, with the company's market value exceeding $3 trillion.
Nvidia reports its latest results on Wednesday after a 1.5% rise on Tuesday. Investors are also anticipating a potential interest rate cut by the Federal Reserve in September. On Wall Street, the Dow Jones Industrial Average rose to its second all-time high in two days, with the S&P 500 and Nasdaq composite also finishing higher.
The Conference Board reported an increase in the U.S. consumer confidence index, which rose to 103.3 in August. Consumer spending, a significant driver of the U.S. economy, accounts for nearly 70% of economic activity. Treasury yields remained steady, while in energy trading, benchmark U.S. crude and Brent crude prices remained unchanged.
In currency trading, the U.S. dollar rose against the Japanese yen and the euro. Overall, the markets are closely monitoring various economic indicators and corporate earnings reports to gauge the future direction of global financial markets.
