Asian Shares Flat as Iran Sanctions Loom and Nvidia Results Awaited
Asian share markets were flat on Monday as investors awaited news of threatened US sanctions on Iran and eyed Nvidia's quarterly results.
The Strait of Hormuz, a vital waterway through which around 20% of global oil exports pass, remains under Iranian control, with Tehran showing no signs of relinquishing its grip. Brent crude prices fell 1% to $93.43 per barrel ahead of the announcement on Iran sanctions.
Nvidia's quarterly results are expected to be closely watched, with analysts forecasting revenue almost doubling to around $92 billion and full-year earnings guidance ranging from $103 billion to $105 billion. However, investors are wary that meeting these expectations will be a challenge.
The Federal Reserve's chairman, Kevin Warsh, is set to speak in Jackson Hole, Wyoming on Friday, where he may provide some clarity on the outlook for US interest rates. However, analysts at JPMorgan note that past chairs have avoided making forward guidance during this event.