Nvidia Earnings Boost Asian Stocks

Asian stock markets rose at the start of trading on August 27, driven by Nvidia's strong earnings report. The chipmaker's quarterly revenue more than doubled, beating estimates and lifting tech hardware manufacturers. Its shares jumped 4.7% in after-hours trading.

The AI chipmaker's forecast for third-quarter revenue also exceeded Wall Street expectations, sending its stock higher. This bullish story is expected to benefit companies supplying Nvidia through the supply chain. 'The business is in absolutely rude health,' said Chris Weston, head of research at Pepperstone Group in Melbourne.

The US Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) index, rose 0.2% in July compared to the prior month. This was after a 0.1% decline a month earlier. Analysts from Societe Generale noted that while the details were firmer than expected, the overall inflation backdrop appears somewhat firmer heading into the September FOMC meeting.