Fragile Sentiment Ahead of Earnings, Jackson Hole
The market's momentum is fragile ahead of Nvidia's earnings release and the Jackson Hole economic symposium.
Last week, equity indices received a boost from encouraging data in Europe and the US. The S&P 500 rebounded after strong PMI reads, with crude's spot price remaining capped near its 100-day moving average (DMA).
This morning, oil prices are weaker, which is helping to ease pressure on global yields. However, risk sentiment remains dull, with technology companies experiencing heavy losses.
In Asia, Samsung has lost nearly 9% despite announcing a new shareholder return plan. Alibaba in Hong Kong is down almost 10%, following news that it will issue new equity to fund AI spending. SoftBank in Japan has slipped by over 4.5% after announcing plans to raise capital through a share sale.