Global Markets Rise as Wall Street Gains on Nvidia Earnings, Bitcoin Nears $99,000

by · The Zimbabwe Mail

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HONG KONG – World stock markets climbed on Friday, mirroring Wall Street’s upward trajectory driven by robust earnings from Nvidia and a rally in cryptocurrency, as bitcoin surged close to the $99,000 mark.

In Europe, Britain’s FTSE 100 rose 0.7% to 8,204.61, while Germany’s DAX gained 0.5%, reaching 19,248.30. Paris’ CAC 40 saw a smaller increase of 0.2%, closing at 7,229.24. However, U.S. futures suggested a mixed outlook, with S&P 500 futures down 0.1% and Dow Jones Industrial Average futures remaining flat.

Asia-Pacific Markets Respond

Japan’s Nikkei 225 advanced by 0.7% to 38,283.85 after October inflation eased to 2.3%, its lowest level in nearly a year. Analysts believe the figures may influence a potential interest rate hike at the Bank of Japan’s December meeting.

Australia’s S&P/ASX 200 gained 0.9% to 8,393.80, and South Korea’s Kospi was up 0.8%, closing at 2,501.24. In contrast, China’s markets faltered, with the Shanghai Composite index plunging 3.1% to 3,267.19 and Hong Kong’s Hang Seng dropping 1.9% to 19,229.97. The declines were led by semiconductor stocks, which faced a sell-off following a recent surge linked to geopolitical developments.

Bitcoin Breaks Barriers

Bitcoin touched $99,000 on Thursday before settling near $98,000 on Friday, according to CoinDesk. The cryptocurrency has more than doubled in value this year, with its post-U.S. election rally intensifying. President-elect Donald Trump’s pro-crypto stance, including promises to position the U.S. as a global leader in cryptocurrency and establish a “strategic reserve” of bitcoin, has fuelled investor optimism.

Nvidia Earnings Power Wall Street

Nvidia, the chipmaker driving advancements in artificial intelligence, once again exceeded expectations with its earnings and revenue forecasts. Its stock rose 0.5% on Thursday, becoming a major driver of the S&P 500’s 0.5% increase to 5,948.71.

The Dow Jones Industrial Average posted a 1.1% gain, closing at 43,870.35, while the Nasdaq composite edged up less than 0.1% to 18,972.42. Smaller companies saw significant gains, with the Russell 2000 index rising by 1.7%.

Energy and Currency Markets

Oil prices climbed as geopolitical tensions heightened. Benchmark U.S. crude added 26 cents, reaching $70.36 per barrel, while Brent crude, the international benchmark, rose 29 cents to $74.52 per barrel.

In currency trading, the U.S. dollar slipped slightly against major currencies, trading at 154.38 Japanese yen and $1.0401 per euro.

Mixed Sentiment Amid Risks

While strong corporate earnings and crypto momentum have buoyed markets, risks remain. Escalating geopolitical tensions, including Russia’s launch of a ballistic missile in response to Ukraine’s missile attacks, and concerns over economic stability in China continue to weigh on investor sentiment.

The performance of global markets indicates cautious optimism, with a focus on the U.S. Federal Reserve’s next moves and the Bank of Japan’s policy outlook, as well as the volatile cryptocurrency landscape.

Source: AP