PARIS (Reuters) – Wall Street is expected to open hesitantly on Wednesday ahead of the publication of indicators and figures from Nvidia in the coming days, with Europe advancing cautiously at mid-session.

New York index futures suggest an uncertain opening for Wall Street, with the Dow Jones, Standard & Poor’s 500 and Nasdaq showing no clear direction.

In Paris, the CAC 40 rose by 0.43% to 7,597.95 points at around 10:12 GMT. The Dax in Frankfurt strengthened by 0.68%, while the FTSE in London was stable.

The pan-European FTSEurofirst 300 index gained 0.43%, the EuroStoxx 50 gained 0.51% and the Stoxx 600 increased by 0.48%.

The markets are focused on the publication of Nvidia’s results, after the close of Wall Street. The group alone represents all of investors’ hopes around artificial intelligence, with the share price having increased by more than 3,000% since 2019.

The weight of the title is so important that any movement in the stock will be communicated to all markets.

Options markets suggest that traders are preparing for a move of nearly 10% in the stock’s value after the results, corresponding to a change of $300 billion in market capitalization.

“Given its market capitalization and monopoly position, the GPU maker remains a must-have, especially after the disappointing earnings season of the other Magnificents, and the high volatility of the summer,” summarize Natixis strategists.

Investors also have to deal with a salvo of data from the United States: the second estimate of second-quarter GDP and jobless claims will be published on Thursday, and PCE inflation – the most important indicator for conducting monetary policy – on Friday.

Eurozone inflation is also expected on Friday.

Separately, growth in euro zone private loans rose less than expected in July, data showed on Wednesday, suggesting that the start of monetary easing in the euro zone has not been enough to revive demand and supply of credit.

VALUES TO FOLLOW ON WALL STREET

Nvidia’s results are due after the close of trading on Wall Street and could cause the indices to react in the event of a surprise, either up or down.

Department store chain Nordstrom reported higher second-quarter sales Tuesday, despite caution from consumers hurt by inflation.

VALUES TO FOLLOW IN EUROPE

Belgian insurer Ageas jumped 4.54% after reporting a half-year net operating result that beat expectations.

Prudential reported a 9 percent rise in first-half operating profit to $1.54 billion on Wednesday, a gain of 1.75 percent.

The insurance sector posted the best sector performance in the Stoxx 600, up 1.09%, supported by the good results of the groups in the sector.

The technology sector also gained 0.83% as investors positioned themselves for Nvidia’s figures later in the day.

The basic resources sector fell 0.95%, the biggest decline of the Stoxx 600 sectors, as oil and metals prices declined under pressure from weaker-than-expected demand.

Elekta, a radiotherapy equipment group, soared 4.2% after publishing its first-quarter results.

RATE

Yields are little changed ahead of the release of US and eurozone inflation figures this week.

The yield on the German ten-year bond fell by 3 bp to 2.249%, while that of the two-year rate lost 1.3 bp to 2.385%.

The 10-year Treasury yield declined 1.3 bps to 3.8197%, while the two-year yield was flat at 3.8629%.

CHANGES

The euro fell against the dollar as private credit figures were worse than expected in July.

The dollar gained 0.36% against a basket of benchmark currencies, the euro eroded 0.49% to $1.1129, and the pound sterling lost 0.27% to $1.3219.

OIL

The barrel is falling, with markets worried about weak Chinese demand and a possible slowdown in the global economy.

Brent fell by -1.06% to $78.71 per barrel, while American light crude (West Texas Intermediate, WTI) weakened by -1.14% to $74.67.

MORE ECONOMIC INDICATORS EXPECTED TODAY

(Written by Corentin Chappron, edited by Augustin Turpin)

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