Asia Morning Call-Global Markets

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** indicates closing price

All prices as of 20:13 GMT

EQUITIES

GLOBAL - U.S. stocks turned negative on Thursday as enthusiasm over Nvidia Corp's quarterly results faded and robust economic data fueled concerns over higher-for-longer monetary policy.

MSCI's gauge of stocks across the globe EURONEXT:IACWI shed 0.65%.

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NEW YORK - U.S. stocks ended lower on Thursday, even as a strong revenue forecast for Nvidia prompted a surge in its shares, but that was overshadowed by economic data showing inflation was still a concern that could delay any Federal Reserve rate cuts.

According to preliminary data, the S&P 500 SPX lost 38.44 points, or 0.72%, to end at 5,268.57 points, while the Nasdaq Composite IXIC lost 65.28 points, or 0.39%, to 16,736.27. The Dow Jones Industrial Average DJI fell 602.47 points, or 1.52%, to 39,068.57.

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LONDON - European stocks closed flat on Thursday as signs of improving economic activity prompted investors to scale back expectations for interest rate cuts this year and tempered optimism around strong forecasts from AI darling Nvidia.

The pan-European STOXX 600 index SXXP came off session highs to close not far from unchanged.

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TOKYO - Japan's Nikkei share average rose on Thursday to finish at more than a one-month closing high as technology stocks rallied after U.S. peer Nvidia's earnings delivered on sky-high expectations.

Japan's tech shares rallied on the news, buoying the Nikkei share average NI225 to end up 1.26% at 39,103.22, its highest closing level since April 15.

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SHANGHAI - China and Hong Kong stocks closed down on Thursday, tracking regional markets lower as investors digested the implications of policymakers in major economies preferring to take a patient approach to monetary easing amid sticky inflation.

At the close, the Shanghai Composite index 000001 was down 1.33% at 3,116.39. The blue-chip CSI300 index 3399300 was down 1.16%.

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AUSTRALIA - Australian shares were set to fall on Friday, dragged by potential losses in mining, gold and energy stocks as underlying commodity prices declined on fears of sustained high rates from the hawkish U.S. Federal Reserve.

The local share price index futures (YAPcm1) fell 1.2%, a 62.8-point discount to the underlying S&P/ASX 200 index XJO close. The benchmark fell 0.5% on Thursday.

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SEOUL - South Korean shares recouped early losses to end little changed on Thursday, as chipmakers jumped on the government's support measures, while the central bank's policy meeting outcome was in line with market expectations.

The benchmark KOSPI KOSPI closed down by just 1.65 points, or 0.06%, at 2,721.81, after falling as much as 0.71% during the session.

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FOREIGN EXCHANGE

NEW YORK - The dollar rose against the euro on Thursday after data showed U.S. business activity accelerated to the highest level in just over two years in May, suggesting that economic growth picked up half-way through the second quarter.

The euro was down 0.2% at $1.080525.

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SHANGHAI - China's yuan slipped on Thursday to hover near a three-week low, as the dollar firmed following hawkish Federal Reserve minutes, while tensions around Taiwan also kept investors nervous.

In the spot market, the yuan USDCNY opened at 7.2400 per dollar and was changing hands at 7.2433 at midday, 17 pips weaker from the previous late session close.

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AUSTRALIA - The Australian dollar AUDUSD had less luck on Wednesday and was last flat at $0.6619, after tumbling 0.7% overnight, not helped by lower commodity prices.

It is now back in the recent trading range of $0.6465 and $0.6650.

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SEOUL - The Korean won was steady against the dollar on Thursday.

The won ended onshore trade USDKRW 0.04% higher at 1,362.4 per dollar.

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TREASURIES

NEW YORK - U.S. Treasury yields gained on Thursday after data showing persistent strength in the labor market and business activity, reinforcing expectations that the Federal Reserve will take its time cutting interest rates this year.

The benchmark U.S. 10-year yield climbed to a more than one-week peak of 4.498% and was last up 4.1 basis points (bps) at 4.474% US10Y.

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LONDON - German 2-year bond yields hit their highest in six months on Thursday as economic data from the euro area and Britain led investors to scale back their bets on future European Central Bank (ECB) rate cuts to 60 basis points in 2024.

Germany's 10-year yield (DE10YT=RR), the bloc's benchmark, rose 7.3 bps to 2.60% after hitting its highest level since late April.

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TOKYO - Japan's 10-year government bond yield on Thursday inched down from its highest level in 11 years after the Bank of Japan kept its offer for regular bond buying unchanged.

The 10-year JGB yield (JP10YTN=JBTC) was last at 0.995%.

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COMMODITIES

GOLD - Gold fell to more than a week's low on Thursday, extending its decline for a third straight session, as investors grew apprehensive over U.S. rate cut timings and on strength in U.S. business activity.

Spot gold GOLD fell 1.8% to $2,336.39 per ounce, its lowest since May 13, as of 1748 GMT. U.S. gold futures GOLD settled 2.3% lower to $2,337.20 per ounce.

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IRON ORE- Iron ore futures declined on Thursday, tracking a weaker base and precious metals market as a stronger U.S. dollar fuelled a broad risk-off appetite.

The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) TIO1! ended morning trade 1.09% lower at 906.5 yuan ($125.13) a metric ton.

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BASE METALS - Copper prices fell for a third consecutive session as profit-taking continued on Thursday and consumers refused to buy at near-record levels.

Benchmark copper HG1! on the London Metal Exchange (LME) was down 0.4% at $10,383 a metric ton at 1609 GMT, having fallen as far as $10,210.

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OIL - Oil prices fell for a fourth consecutive session on Thursday and settled at multi-month lows as the prospect of higher-for-longer U.S. interest rates raised worries around demand growth in the world's biggest oil market.

Brent crude futures BRN1! settled lower by 54 cents, or 0.7%, at $81.36 a barrel, the lowest since January.

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PALM OIL - Malaysian palm oil futures rose on Thursday due to weakness in the Malaysian ringgit and expectations of improved demand as the tropical oil started trading at a discount to rival soft oils.

The benchmark palm oil contract FCPO1! for August delivery on the Bursa Malaysia Derivatives Exchange closed up 24 ringgit, or 0.62%, at 3,892 ringgit ($827.73) a metric ton.

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RUBBER - Japanese rubber futures extended gains for a second session on Thursday amid a weaker yen, while favourable domestic factory data and stronger equities boosted investor sentiment.

The Osaka Exchange (OSE) rubber contract for October delivery TRB1!, TRB1! closed up 1.7 yen, or 0.52%, at 327.9 yen ($2.09) per kg to hit a three-session high.

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