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Slightly Cheaper, All Eyes On Nvidia Results & Market Reaction, Q2 Capex Due

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ACGBs (YM -1.0 & XM -2.0) are slightly cheaper after a jittery session for US equities and tsys ahead of Nvidia’s results after the market close.

  • Nvidia reported quarterly sales of $30b, exceeding expectations but slowing from previous rapid growth, leading to a 9% drop in after-hours trading. Despite doubling its sales and profits from a year ago, concerns arose about the sustainability of its AI-driven momentum. Nvidia's forecast of $32.5 billion in next-quarter revenue surpassed analyst predictions but disappointed some loftier analyst expectations, which seems like a miss for Nvidia.
  • Atlanta Fed Pres. Bostick aftermarket said: that there is still a distance to go on inflation; the labour market is still quite strong by historical standards; but we cannot wait until inflation is 2% to move away from a restrictive stance.
  • US data was limited overnight: MBA mortgage applications showed flat weekly growth.
  • Cash ACGBs are 1bp cheaper, with the AU-US 10-year yield differential at +11bps
  • Swap rates are flat to 1bp higher.
  • The bills strip is -1 to +1.
  • RBA-dated OIS pricing is little changed. A cumulative 19bps of easing is priced by year-end.
  • Today, the local calendar will see Q2 Private Capital Expenditure data.
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ACGBs (YM -1.0 & XM -2.0) are slightly cheaper after a jittery session for US equities and tsys ahead of Nvidia’s results after the market close.

  • Nvidia reported quarterly sales of $30b, exceeding expectations but slowing from previous rapid growth, leading to a 9% drop in after-hours trading. Despite doubling its sales and profits from a year ago, concerns arose about the sustainability of its AI-driven momentum. Nvidia's forecast of $32.5 billion in next-quarter revenue surpassed analyst predictions but disappointed some loftier analyst expectations, which seems like a miss for Nvidia.
  • Atlanta Fed Pres. Bostick aftermarket said: that there is still a distance to go on inflation; the labour market is still quite strong by historical standards; but we cannot wait until inflation is 2% to move away from a restrictive stance.
  • US data was limited overnight: MBA mortgage applications showed flat weekly growth.
  • Cash ACGBs are 1bp cheaper, with the AU-US 10-year yield differential at +11bps
  • Swap rates are flat to 1bp higher.
  • The bills strip is -1 to +1.
  • RBA-dated OIS pricing is little changed. A cumulative 19bps of easing is priced by year-end.
  • Today, the local calendar will see Q2 Private Capital Expenditure data.