- After yesterday's weaker session in the US, during which the Nasdaq and S&P 500 erased their initial gains following Trump's announcement of a 25% tariff on Mexico, Canada, and Europe, today we are seeing some recovery in futures contracts and modest increases. Today, at 1:30 PM GMT we will know US GDP reading, US jobless claims and US Durable Goods
- Nvidia reported results above expectations, but it expects quarterly revenue growth to slow in the current quarter, while the gross margin forecast was slightly disappointing. The company estimates a gross margin (non-GAAP) in the range of 70.5%-71.5%, compared to the expected 72.1%, with an effective tax rate of around 17%.
- Nvidia expects revenue in calendar Q1 2025 to be around $43 billion, compared to the consensus estimate of $42.3 billion. This would represent a 9.4% increase compared to the previous quarter and a 65.4% year-on-year growth. Below are selected results for Q4 2024 (fiscal Q4 2025):
- Revenue: $39.3 billion vs. expected $38.1 billion (+12% compared to Q3, +78% YoY); record annual revenue of $130.5 billion, reflecting a 114% YoY increase.
- Adjusted EPS: $0.89 vs. expected $0.84-$0.85; GAAP EPS for the year was $2.94, reflecting a 147% YoY increase.
- Data centre revenue: $35.6 billion vs. expected $34.09 billion (+16% compared to Q3, +93% YoY).
- Nvidia loses almost 1.5% in after-market despite solid earnings report. Also, shares of two other US companies, Salesforce and eBay lose in after-market, by 3% and 8% respectively after quarterly earnings reports
- EURUSD loses slightly, falling by 0.15% to 1.047, while USDJPY gains by 0.2% to 149.25; USDIDX gains 0.13%
- Among agricultural commodities, soybeans are up 0.5%, while wheat futures are down 0.6%. WTI crude oil is holding around $69 per barrel, and NATGAS is slightly lower, trading near $4 per MMBtu.
- Among precious metals, declines dominate, with gold retreating by almost 0.7%, falling below $2900 per ounce. Cryptocurrency sentiment remains weak, although Bitcoin has managed to recover part of yesterday's sell-off, rising from $83,000 to around $86,000 at present. Solana is up 5%.
- EU will react firmly and immediately to US tariffs, according to AFP cites European Commission source on tariff response. Today, Ukraine’s President Zelenskiy will meet Trump for talks about mineral deal and security guarantees
- According to the NYT, the US and Russia are set to meet to discuss restoring embassy staffing. Both countries are also considering cooperation on Arctic trade routes and exploration.
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