Morning Pack — Thursday 27 August 2026
Market snapshot approximately 04:40–04:52 GMT • Calendar times shown in GMT
Overnight Headlines
Nvidia projects 70% sales growth next year as it rebuts ‘circular financing’ criticism
Nvidia reported Q2 revenue of $96.2bn and guided to about $108bn for Q3, reinforcing the AI infrastructure theme.
Nvidia results seen as a strong validation of the AI infrastructure trade
Asian chip and memory names advanced after the results, with investors focusing on continued data-centre capacity expansion.
BOJ Deputy Governor Himino vows inflation vigilance as rate-hike bets mount
Himino said the BOJ must pay greater attention to upside inflation risks; markets are heavily priced for a September move.
Qatar PM to visit Tehran to pursue mediation efforts
The visit is aimed at reviving diplomacy around Iran and the Strait of Hormuz as Washington leans more heavily on economic pressure.
Oil prices extend losses on expectations talks may ease Middle East supply woes
Crude remained under pressure as markets assessed the prospect of progress toward reopening the Strait of Hormuz.
France replaces Italy as European bond investors’ biggest worry
French fiscal and political risk is drawing more scrutiny, while Italy has benefited from improved fiscal discipline and relative political stability.
China warns US it could retaliate over Iran sanctions
Beijing warned of countermeasures if Washington expands sanctions against countries and companies maintaining trade links with Iran.
Fed’s Cook denies wrongdoing as Trump renews bid to fire her
The dispute again puts Federal Reserve independence and the legal threshold for removing a governor in focus.
Asia-Pacific
| Market | Level | Net | % |
|---|---|---|---|
| Nikkei 225 | 66,370.33 | +108.17 | +0.16% |
| Shanghai | 3,935.985 | +23.462 | +0.60% |
| Shenzhen | 14,005.927 | +164.60 | +1.19% |
| Hang Seng | 25,544.93 | -108.04 | -0.42% |
| ASX 200 | 9,040.10 | -87.70 | -0.96% |
| KOSPI | 6,926.51 | +118.30 | +1.74% |
| STI | 5,680.90 | -40.69 | -0.71% |
| NZX 50 | 13,841.83 | -171.38 | -1.22% |
U.S. Cash Close — 26 August
| Market | Level | Net | % |
|---|---|---|---|
| Dow Jones | 53,463.88 | -113.52 | -0.21% |
| Nasdaq Composite | 26,130.197 | -21.103 | -0.08% |
| S&P 500 | 7,675.70 | -1.58 | -0.02% |
| Russell 2000 | 3,005.90 | -4.122 | -0.14% |
| VIX | 15.21 | -0.24 | -1.55% |
U.S. Futures
| Market | Level | Net | % |
|---|---|---|---|
| Dow futures Implied open +117.12 (+0.22%) | 53,655.0 | +134.00 | +0.25% |
| S&P futures Implied open +20.05 (+0.26%) | 7,719.75 | +29.75 | +0.39% |
| Nasdaq futures Implied open +208.73 (+0.71%) | 29,499.25 | +209.75 | +0.72% |
| Russell 2000 futures Implied open -9.20 (-0.30%) | 3,008.7 | -1.40 | -0.05% |
U.S. Treasuries
| Maturity | Yield | Change |
|---|---|---|
| US 2Y | 4.222% | -0.2 bp |
| US 5Y | 4.382% | -0.4 bp |
| US 10Y | 4.660% | -0.4 bp |
| US 30Y | 5.180% | -0.5 bp |
FX
| Pair | Level | Net | % |
|---|---|---|---|
| DXY | 99.13 | +0.21 | +0.21% |
| EUR/USD | 1.1655 | +0.0006 | +0.0515% |
| GBP/USD | 1.3586 | -0.0007 | -0.0515% |
| USD/JPY | 159.36 | +0.07 | +0.04% |
Commodities
| Market | Price | Net | % |
|---|---|---|---|
| WTI crude (Oct) | $81.85 | -0.38 | -0.46% |
| Brent crude (Oct) | $87.42 | -0.42 | -0.48% |
Today’s Calendar — GMT
| Time | Cur. | Event | Actual | Forecast | Previous |
|---|---|---|---|---|---|
| 06:00 | EUR | GfK German Consumer Climate (Sep) | — | -29.5 | -29.6 |
| 11:30 | EUR | ECB publishes account of monetary policy meeting | — | — | — |
| 12:00 | USD | Jackson Hole Symposium | — | — | — |
| 12:30 | USD | Continuing Jobless Claims | — | 1.790M | 1.799M |
| 12:30 | USD | Goods Trade Balance (Jul, prelim.) | — | -$100.80B | -$101.41B |
| 12:30 | USD | Initial Jobless Claims | — | 208K | 206K |
| 12:30 | USD | Retail Inventories Ex Auto (Jul, prelim.) | — | — | -0.4% |
| 19:00 | USD | 7-year Note Auction (44bn) | — | — | 4.315% |
| 20:30 | USD | Fed Balance Sheet | — | — | $6.746T |
Market Commentary
Risk tone: Nvidia’s results are the dominant overnight catalyst. The company beat on revenue and delivered a strong forward sales outlook, helping Asian semiconductor shares and lifting Nasdaq futures by roughly 0.7%. The broader U.S. futures picture is firmer, although Russell futures lag.
Rates: U.S. Treasury yields are modestly lower across the 2–30 year sector in the early session. In Japan, BOJ Deputy Governor Himino kept the focus on upside inflation risks and the need for timely tightening, reinforcing expectations for another BOJ rate increase.
Oil / geopolitics: WTI and Brent are lower as markets assess Qatar’s mediation push in Tehran and the possibility of progress toward reopening the Strait of Hormuz. That is easing some of the immediate Middle East supply premium, although the underlying geopolitical risk remains substantial.
Today: The ECB meeting account and the opening of the Jackson Hole Symposium are the main policy events. U.S. jobless claims at 12:30 GMT are the key scheduled macro release, while markets remain focused on Fed Chair Kevin Warsh’s Jackson Hole message later in the symposium.
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