Australian shares are set to open lower. Nvidia’s revenue to surge at a slower pace in the third quarter. Qantas, Wesfarmers to report. Follow updates here.
Australian shares are poised to fall ahead of another heavy day of corporate results. Wall Street was lower as traders and investors held their breath ahead of Nvidia’s quarterly results set for release after the closing bell. Nvidia reported revenue for the second quarter of $US30.0 billion, up 15 per cent from the previous quarter and up 122 per cent from a year ago. It said it expects third-quarter revenue to be $US32.5 billion, plus or minus 2 per cent.
While bullishness persists among individual investors, Sevens Report author Tom Essaye said “smart money” is moving more defensive. “One thing that we have noticed in the derivatives market recently has been the collapse in the VIX and surge in its lesser-known cousin, the SKEW index,” Essaye said. “As a refresher, the SKEW is supposed to be a ‘Black Swan’ indicator but in practice it is much better at offering a read on positioning among more sophisticated, institutional investors.
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