Asian Shares Hold Flat as Investors Await Nvidia Earnings and US Sanctions Plan

Asian stock benchmarks traded flat on August 24 as investors held back ahead of Nvidia’s earnings and impending US sanctions on Iran. Regional tech exporters stayed cautious after sharp swings last week.

Tokyo’s Nikkei index held steady following a 4 per cent drop the previous week, while South Korean shares fell 0.8 per cent and Taiwan slipped 0.5 per cent. The broader MSCI Asia-Pacific index outside Japan declined 0.2 per cent in morning trading.

Tech Earnings and Jackson Hole Outlook

Consumer electronics supply chains and semiconductor manufacturers across Asia are focused on chipmaker Nvidia, which reports earnings on August 26. Analysts expect quarterly revenue to double to roughly US$92 billion, with full-year revenue guidance projected between US$103 billion and US$105 billion.

Regional equity markets are also tracking the outlook for US monetary policy. Federal Reserve Chairman Kevin Warsh will address the Jackson Hole economic symposium on August 28, with money markets pricing a 40 per cent probability of a rate increase on September 16 and a full move by December.

US Treasury yields have continued to pressure equity valuations across the Pacific. Yields on 30-year US debt hovered at 5.2760 per cent, close to a 19-year peak of 5.3371 per cent, despite Treasury Secretary Scott Bessent announcing plans to double government bond buybacks.

For Asian manufacturers and retail supply chains, high borrowing costs in the US and volatile currency markets keep export financing and inventory management under pressure. When long-term yields remain near multi-decade highs, valuations across Asian tech suppliers face tighter scrutiny from international funds.

Trade Disputes and Commodity Pressures

Energy and shipping corridors remain volatile as Bessent prepares to outline fresh sanctions on Iran, which maintains naval control over the Strait of Hormuz. Brent crude slipped 1.0 per cent to US$93.43 a barrel after climbing 6.6 per cent last week, while US crude fell 1.1 per cent to US$86.14.

Cross-border retail trade faces additional frictions following a breakdown in US-Canada trade negotiations. Canadian Prime Minister Mark Carney confirmed reciprocal tariffs on US imports, covering electronics, appliances, dairy, steel, agricultural equipment, and pulp and paper.

Gold prices advanced 0.4 per cent to US$4,623 an ounce, positioning bullion for a monthly gain exceeding 14 per cent. Attention now shifts to upcoming US core inflation figures, expected to hold at 3.3 per cent for July.