Asia markets fall as investors assess Nvidia results; Adani Group companies plunge
An aeroplane flies behind the Adani logo near a building construction site in Mumbai. Adani group is one of the India’s largest multinational company with a diversified business portfolio.
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Asia-Pacific markets fell Thursday, with investors watching tech shares in the region after chipmaker Nvidia reported better-than-expected results.
Nvidia reported a 94% year-on-year surge in revenue for the third quarter to $35.08 billion. However, that is still a consecutive slowdown from the previous three quarters, when sales rose 122%, 262%, and 265%, respectively.
Net income during the quarter rose to $19.3 billion, versus $9.24 billion in the same period a year ago.
All eyes are also on Indian stocks related to billionaire Gautam Adani, after the chair of India’s Adani Group was indicted with others in New York federal court on charges related to a massive bribery and fraud scheme.
Shares of Adani Group companies plunged, with flagship Adani Enterprises down 19%, while the company in the eye of the storm Adani Green Energy tanked 18.09%. Adani Energy fell 20%.
Adani Power lost 10.5%, while Adani Port‘s share price dropped 15%, The group’s retail arm Adani Wilmar shed 10%.
The Nifty 50 index was down 0.72%, while the BSE Sensex lost 0.57%.
Japan’s Nikkei 225 fell 0.85% to 38,026.17, and the broad-based Topix slipped 0.54% and closed at 2,682.81. Semiconductor equipment supplier Advantest, which disclosed it’s relationship with Nvidia in 2023, pared losses to close 1.6% lower.
South Korea’s Kospi reversed gains to a marginal loss, closing at 2,480.63, while the small-cap Kosdaq dropped 0.33% and ended at 680.67. Nvidia supplier SK Hynix reversed gains to drop 1.06%, while heavyweight Samsung Electronics gained 1.99%.
Australia’s S&P/ASX 200 was marginally lower, finishing at 8,323.
Hong Kong’s Hang Seng index fell 0.32% as of its final hour, while mainland China’s CSI300 gained 0.09% to 3,989.3
Overnight in the U.S., the S&P 500 ended Wednesday flat, with Nvidia shares slipping nearly 1% ahead of the company’s highly anticipated earnings report. Investors also assessed disappointing results from Target.
The tech-heavy Nasdaq Composite lost 0.11%, while the broad index closed little changed at 5,917.11, The Dow Jones Industrial Average was a bright spot, gaining 0.32%.
— CNBC’s Samantha Subin and Brian Evans contributed to this report.
Correction: An earlier version of this story was updated to reflect the correct Hang Seng close on Wednesday.
