Global markets locked on US data and Nvidia earnings

While asset prices shift due to geopolitical developments in the Middle East and easing concerns over energy supply, the direction of international markets is being determined by US growth and personal consumption expenditures data, as well as chipmaker Nvidia's earnings report.

Drop in Oil Prices and Bond Yields

It was reported that geopolitical developments in the Middle East continue to play a decisive role in the direction of asset prices.

With the decrease in concerns regarding energy supply, oil prices recorded their sharpest daily drop in about a month, and US bond yields also experienced a decline.

US Data and Fed Expectations

Persistent inflation concerns in the US keep alive expectations that the central bank might implement another rate hike by the end of the year.

Investors are closely monitoring the country's upcoming growth and personal consumption expenditures data.

Nvidia Earnings and the Artificial Intelligence Rally

Another heading of importance for the direction of markets is the earnings report to be released by chip company Nvidia.

Analysts state that the earnings report is expected to test the artificial intelligence-themed rally in the markets.

Canada's Retaliatory Tariff Decisions

The Canadian administration responded to the US 50 percent customs duty on many Canadian products.

The country announced that retaliatory tariffs of 15, 25, or 50 percent will be applied starting September 8 to approximately $20 billion worth of US products.

Latest Status in Global Stock Markets

In European stock markets, a buying-heavy trend stood out with the exception of France, while technology and semiconductor stocks recovered in Asian stock markets.

Turkey's 5-year credit default swap premium dropped to 217 basis points amid expectations that geopolitical risks may decrease.