1. Asia-Pacific markets trade mixed as investors assess Bank of Korea policy decision: Markets Wrap
Asia-Pacific markets traded mixed Thursday as investors digested the Bank of Korea policy decision. South Korea’s central bank kept its policy rate unchanged at 2.5% for the second straight meeting despite an uncertain trade environment for the country. The move was in line with expectations of economists. South Korea’s Kospi added 0.28% and the small-cap Kosdaq lost 0.33%. The South Korean won strengthened 0.24% to 1,389.8 against the greenback. Japan’s Nikkei 225 climbed 0.24%, while the Topix inched higher by 0.14%. Australia’s S&P/ASX 200 was flat. India’s Nifty 50 started the trading session down 0.59% following Wednesday’s holiday closure.
2. S&P 500 futures fall from record as Nvidia declines following earnings
Stock futures fell on Wednesday evening as investors weighed Nvidia’s latest quarterly results. S&P 500 futures traded 0.3% lower, and Nasdaq 100 futures slipped nearly 0.5%. Meanwhile, futures tied to the Dow Jones Industrial Average were down 12 points, or 0.03%. The market is coming off a winning session Wednesday. The S&P 500 and the Nasdaq Composite similarly rose around 0.2%, with the broad market index hitting a record close, while the Dow Jones Industrial Average advanced 0.3%. The market is on pace to score a monthly gain as well following Wednesday’s moves, as the S&P 500 and the Nasdaq are each up more than 2%, while the 30-stock Dow is up more than 3% in the period.
3. Gold ticks lower as dollar, yields gain; PCE data in focus
Gold slipped on Wednesday as the dollar and Treasury yields firmed, but the losses were limited by safe-haven demand amid lingering concerns about the U.S. central bank’s independence after President Donald Trump’s efforts to fire a Fed governor. Spot gold was down 0.1% to $3,388.15 per ounce. However, U.S. gold futures for December delivery rose 0.2% to $3,438.30. The dollar index climbed 0.2% against a basket of major currencies, making greenback-priced gold more expensive for overseas buyers. U.S. Treasury yields edged up 0.4%, weighing on non-yielding gold’s appeal. Trump said earlier this week he was removing Federal Reserve Governor Lisa Cook from her position on the Fed’s board of directors. Markets are currently anticipating a more than 87% chance of a 25-basis-point rate cut at the Fed’s policy meeting next month, according to CME FedWatch Tool.
4. Oil edges up on US crude stocks drop, impact of US tariffs on India
Oil prices rose on Wednesday on a larger-than-expected drop in U.S. crude inventories and the potential impact of new U.S. tariffs on India. Brent crude futures rose 83 cents, or 1.23%, to close at $68.05 a barrel. West Texas Intermediate crude futures gained 90 cents, or 1.42%, to settle at $64.15. Both contracts fell by more than 2% on Tuesday. U.S. President Donald Trump’s doubling of tariffs on imports from India to as much as 50% was also in focus. The tariffs in response to India’s purchases of Russian oil took effect on Wednesday. Russia and Ukraine have also stepped-up attacks on each other’s energy infrastructure, worrying traders about supply disruptions.
5. Trump White House pressures Fed Governor Lisa Cook to go on leave as lawsuit looms
President Donald Trump’s top economic adviser, Kevin Hassett, said Wednesday that Federal Reserve Board of Governors member Lisa Cook should go on leave from the central bank even as she plans to file a lawsuit challenging her removal by Trump. “If I were her in her circumstance, I would take leave,” Hassett told reporters outside the White House. “I think it’s the honorable thing to do,” he continued, after a reporter asked about whether Cook should be presumed innocent of allegations of mortgage fraud raised by another Trump-appointed official. Hassett also defended Trump’s ability to remove a Fed governor “for cause,” which is the legal requirement for a president to fire a board member at the central bank. Trump’s “attempt to fire her, based solely on a referral letter, lacks any factual or legal basis,” Lowell said in a statement.
6. Two children dead, 17 people injured in Annunciation school shooting: Minneapolis police
A gunman killed two young children and injured 17 people gathered at Annunciation Catholic Church in Minneapolis for a service on Wednesday to mark the first week of the parish’s school, police said. Fourteen of the injured are children, two of whom are in critical condition, Minneapolis Police Chief Brian O’Hara said at a news conference. The children who died were 8 and 10 years old, O’Hara said. The shooter, who officials later identified as Robin Westman, is dead from an apparently self-inflicted gunshot wound, he said. Westman left behind multiple online videos referencing violent thoughts and suicide, as well as a sketch of a church’s interior and an apology to their family, senior law enforcement officials briefed on the matter said.
7. Bank of Korea raises GDP and inflation forecasts; keeps rates unchanged
South Korea’s central bank kept its policy rate unchanged at 2.5% for its second straight meeting to assess housing prices in the capital further, after prices had spiked earlier in the year. The move was also in line with expectations of economists. The Bank of Korea said that inflation was stable and economic growth had shown “modest improvement,” but warned that housing prices in Seoul and its surrounding areas, along with household debt, needed closer monitoring. The central bank said household loan growth has slowed sharply, but expectations for higher home prices remain strong. The BOK also upgraded its inflation forecast for 2025 to 2% from its May forecast of 1.9%, while the GDP growth forecast for the year was also revised to 0.9% from 0.8% previously.
8. Japan’s top trade negotiator cancels trip to U.S. over trade deal issues
Japan’s top trade negotiator Ryosei Akazawa cancelled a trip to the United States on Thursday over issues related to the U.S.-Japan trade deal. In a statement, Japan’s Chief Cabinet Secretary Yoshimasa Hayashi said that his trip would have involved the discussion of U.S. tariff measures. “However, during the coordination with the US, because it became apparent that certain points required further technical discussion, the trip was cancelled, and it was decided that discussions will continue at the administrative level,” Hayashi said. Hayashi said Tokyo will urge the U.S. to amend its presidential order on reciprocal tariffs as soon as possible, and ask Washington to issue a presidential order to lower tariffs on automobiles and auto parts. The White House has an executive order setting the baseline tariff rate for Japan at 15%, but there has not been a written confirmation cutting the tariff rate for automobiles to 15% from 25%.
9. Nvidia beat on earnings and revenue for the quarter and issued guidance for the current period that topped estimates.
The stock slid in extended trading as data center revenue came of short of expectations. Nvidia said there were no sales of H20 processors to China-based customers in the period, but the company benefited from the release of $180 million worth of inventory to a client outside of China. The company’s 2026 second quarter results confirmed that Nvidia’s data centre business remains entrenched in the global AI buildout. Nvidia finance chief Colette Kress told analysts on an earnings call that the company expects between $3 and $4 trillion in AI infrastructure spending by the end of the decade. Overall company revenue rose 56% in the quarter from $30.04 billion a year ago, Nvidia said. Year-over-year revenue has now exceeded 50% for nine straight quarters, dating back to mid-2023, when the generative AI boom started to show up in Nvidia’s results. However, the second quarter marked Nvidia’s slowest period of growth during that stretch.
10. Kohl’s sharper focus on turnaround drives profit lift, shares surge 24%
Kohl’s raised its annual profit forecast on Wednesday as the U.S. department store chain’s years-long turnaround reduces costs and its fresher product line-up brings back customer. The company also reported a second straight quarter of sales beat as efforts to reassess its product assortment pay off, even as it grappled with three CEO changes in as many years, with the latest leaving after about 100 days. Kohl’s has rolled out more coupons for branded products and introduced fresher items in its cheaper store labels to keep its lower and middle-income customers engaged when tariffs and still-high inflation have squeezed household budgets. The company plans to reduce some orders from brands that make sharp price hikes due to the tariffs and keep private-label products affordable.
11. CrowdStrike forecasts weak quarterly revenue as Windows-outage impact lingers
CrowdStrike forecast weak third-quarter revenue on Wednesday, as incentives to retain customers after its botched cybersecurity update continue to weigh on subscription sales. The quarterly revenue outlook overshadowed upbeat second-quarter results, sending the company’s shares down nearly 3% in extended trading. The stock has risen about 24% so far this year. CrowdStrike has said the incentive program will have a $10 million to $15 million revenue impact each quarter for the rest of the fiscal year. More than a year after CrowdStrike’s faulty update crippled airlines, banks and hospitals for hours, the company is still grappling with its fallout.
12. Eli Lilly temporarily halts UK shipments of weight-loss drug Mounjaro
Eli Lilly has temporarily paused shipments of its weight-loss drug Mounjaro in the UK, ahead of a new price hike for the treatment set to come into effect starting next month. Lilly said that, in order to manage its supply and ensure that patients maintain access, it has allocations in place for pharmacies and providers that order medicines from the company. There are legal protections in place to prevent inappropriate stockpiling of medicines by providers, the company said on Wednesday. It will resume orders on September 1. The drugmaker is set to increase the UK list price of the drug by up to 170% in September amid a White House push to get drugmakers to raise medicine prices in Europe to allow for price cuts in the United States.
13. Snowflake stock soars aftermarket after topping estimates and raising guidance
Snowflake stock jumped around 10% in after-hours trading Wednesday after the cloud data platform company reported better-than-expected second quarter results and raised its full-year product revenue guidance. The company posted revenue of $1.14 billion for the quarter, surpassing the analyst consensus estimate of $1.09 billion and representing a 32% increase YoY. Product revenue, which forms the core of Snowflake’s business, came in at $1.09 billion, also up 32% from the same period last year and ahead of the $1.04 billion estimate. Snowflake reported adjusted earnings per share of $0.38, significantly beating the analyst estimate of $0.27 and more than doubling from $0.18 in the year-ago quarter.
14. Apple teams up with TuneIn to boost radio features amid streaming competition
Apple will distribute its curated radio stations on a global network of devices, including speakers, headphones and cars, through a partnership with TuneIn, the digital radio platform said on Wednesday. The Cupertino, California-based technology giant’s six radio stations will be available outside its app for the first time on TuneIn to its 75 million monthly active users. Apple’s push into radio comes as competition in the music streaming industry heats up, with companies such as Spotify making inroads into supporting new formats such as video podcasts and messages.
