🌏 Asia
Risk mood stayed shaky in early Asian trading after yesterday’s tech-led sell-off on Wall Street. Traders rotated into more “defensive” corners, while growth names remained under pressure.
🇺🇸 Wall Street
Tech dragged the market lower on Tuesday: the Nasdaq slipped -1.43%, while the S&P 500 fell -0.84%. Big Tech weakened, and the pain was even sharper in parts of the software space as investors reassessed how quickly new AI tools could disrupt established business models.
At the same time, the tone was mixed beneath the surface: banks, defence and some energy names looked steadier.
🧠 AI + chips in focus
- Fresh headlines suggested Nvidia’s H200 sales to China are facing delays amid a US national-security review, adding another layer of uncertainty for the AI supply chain.
- AMD’s quarterly numbers beat estimates, but the forward outlook was viewed as less convincing - and that sparked a sharp reaction after hours.
🏛️ US politics / data
A four-day partial US government shutdown ended after the funding bill was signed into law. Still, the disruption is expected to affect some near-term data flow - traders are keeping an eye on scheduling risks for major labour releases.
🇪🇺 Europe: earnings watch
European corporate updates were in focus too, with several big names reporting - and markets reacting stock by stock rather than “by sector”.
💱 FX
The euro and pound were firmer, while JPY and NZD lagged.
🇳🇿 New Zealand’s jobs report showed unemployment rising to 5.4% (Q4 2025) - a decade high - which kept the kiwi under pressure even as some details looked less negative than the headline.
🛢️ Commodities
- WTI eased slightly after a brief geopolitical flare-up in the Middle East, with markets taking a “wait-and-see” stance for now.
- US natural gas extended losses as updated forecasts pointed to warmer conditions ahead.
📅 On the radar today
🇺🇸 ADP employment and ISM Services are the key macro prints, followed by EIA crude oil inventories - potential volatility windows for USD and energy.
🔥 Stay sharp, manage risk, and have a great trading day with NordFX! 🚀
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