NVIDIA euphoria lifts indices around the world

NVIDIA

The equity rally continued around the globe as NVIDIA earnings sparked a wave of record highs. NVIDIA added ADDS $277 billion in value, the most in market history, and brought its gains for the year to date to $740 billion, taking its market capitalization to $1.94 trillion.

The British consumer sentiment

British consumer sentiment fell for the first time in four months. The GfK consumer confidence index dropped by 2 points to -21 in February, below economists' forecasts, who had anticipated a small rise to -18.

The German GDP

In Germany, the final estimate of gross domestic product (GDP) confirmed a contraction of 0.3% in the fourth quarter. Later this morning, Germany’s Ifo business climate is expected to have improved from a January reading of 85.2 to a consensus estimate of 85.5.

Standard Chartered

Standard Chartered's pre-tax profit rose 18% last year, in line with forecasts. The bank took an $850 million impairment charge from its stake in Chinese lender Bohai Bank. In terms of guidance, it expects income to grow 5-7% between 2024 and 2026, as against 10% growth in 2023. It aims to increase return on tangible equity'steadily' from the current level of 10% to 12% by 2026. It also announced to shareholders a $1 billion share buyback and a 50% increase in its final dividend to 27 cents.

Allianz

Allianz nearly doubled its fourth-quarter net profit from a year earlier. Net profit attributable to shareholders of €2.15 billion, compared with €1.10 billion. It, however, falls short of the €2.19 billion anticipated by the market. The strong showing in the fourth quarter helped the company lift its full-year net profit by 33% to €8.54 billion. For the current year, Allianz sees operating profit between €13.8 billion and €15.8 billion.

Crude oil

Yesterday afternoon, the Environmental Impact Assessment (EIA) confirmed the rise in crude oil stocks flagged by API the previous day. crude oil inventories increased by 3.5 million barrels. Gasoline stocks fell by 300,000 barrels, and distillates fell by 4 million barrels. Expected later on Friday: Baker Hughes oil rig count. Last week, the survey showed a decline in total rig count to 621 last week, from 623 the previous one.

Cocoa

Ghana's cocoa output for the 2023–24 season is expected to be almost 40% below a target of 820,000 metric tonnes, according to two sources from the country's sector regulator. Strong seasonal winds and a lack of rain are among the main factors; however, adverse weather is not the only reason. Ghana also says the 'cocoa swollen shoot virus', which causes yields to drop and kills cocoa trees, has wiped off about 500,000 hectares of farmland. Ghana is the world's second-largest cocoa producer, behind Ivory Coast. Ivory Coast, which said earlier this week that cocoa arrivals at its ports were down 32% in February year-on-year (YoY).