Among the blue chips, the majority of companies saw a significant rise, led by KGHM. Shares of the Polish copper giant increased by as much as 7.30%, approaching the record levels reached in early May.
>> Also see: Dollar and euro rates just before the reversal? Central banks in the spotlight.
Positive sentiment also accompanied investors in the rest of the Old Continent – the German DAX and Spanish IBEX rose 0.48%, and the French CAC40 gained 0.77%. On Tuesday, risk appetite was also strong for investors overseas.
The U.S. S&P 500 index gained 0.13% during the previous session, while the tech Nasdaq rose 0.48%. Another day the market ignored the rise in oil prices, as well as the lack of reports indicating progress in peace negotiations between the U.S. and Iran. The semiconductor sector remained the strongest.
Marvell Technology +25%!
The star of the session was Marvell Technology, which rose over 25%. Why? NVIDIA CEO Jensen Huang, during the Computex conference in Taipei, stated that this company will be the next to surpass a market cap of $1 billion.
Della shares rise 10%
In this reaction we see an analogy to the case described in yesterday’s comment about Della shares, which rose 10% after the release of a recording in which President Donald Trump spoke positively about the company’s CEO. A strong earnings season demonstrated the strength and advantages of the U.S. equity market. A large part of the recent rise was due to the “catch‑up” effect from upwardly revised earnings forecasts.
In recent days we observe a concerning trend in which almost every piece of information linking a company’s activities to artificial intelligence triggers sharp upward reactions. We are not proponents of an “AI bubble” theory, but recent signals suggest a growing greed in the market that typically paves the way for a correction.
At the time of writing, Asian markets show indices both hitting records and falling more than 1%. Among the winners is the Japanese Nikkei, which is up almost 3%.
On the other side of the market are the Hang Seng (-1.7%) and Sensex (-1.2%). Futures on European indices suggest a flat opening for European exchanges. On the domestic front, the focus today will be on the NBP governor’s conference following yesterday’s RPP meeting, where the decision was made to keep interest rates unchanged.
Globally, an important event will be the Friday release of the monthly U.S. labor market data
