Global Stocks Soar Amid Nvidia Anticipation, Sterling Nears 2-1/2-Year High

Global stocks neared record highs as investors awaited Nvidia's results. MSCI's gauge saw a slight gain, with STOXX index rising due to technology shares. Nvidia's stock anticipated to swing market value significantly. Meanwhile, sterling reached a 2.5-year high, driven by slower U.S. rate cuts, while the Bank of England remained cautious.

Global stocks soared close to record highs on Wednesday as anticipation grew over Nvidia's expected earnings results. MSCI's gauge of global stocks gained 0.05%, nearing a previous record, as inflation concerns began to ease.

Europe's STOXX index climbed 0.25% to a one-month high, bolstered by optimistic expectations for Nvidia's performance. Nvidia's stock, a major player in AI technology, is expected to significantly swing market values. Revenue is predicted to have doubled in the second quarter, potentially leading to a $300 billion market value change, a historic move.

Sterling hovered near a 2-1/2-year high as traders expected the U.S. to lead in cutting interest rates. Debt and currency markets remained steady, with the U.S. dollar weakening. Interest rate futures indicated major rate cuts this year. Bitcoin saw a substantial drop, while gold prices held steady and oil prices retracted.

(With inputs from agencies.)