Focus on US PCE, Nvidia earnings

Markets finally got a little breathing room. Crude oil prices dropped, weak US consumer confidence helped cool hawkish Federal Reserve expectations, Treasury yields eased and equities welcomed the relief. Geopolitics also offered a glimmer of hope, as US diplomatic personnel return to the Gulf and Iran/Oman talks focus on an ‘interim reopening of the Strait of Hormuz’. But the real tests are still ahead. Today’s US PCE inflation report will show whether sticky price pressures are giving the Fed any room to soften its stance. Then all eyes turn to Nvidia after the bell. Expectations are sky-high, meaning strong numbers alone may not be enough: guidance, AI spending momentum and demand for Nvidia’s latest chips will matter just as much.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.