Asian investors are striving to reignite a recent market rally as they turn their attention to the highly anticipated earnings release from US tech giant Nvidia. The record closes for the S&P 500 and Nasdaq have provided some inspiration, but with few catalysts to drive buying, traders are taking a breather. The recent slowdown in US inflation and China's plans to support its property sector have helped propel equities, but the euphoria seems to be waning, leading to a mixed performance in Asian markets. Notably, Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei, and Jakarta are in positive territory, while Tokyo experienced a decline.

Nvidia, the third-largest US company by market capitalization, is set to release its earnings, which are being closely watched as a gauge of overall market sentiment. The company's stock price has seen a significant surge in recent years, with shares up around 90 percent in 2024. The high-end processors offered by Nvidia are particularly prized by firms looking to advance in the booming artificial intelligence sector. However, there is concern that the figures may not meet the sky-high expectations, potentially leading to a substantial sell-off, especially among market-heavyweight tech firms.

The minutes from the Federal Reserve's May policy decision are also awaited, as they could provide insight into officials' thinking regarding interest rates. The recent slowdown in US inflation has been a key factor, and investors are eager to understand the central bank's stance in light of this development. The market is closely monitoring the Fed's approach, especially as decision-makers consider the above-forecast consumer inflation data.

Current Market Figures

As of 0230 GMT, the market figures are as follows:
- Tokyo - Nikkei 225: DOWN 0.6 percent at 38,719.35
- Hong Kong - Hang Seng Index: UP 0.4 percent at 19,303.62
- Shanghai - Composite: UP 0.2 percent at 3,164.06
- Dollar/yen: UP at 156.24 yen from 156.18 yen on Tuesday
- Euro/dollar: UP at $1.0862 from $1.0858
- Pound/dollar: UP at $1.2722 from $1.2708
- Euro/pound: DOWN at 85.39 from 85.41 pence
- West Texas Intermediate: DOWN 0.7 percent at $78.08 per barrel
- Brent North Sea Crude: DOWN 0.7 percent at $82.33 per barrel