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About turn ahead of Jackson Hole
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Friday 25th August 2023
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Markets lost confidence all of a sudden despite the standout earnings result and forecast from NVIDIA after the close yesterday. It did seem strange that there was such a focus on AI. Today shares are well down and NVIDIA has wiped out all of its gains. NAB’s David de Garis says there’s concerns that Jerome Powell will pull another rabbit out of his hat at Jackson Hole. There is a track record for markets being driven by central-bank speak at the Wyoming get together. Otherwise, there’s no clear reason for such an about turn. Jobs data held up in the US, durable goods orders were down, but largely accounted for by aircraft orders, and the Chicago Fed activity index was up. None can account for such an about turn.
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