Asian markets traded flat or slightly lower on Wednesday as investors held back ahead of chip giant Nvidia's earnings, amid lingering concerns over lofty AI valuations. The tech-heavy Nasdaq fell 1.2 percent overnight, extending its decline to more than 6 percent below its record set in late October. S&P 500 and Nasdaq 100 futures slipped 0.2 per cent, while European futures were mostly flat. Japan's Nikkei, down around 7 per cent in November in US dollar terms, traded flat after giving up small gains. Mainland China indexes held steady, while Hong Kong shares fell 0.5 per cent. Nvidia, a key driver of the AI stock rally, is expected to report a 56 per cent jump in revenue for its fiscal August-October quarter to $54.92 billion. Analysts warn the stock is priced for perfection, requiring continued strong GPU demand. US bond yields remain firm amid fading expectations of a Federal Reserve rate cut, with the 10-year Treasury at 4.12 per cent. Japan's long-term bond yields hit a 17-year high on concerns over government spending. Bitcoin rebounded to $91,400 after a seven-month low, though still down 27 per cent from October's peak. In FX markets, the yen slipped to 155.45 per dollar, while the euro held at $1.1580. Attribution:Reuters
