U.S. Economic Woes Ripple Across Markets as Asia Awaits Nvidia Earnings

Global markets react as U.S. Treasury yields decline, impacting the dollar and oil prices. Meanwhile, Asian shares rise as Nvidia's earnings await. U.S. copper tariffs and weakening consumer confidence influence Federal Reserve rate cuts, while fears of slowing U.S. growth impact oil demand.

A decline in U.S. Treasury yields placed pressure on the dollar and oil prices on Wednesday, reflecting increasing concerns about America's economic outlook. In contrast, Asian shares gained ahead of Nvidia's much-anticipated earnings report. U.S. copper prices experienced a significant surge following President Trump's announcement of a probe into new tariffs on copper imports.

The release of stark consumer confidence data, showing the sharpest decline in over three years, added to market jitters. This economic unease led traders to increase bets on further Federal Reserve interest rate cuts. Futures now indicate nearly 60 basis points of eased pricing by year-end, up from 40 basis points a week earlier.

As worries about U.S. growth cast a pall over oil demand forecasts, prices saw mixed movements. Brent futures climbed marginally while recovering slightly from a previous session's losses. Meanwhile, Asian markets, particularly in China and Hong Kong, showed robust gains as Nvidia's earnings were highly anticipated.

(With inputs from agencies.)