Asian stocks rise for third day as Nvidia beats

Asian stocks experienced a third consecutive day of gains on Thursday, following Nvidia's latest earnings report that surpassed estimates. This positive news bolstered technology hardware companies and investor confidence, despite data indicating that the Federal Reserve's preferred US inflation measure remained elevated. The MSCI's Asia-Pacific index, excluding Japan, climbed 0.7 percent, continuing its upward trend since Nvidia reported that its quarterly revenue more than doubled and forecasted third-quarter revenue above Wall Street estimates.

Nvidia's shares surged 4.7 percent in after-hours trading, pushing S&P 500 e-mini futures up 0.4 percent. Chris Weston, head of research at Pepperstone Group, remarked that the company's performance was "absolutely rude health" and would prompt investors to reconsider their strategies, potentially benefiting those in the supply chain.

South Korea's KOSPI rose 1.5 percent, recovering from earlier gains after the Bank of Korea increased its benchmark interest rate by 25 basis points to 3.00 percent, as expected. Taiwanese shares also climbed 0.9 percent, while the Nikkei 225 lost 0.4 percent. On Wall Street, stocks edged higher overnight, with the S&P 500 closing flat after the personal consumption expenditures (PCE) index rose 0.2 percent in July from the previous month, slightly higher than the 0.1 percent decline in June.

The inflation outlook appeared somewhat stiffer heading into the September FOMC meeting, according to Societe Generale analysts. The yield on the US 10-year Treasury note dropped 1.5 basis points to 4.647 percent as traders awaited Fed Chair Kevin Warsh's speech in Jackson Hole, Wyoming, for further insights on US interest rates.

Brent crude oil prices fell 0.7 percent to US$87.20 a barrel, indicating a fourth consecutive day of declines as Qatar's prime minister prepared to visit Tehran to revive peace talks between the US and Iran. Despite an uncertain outlook surrounding the Strait of Hormuz and the Russian-Ukraine conflict, crude oil prices remained on a gradual decline.

The US dollar index remained near its highest level over the past week at 99.12, while gold rose 0.7 percent to US$4,624.14 an ounce. In cryptocurrency markets, Bitcoin gained 0.8 percent to US$79,043.18, and Ether increased 1.3 percent to US$2,504.96. These gains resulted from a resurgence in so-called "dollar debasement trades" following the US Treasury Department's intervention in bond markets the previous week.