ASX edges lower, Nvidia disappointment sparks tech slump

The news: The Australian sharemarket finished slightly lower on Wednesday, the benchmark ASX 200 losing 0.07% to 7,073.40 after earnings for US chip giant NVidia simultaneously overshot expectations and disappointed investors. A decline in Nvidia's share price raised doubts about the sustainability of the US stockmarket's tech-led performance, bleeding into Australian IT stocks which slumped 1.1%.

The numbers: The Australian dollar lost some ground against the greenback and is trading at 65.5 US cents, after Federal Reserve minutes dampened confidence the US central bank is done with its rate tightening cycle. Sectors were mixed in the Aussie section with six of the 11 finishing lower, with real estate (-1.5%) and communications stocks (-1.0%) taking hits.

The context: Origin will hold its Annual General Meeting tomorrow, along with the keenly awaited vote on a Brookfield and EIG-led consortium bid to buy the energy giant. Qube Holdings, Insignia Financial, Hansen Technologies and Pilbara Minerals will also hold AGMs tomorrow. RBA governor Michele Bullock will discus the economic outlook and monetary policy at the Australian Business Economists annual dinner at 7:15 AEDT tonight. The Euroopean Central Bank will release its financial stability review this evening, with US unemployment claims to follow shorly after midnight.