European session: Gold dips, equities split with Nvidia dragging US futures

Headlines:

Markets:

• CHF leads, AUD lags on the day
• 10-year Treasury yields up 1.1 bps to 5.00%
• Gold down 1.1% to $3,940
• WTI crude oil down 0.8% to $85.84
• European stocks push higher; S&P 500 futures -0.4%
• Bitcoin down 1.9% to $72,872

European morning trade saw limited action on Thursday, with markets presenting a mixed picture and a slightly more cautious tone.

The main focus has been on equities: European shares advanced, pushing the DAX to a fresh all-time high, while US futures slipped ahead of the Wall Street open. The weakness in US futures is tied to renewed selling in technology shares, with Nvidia falling sharply amid allegations involving CEO Jensen Huang's personal affairs. The chipmaker is down more than 7% in pre-market trading, dampening sentiment around AI-related stocks.

The dollar held steadier after a modest gain the previous day. EUR/USD was little changed, staying below 1.1100, while USD/JPY briefly approached the 160.00 mark, touching 159.94 before easing back to around 159.70.

Bond markets remained under pressure following US inflation data earlier in the week. Two-year Treasury yields stood at 4.76%, with 10-year yields holding at 5.00%.

On the data front, UK September monthly GDP and preliminary Q3 estimates were released during the session. Both figures pointed to a more resilient growth picture for the UK, supporting market expectations for a Bank of England rate hike in December. The central bank continues to grapple with stubborn inflation, and the data allows it to keep focusing on that as the economy held up at the end of the third quarter.

In commodities, oil prices edged lower, with WTI crude falling 0.8% to $85.84. Gold remained under pressure, with the earlier-week recovery above $4,000 looking short-lived as sellers look to push for a stronger technical breakdown heading into the end of the week.

Later, US weekly jobless claims are due on the economic calendar. However, market participants will likely be watching Nvidia and the broader tech sector to gauge overall trading sentiment before the week's final stretch.