Nvidia test keeps markets on edge as tech, crypto and oil wobble:

Index Update: The FTSE 100 index, a key benchmark index for the London stock exchange, was trading down around 0.02% on 19 November 2025.  

Macro Update: British data showed inflation easing for the first time since May, falling to 3.6% in October from 3.8%, in line with forecasts and boosting expectations of a Bank of England rate cut in December. Markets reacted with a softer sterling and lower gilt yields, while economists now anticipate further easing early next year as the government prepares its November 26 budget without raising income tax. In corporate updates, low-cost carrier Jet2 lifted sentiment by posting higher interim profit supported by strong demand and price increases, announcing a share buyback that sent its stock up 5%. 

Top Market Movers: Among top gainers on FTSE 100 index, FRESNILLO PLC PLC (LSE: FRES) witnessed a rise of 5.56% followed by ENDEAVOUR MINING PLC (LSE: EDV) which gained around 3.66%. 

Commodity Update: The yen steadied and the U.S. dollar held firm in early Asian trade on Wednesday as investors shifted to safe havens after a global stock selloff. Gold rose 0.26% to USD 4,077.20 per ounce, while silver gained 0.81% to USD 50.96 and copper added 0.57% to USD 10,758.50. Brent crude slipped 0.40% to USD 64.61 amid rising U.S. inventories and anticipation over upcoming U.S. sanctions on Russian oil firms. 

Our Stance: Global markets traded cautiously on Wednesday as investors awaited Nvidia’s earnings, widely viewed as a decisive test for the AI-driven market rally. U.S. futures edged higher while options implied a sharp post-earnings swing of around 7%, and Europe’s STOXX 600 hovered near a one-month low amid stretched tech valuations. A new report suggested Nvidia’s shift to LPDDR smartphone-style memory could double AI server-memory prices by late 2026, adding to supply pressures already seen in global chip markets. Elsewhere, Bitcoin stabilized after hitting a seven-month low, reflecting lingering risk aversion, and oil prices dipped as rising U.S. inventories signalled oversupply, partly offset by tighter fuel markets linked to attacks on Russian energy infrastructure.  

FTSE 100 

The FTSE inched up 0.17 points to 9,552.47, remaining firmly above the key support zone near 9,200 and keeping the broader structure intact. The 21-day SMA at 9,705.68 sits above the CMP, signalling a slight bearish bias, while the 50-day SMA at 9,502.62 indicates overall stability and potential near-term consolidation. The RSI is elevated but still in bearish territory, suggesting a mildly negative tone. Key support is placed near 8,950, with resistance at 10,000 and 10,120. 

Source - EODHD/Others