Asian stocks rise on blockbuster Nvidia earnings

Asian stocks have risen after Nvidia's latest earnings beat estimates, lifting tech hardware manufacturers and reviving investor confidence after data overnight showed the Federal Reserve's preferred US inflation measure is still running hot.

MSCI's broadest index of Asia-Pacific shares excluding Japan was up 0.7 per cent, on track to extend gains into a third consecutive day after Nvidia reported its quarterly revenue more than doubled and forecast third-quarter revenue above Wall Street estimates.

The AI chipmaker's shares jumped 4.7 per cent in after-hours trading, lifting S&P 500 e-mini futures by 0.4 per cent.

"The business is in absolutely rude health," said Chris Weston, head of research at Pepperstone Group in Melbourne. "It's going to wake people up and think 'what have I missed?' It's a really bullish story and anyone supplying Nvidia through the supply chain will likely see the benefit today."

South Korea's KOSPI rose 1.5 per cent, paring early gains after the Bank of Korea raised interest rates by 25 basis points to three per cent, in line with market views that narrowly expected a hike. Taiwanese shares rose 0.9 per cent, while Japan's Nikkei 225 slid 0.4 per cent.

Stocks on Wall Street edged up overnight with the S&P 500 closing flat after the personal consumption expenditures (PCE) index rose 0.2 per cent in July compared with the prior month after a 0.1 per cent decline a month earlier.

"July core PCE inflation appeared broadly in line with expectations, but the details were firmer," analysts from Societe Generale wrote.

"The inflation backdrop therefore looks somewhat firmer heading into the September FOMC meeting."

The yield on the US 10-year Treasury bond was down 1.5 basis points at 4.647 per cent as markets awaited Fed Chair Kevin Warsh's speech in Jackson Hole, Wyoming, on Friday for further clues on the path for US interest rates.

Brent crude was down 0.7 per cent at $US87.20, with the benchmark on track to fall for a fourth consecutive day as Qatar's prime minister prepares to visit Tehran on Thursday in an effort to relaunch peace talks between the US and Iran.

"Crude oil prices continued to gradually ease despite a still highly uncertain outlook around management of the Strait of Hormuz and the current health of global oil supply, especially in light of renewed threats of escalation from Putin in the Russia-Ukraine war," Westpac analysts wrote.

The US dollar index, which measures the greenback's strength against a basket of six currencies, held at 99.12, near its highest level over the past week.

Gold rallied 0.7 per cent to $US4,624.14 after a pullback on Wednesday. In cryptocurrency markets, bitcoin was up 0.8 per cent at $US79,043.18, while ether was up 1.3 per cent at $US2,504.96.

All three are benefiting from the revival of so-called "dollar debasement trades" after the US Treasury Department intervened in bond markets last week.