From Nvidia's stronger-than-expected quarterly performance and heightened expectations around Federal Reserve Chair Kevin Warsh's Jackson Hole speech to surging food prices, India-Japan trade discussions, a strong response to Hindustan Copper's OFS and renewed Middle East risks, the week saw major developments across global markets, business and geopolitics. Here's a recap of the week that was.
Nvidia Sales More Than Double To $96.2 Billion
Nvidia Corp. reported quarterly sales of $96.2 billion for the second quarter ended July 26, more than double the year-earlier figure. Profit came in at $2.22 a share, excluding certain items, beating analysts' estimates of $92.5 billion in revenue and $2.09 a share in earnings.
The company's all-important data centre business remained the key growth driver, with revenue reaching $89 billion against the $85.8 billion average analyst estimate. Hyperscalers, including Amazon.com and Alphabet's Google, accounted for a significant share of those sales. Nvidia has been working to broaden its customer base and reduce its reliance on a relatively small group of major technology companies.
Jackson Hole Speech Puts Warsh In Focus
Federal Reserve Chair Kevin Warsh is set to deliver his much-awaited keynote speech at the Jackson Hole Economic Policy Symposium on Friday, with investors and economists looking for clues on the central bank's approach to inflation, interest rates, economic growth and its broader policy framework.
Warsh, who took over as Fed chair in May 2026, has adopted a relatively restrained communication style and has moved away from explicitly signalling future policy decisions. His address at Jackson Hole will be his first keynote speech at the annual symposium, putting the focus firmly on any signals he may offer on the Fed's policy outlook.
Onion Prices Surge 59%; Sugar Also Climbs
Onion prices continued to put pressure on consumers, with the all-India average retail price rising 59% year-on-year to Rs 43.53 per kg on August 24, compared with Rs 27.37 per kg a year earlier, according to Consumer Affairs Ministry data.
The government announced the ‘Kanda Express' initiative to ease supply pressures, with special freight trains planned to transport onion stocks from Nashik to major cities. The average wholesale price also rose 68% to Rs 35.58 per kg from Rs 21.23 per kg a year earlier.
Sugar prices also continued to climb, with the all-India average retail price reaching Rs 63.97 per kg on August 25, up 31% from Rs 48.81 per kg a month earlier. The price stood at Rs 63.05 per kg on August 24.
India Looks To Expand Economic Ties With Japan
India is open to expanding the scope and scale of its economic engagement with Japan as the two countries consider reviewing their Comprehensive Economic Partnership Agreement, Commerce and Industry Minister Piyush Goyal said.
Speaking in Nagoya, Goyal said the 15-year-old trade pact needs to be made more contemporary to reflect changes in bilateral trade and investment. Discussions on reviewing the CEPA took place with Japan last month, although work on the terms of reference for the review has not yet begun.
Hindustan Copper OFS Gets Strong Retail Response
The government raised nearly Rs 3,000 crore through the Offer for Sale of Hindustan Copper, with the issue receiving a strong response from investors and being oversubscribed on both days.
The government also decided to exercise the entire greenshoe option. The OFS comprised around 5.8 crore shares, including the base offer and additional shares available under the oversubscription option. Exchange data showed that the issue attracted more than 4.15 crore bids against the shares on offer by the end of the final day.
Oil Prices, Hormuz Risks Keep Markets On Edge
Oil prices slipped in early trade on August 28 as traders weighed uncertainty surrounding the Strait of Hormuz against rising risks to Russian energy infrastructure. WTI crude was down 0.29% at $83.29 a barrel, while Brent crude fell 0.19% to $88.35.
Brent had recovered in the previous session, but concerns over the key Middle East shipping chokepoint continued to dominate sentiment. Iranian officials have indicated that Tehran is preparing conditions for reopening the Strait of Hormuz after mediators sought details of its demands. Iran has also said a shipping corridor through the strait could be possible under conditions including an end to the regional conflict.
Nepal Flood Death Toll Rises To 389
The death toll from catastrophic flash floods and a debris surge near the Nepal-Tibet border rose to 389, according to Nepal Police, as rescue operations continued across the affected region.
More than 1,400 people remained missing across Nepal and China following a glacial collapse and landslide. Officials said 50 foreign nationals had been rescued by air, while those still missing reportedly include Nepali tourists, army and police personnel and residents of Rasuwa district.
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