Asian stocks await Nvidia as oil slips on Hormuz hopes

Asian stocks were hesitant on Wednesday as falling oil prices, driven by hopes that the Strait of Hormuz could reopen, dragged bond yields lower, while investors awaited Nvidia's earnings report. Brent crude futures slid over 2% to $86.41 per barrel on potential supply increases through the strait. Iran restarted talks with Oman to manage the Strait amid economic pressure from the U.S. in the nearly six-month conflict that has roiled oil markets. The yield on U.S. 10-year notes fell to 4.634% after dropping 6.5 basis points on Tuesday, with J.P. Morgan noting markets are pricing in optimism despite no concrete deal. MSCI's Asia-Pacific index outside Japan rose 0.12%, while Japan's Nikkei eased 0.4% and the KOSPI dipped 0.2%. Analysts expect Nvidia to forecast an 82.8% rise in third-quarter sales to $104.20 billion, with options data suggesting a smaller post-earnings move than previous announcements.