PinnedKey EventThu 27 Aug 2026 at 7:14amThu 27 Aug 2026 at 7:14amMarket snapshotBy Adelaide MillerASX 200 Futures: -0.1% to 9,063 points Australian dollar: flat at 71.67 US centsWall Street: Dow Jones (-0.2%), S&P 500 (-0.02%), Nasdaq Composite (+0.1%)Europe: FTSE (-0.1%), DAX (+0.1%) Spot gold: -1.4% at $US4,592/ounce Oil (Brent crude): -1.3% to $US87.46/barrel Iron ore: +1.1% to $US98.20/tonneBitcoin: +0.3% to $US78,667Prices current around 7:10am AESTThu 27 Aug 2026 at 8:40amThu 27 Aug 2026 at 8:40amMacquarie Group dumps KPMG from audit contractBy Adelaide MillerMacquarie Group has announced it will drop KPMG as an auditor, amid an ongoing scandal relating to its handling of confidential information.Late on Wednesday, Macquarie announced its board held concerns over the firm's auditing practices, amid ongoing scrutiny of KPMG."The decision follows continued scrutiny of KPMG Australia's audit practice, including information exposed by the Parliamentary Joint Committee on Corporations and Financial Services," the statement said."It also follows Macquarie's formal enquiries of KPMG to consider its capacity to deliver the audit, as well as the nature and impact of ongoing issues at KPMG Australia."KPMG also released a statement acknowledging the decision."While disappointed by the outcome, KPMG respects the decision taken by Macquarie," the statement read.KPMG chief executive John Sams said Macquarie's announcement was "a clear reminder that the consequences of our past failings are real"."Rebuilding trust will require sustained action, transparency and time. I am committed to leading this change with honesty, transparency and urgency," he said.You can read the full piece below:Key EventThu 27 Aug 2026 at 8:25amThu 27 Aug 2026 at 8:25amUS produces 'hot inflation data', analyst saysBy Adelaide MillerIt was a fairly flat trading session on Wall Street, following "slightly hot inflation data", according to capital.com senior financial market analyst Kyle Rodda."The PCE index data (US monthly inflation figures) revealed a smaller than expected drop in headline prices in the US economy in July — although the more important core figure rose 3.3%, as expected," he says."Nevertheless, the data reaffirmed fears, simmering away heading into the Jackson Hole Symposium over the week, that future rate hikes may be required to get inflation back to the Fed's 2% target."The data lifted front-end yields as the markets priced in marginally higher probabilities of future rate hikes, weighing on equities which chopped in and out of positive territory."Mr Rodda says a large degree of the "choppiness" on Wall Street was the result of some of the risk aversion heading into Nvidia’s results. "The concern in the markets was that the bar for arguably the world’s most important company was too high and too difficult to exceed. The early reaction to its results appeared to validate that view," he says.Despite a second record for revenue results, the stock dropped in response to the new figures."The earnings call provided more colour and a positive impetus for the stock, however, pushing it positive in after-hours trade," Mr Rodda says."The spark were comments painting a rosy picture about revenue growth going into coming years, easing some fears about capacity constraints."Key EventThu 27 Aug 2026 at 8:10amThu 27 Aug 2026 at 8:10amNvidia forecasts quarterly revenue above estimates but fails to ignite sharesBy Adelaide MillerNvidia's quarterly revenue has more than doubled, with the chipmaker forecasting third-quarter revenue above Wall Street estimates, signalling that demand for its AI chips has continued unabated. Its shares, however, slipped -1% in after-market trading as the results did little to ease investor concerns about the AI spending cycle that has powered Nvidia's meteoric rise.The company's gross margin outlook for the current quarter also slipped.As of Wednesday's close in the US, Nvidia has gained just +12.4% so far this year.Results from Nvidia, one of the world's most valuable firms, are considered a bellwether for the AI market as its chips power most of the major data centres and advanced AI models globally.The report comes weeks after companies including Microsoft and Meta, two of Nvidia's biggest customers, reinforced expectations that big tech would spend more than $US730 billion on AI infrastructure this year, an unprecedented sum that marks a big step up from last year's $US400 billion outlay.An increasing share of tech companies' slated spending is now, however, going towards in-house chip efforts that aim to reduce their reliance on Nvidia's costly and supply-constrained processors. Scrutiny has also mounted of Nvidia's role in the AI boom's complex financing ecosystem after it agreed to guarantee some deals under a new tie-up with six major financial institutions that aims to raise more than $US500 billion for AI infrastructure.The company's margins are closely watched as analysts expect them to be pressured by the production ramp for its Rubin chips and higher memory prices plaguing the silicon supply chain.Nvidia expects adjusted gross margin to be 74%, plus or minus 50 basis points, for the third quarter. Analysts were expecting 74.77%.The company forecast third-quarter revenue of $US108 billion, plus or minus 2%, compared with analysts' average estimate of $US104.19 billion.Nvidia said it did not assume any data centre chip sales from China in its outlook. Its business with China has been highly uncertain. In May, Washington cleared 10 Chinese firms, including Alibaba, Tencent and ByteDance, to buy one of Nvidia's most powerful AI chips, the H200, though deliveries stalled for months.As AI is increasingly used to automate tasks and answer queries, Nvidia's graphics processors face growing competition from central processors and custom chips that are better suited to handle that process, known as inference. The shift has prompted major technology companies to invest in their own silicon. Meta plans to begin manufacturing its in-house "Iris" AI chip in September, part of a four-generation custom silicon project designed to lower computing costs.Here is a look at Nvidia's stock market movement across the trading day:Nvidia movement (LSEG)- Reporting with ReutersThu 27 Aug 2026 at 7:55amThu 27 Aug 2026 at 7:55amICYMI: Finance with Alan KohlerBy Adelaide MillerThe Australian dollar rose yesterday after the higher than expected inflation rate raised the chance of a September rate hike.Catch up on yesterday's headlines with Alan Kohler:Key EventThu 27 Aug 2026 at 7:40amThu 27 Aug 2026 at 7:40amASX to slipBy Adelaide MillerGood morning everyone and happy Thursday,Business reporter Adelaide Miller here to guide you through the morning on the markets blog, where we cover the latest business, finance and economics stories from around the world.To start with, ASX 200 Futures is pointing to a slightly lower open, down -0.1% to 9,063 points.That's after Wall Street finished its trading day with mixed results.The Aussie dollar is trading above 71 US cents.But for now, grab yourself a coffee, tea or juice and see you back here soon!