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Global stocks head for longest stretch of losses since

August

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Nvidia ( NVDA ) earnings due after market close

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Europe stocks fall, dollar up against yen

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Bitcoin back above $90,000

(Updates throughout with European trading, adds comment,

refreshes prices)

By Tom Westbrook and Amanda Cooper

SINGAPORE/LONDON, Nov 19 (Reuters) - Global shares fell

for a fifth day on Wednesday, after another selloff driven by

nerves over AI valuations, although the mood was cautious ahead

of what could be make-or-break earnings from chip titan Nvidia ( NVDA )

and U.S. jobs data this week.

The tech-heavy Nasdaq fell 1.2% overnight, marking a

second straight daily decline. Worries about lofty valuations

have knocked it more than 6% below late October's record peak.

In the European morning, S&P 500 futures and Nasdaq 100

futures were almost unchanged on the day.

The STOXX 600 fell 0.2%, having fallen 4% from

record highs less than a week ago, while in Asia, Japan's Nikkei

ended the day down 0.34%, bringing losses for November

so far, in U.S. dollar terms, to 7%.

MSCI's All-World index was down another

0.1%, easing for a fifth straight session in its longest stretch

of daily losses since August.

EYES ON NVIDIA

Nvidia ( NVDA ), which sells the graphics processing units

underpinning artificial intelligence, has been at the heart of a

rally that has carried stock markets around the world to

all-time highs and lifted any stock with even tangential links

to AI.

It reports after the market close in the U.S. and is

expected to deliver a 56% jump in its fiscal August-October

quarter revenue to $54.92 billion, according to data compiled by

LSEG.

"It looks like Nvidia's ( NVDA ) stock price has been priced for

perfection, so GPU demand must continue to grow strongly for

many more years for the stock to stay up," said Wong Kok Hoi,

founder and CEO of APS Asset Management in Singapore.

Nvidia ( NVDA ) shares were little changed in Frankfurt on Wednesday,

pointing to a smooth start to trading in the U.S. pre-market

later.

Nvidia ( NVDA ) results could set the tone for risk sentiment for the

near term, and not just in equities.

"Given the current positive correlation between equities and

the dollar (which reflects perhaps the renewed concerns over a

tech/AI-specific correction hitting the broader U.S. economy) a

bad earnings report this evening could drive the dollar weaker,"

MUFG strategist Lee Hardman said, adding that the focus would

likely then rapidly pivot to Thursday's delayed U.S. employment

data.

FED OUTLOOK

The dollar has fallen by 8.1% this year, heading for its

worst performance against a basket of currencies since

2017. Year-to-date losses topped more than 10% in October, but

the dollar has been steadily clawing higher since then, as

uncertainty over the economic outlook and persistent inflation

have tempered expectations for rate cuts and the stock market

bull run has started to stall.

The Japanese yen, which was trading around 155.64

on Wednesday, has given up almost all of this year's gains

against the dollar and prompted officials in Tokyo to warn about

the prospect of intervention.

Investors also worry that U.S. President Donald Trump's

falling approval rating could drive fiscal spending and possibly

stoke inflation, which has kept safe-haven U.S. Treasuries in

check. The benchmark 10-year note was steady at

4.12%, having barely moved so far this month.

Markets are pricing about a 42% chance of a 25-basis point

Federal Reserve rate cut in December, something that was priced

as a near certainty a month ago.

BITCOIN BOUNCES BACK FROM BELOW $90,000

Meanwhile bitcoin has recovered slightly from

Tuesday's seven-month lows to trade at $91,400. That's still

down about 27% from October's record high.

"BTC has erased this year's gains and then some, meaning

anybody who acquired in the past 10 months is underwater," said

Justin d'Anethan, head of research at Arctic Digital, a crypto

investment and advisory firm.

In commodities, gold, which scaled record highs

alongside stocks in October, has also fallen. It was last up

0.4% at $4,080 an ounce, while Brent crude futures eased

0.76% to $64.41 a barrel and soybean futures traded around

17-month highs after China made hefty purchases of U.S.

supplies.

(Additional reporting by Tom Westbrook in Singapore; Editing by

Sonali Paul and Alex Richardson)