Stock Market Update

The S&P 500 futures currently trade four points below fair value. 

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Softbank saw a continuation of its recent struggles, falling 10.0% to a level not seen since early September. Japan's Prime Minister Takaichi held an unexpected phone call with President Trump to discuss diplomatic relations with China. South Korea's Consumer Confidence reached its highest level in eight years in the November reading. South Korea's ruling party is expected to present the US Investment Act to the National Assembly this week.

• In economic data:
  • South Korea's November Consumer Confidence 112.4 (last 109.8)
  • Hong Kong's October trade deficit HKD39.9 bln (last deficit of HKD50.2 bln). October Imports 18.3% m/m (last 13.6%) and Exports 17.5% m/m (last 16.1%)

---Equity Markets---

• Japan's Nikkei: +0.1%
• Hong Kong's Hang Seng: +0.7%
• China's Shanghai Composite: +0.9%
• India's Sensex: -0.4%
• South Korea's Kospi: +0.3%
• Australia's ASX All Ordinaries: +0.3%

Major European indices trade higher. British Chancellor Reeves will present the Autumn budget tomorrow with the market expecting some additional streams of revenue, though room for higher taxes is limited. European Central Bank policymaker Nagel lamented stubborn food inflation. Discount air carrier EasyJet reported solid quarterly results while home improvement retailer Kingfisher raised its guidance.

• In economic data:
  • Germany's Q3 GDP 0.0% qtr/qtr, as expected (last -0.2%); 0.3% yr/yr, as expected (last 0.3%)
  • U.K.'s November CBI Distributive Trades Survey -32 (expected -29; last -27)
  • France's November Consumer Confidence 89 (last 90)
  • Spain's October PPI 0.7% yr/yr (last 0.3%)

---Equity Markets---

• STOXX Europe 600: +0.2%
• Germany's DAX: +0.7%
• U.K.'s FTSE 100: +0.5%
• France's CAC 40: +0.7%
• Italy's FTSE MIB: +0.6%
• Spain's IBEX 35: +0.6%