Stock Market Update

The S&P 500 futures trade 43 points above fair value.

Equity indices in the Asia-Pacific region ended Thursday on a higher note with help from news that the Court of International Trade blocked President Trump's tariffs. Chip and auto-related stocks were among the outperformers. The New York Times reported that the U.S. will halt exports of jet engine technology and chip software to China. The Bank of Korea lowered its policy rate by 25 basis points to 2.50%, as expected, and Governor Rhee said that he sees room for additional cuts.

• In economic data:
  • Japan's May Household Confidence 32.8 (expected 31.8; last 31.2)
  • Australia's Q1 Building Capital Expenditure 0.9% qtr/qtr (last 0.2%), Q1 Plant/Machinery Capital Expenditure -1.3% qtr/qtr (last -0.6%), and Q1 Private New Capital Expenditure -0.1% qtr/qtr (expected 0.5%; last 0.2%)
  • New Zealand's May ANZ Business Confidence 36.6 (last 49.3)

---Equity Markets---

• Japan's Nikkei: +1.9%
• Hong Kong's Hang Seng: +1.4%
• China's Shanghai Composite: +0.7%
• India's Sensex: +0.4%
• South Korea's Kospi: +1.9%
• Australia's ASX All Ordinaries: +0.2%

Major European indices trade mostly higher while markets in Switzerland and a few Nordic countries are closed for Ascension Day. Regional equities are drawing support from news that President Trump's tariffs are being blocked by a court. FT reported that the U.K. wants to accelerate the implementation of a trade deal with the U.S. European Central Bank policymaker Kazimir was fined EUR200,000 after being found guilty of bribery by a court in Slovakia.

• In economic data:
  • Italy's May Business Confidence 86.5 (expected 86.2; last 85.8) and Consumer Confidence 96.5 (expected 93.0; last 92.7). March Industrial Sales -1.6% m/m (last -0.4%); -1.1% yr/yr (last -1.6%). April non-EU trade surplus EUR2.18 bln (last EUR5.96 bln)
  • Spain's April Retail Sales 4.0% yr/yr (last 3.8%)

---Equity Markets---

• STOXX Europe 600: +0.2%
• Germany's DAX: +0.1%
• U.K.'s FTSE 100: +0.1%
• France's CAC 40: +0.4%
• Italy's FTSE MIB: +0.1%
• Spain's IBEX 35: +0.3%