Stock Market Update

The S&P 500 futures currently trade 13 points above fair value. 

Equity indices in the Asia-Pacific ended Tuesday on a mostly higher note. Officials from China and the U.S. met in Stockholm for the second day in a row, but the meeting did not produce any headlines. Australian press reported that President Trump threatened to double the baseline tariff that is being charged for Australian imports into the U.S. A South Korean trade delegation is expected to visit Washington in the coming days.

• No data today

---Equity Markets---

• Japan's Nikkei: -0.8%
• Hong Kong's Hang Seng: -0.2%
• China's Shanghai Composite: +0.3%
• India's Sensex: +0.6%
• South Korea's Kospi: +0.7%
• Australia's ASX All Ordinaries: UNCH

Major European indices trade in the green. Deutsche Bank no longer expects more cuts from the European Central Bank and it sees a rate hike in late 2026 as the next likely move. Barclays reported mixed results for Q2 while Phillips raised its guidance. Stellantis reported weak results but reinstated its guidance for the year. The EU noted that it can't guarantee that $600 bln will be invested in the U.S. since the money would come entirely from the private sector.

• In economic data:
  • U.K.'s June BoE Consumer Credit GBP1.417 bln (expected GBP1.200 bln; last GBP920 mln), June Mortgage Approvals 64,170 (expected 63,000; last 63,290), and June Net Lending to Individuals GBP6.757 bln (expected GBP3.700 bln; last GBP2.900 bln)
  • Spain's flash Q2 GDP 0.7% qtr/qtr (expected 0.6%; last 0.6%); 2.8% yr/yr (last 2.8%). June Retail Sales 6.2% yr/yr (last 5.0%)

---Equity Markets---

• STOXX Europe 600: +0.5%
• Germany's DAX: +1.3%
• U.K.'s FTSE 100: +0.7%
• France's CAC 40: +1.3%
• Italy's FTSE MIB: +1.3%
• Spain's IBEX 35: +1.1%