Stock Market Update

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

Equity indices in the Asia-Pacific region began the week on a mostly higher note. Automakers and bank stocks helped propel Japan's Nikkei (+0.8%) to a fresh record high. Japan's Financial Services Agency is expected to approve yen-denominated stablecoins this month. Separately, there has been speculation about a potential corporate tax hike in Japan. South Korea may reduce its workweek to 4.5 days.

• In economic data:
  • Japan's June Tertiary Industry Activity Index 4.50 (last -1.40)
  • Singapore's July non-oil exports -6.0% m/m (last 14.2%); -4.6% yr/yr (last 12.9%)
  • New Zealand's July Performance of Services Index 48.9 (last 47.6)

---Equity Markets---

• Japan's Nikkei: +0.8%
• Hong Kong's Hang Seng: -0.4%
• China's Shanghai Composite: +0.9%
• India's Sensex: +0.8%
• South Korea's Kospi: -1.5%
• Australia's ASX All Ordinaries: +0.2%

Major European indices are starting the week on a lower note. Ukraine's President Zelensky and several European leaders will meet with President Trump at the White House today in search of an agreement to end the war with Russia. Drugmaker Novo Nordisk outperforms after Wegovy was approved in the U.S. for the treatment of liver disease.

• In economic data:
  • Eurozone's June trade surplus EUR7.0 bln (expected surplus of EUR18.1 bln; last surplus of EUR16.5 bln)
  • U.K.'s August Rightmove House Price Index -1.3% m/m (last -1.2%); 0.3% yr/yr (last 0.1%)
  • Spain's June trade deficit EUR3.59 bln (last deficit of EUR2.54 bln)
  • Swiss Q2 Industrial Production -0.1% yr/yr (last 8.9%)

---Equity Markets---

• STOXX Europe 600: -0.2%
• Germany's DAX: -0.3%
• U.K.'s FTSE 100: -0.1% 
• France's CAC 40: -0.8%
• Italy's FTSE MIB: -0.2%
• Spain's IBEX 35: -0.7%