Stock Market Update

[BRIEFING.COM] S&P futures vs fair value: -34.00. Nasdaq futures vs fair value: -133.00. The S&P 500 futures currently trade 34 points below fair value.

Equity indices in the Asia-Pacific region had a broadly higher showing on Tuesday. China's National Development Reform Commission said that fiscal and tax support will be implemented if crude oil prices remain high. Alibaba, Baidu, and Tencent are planning capital expenditures of about $84 bln for 2027. Japan is planning to spend JPY800 bln on gasoline subsidies and may also intervene in the oil market through futures.

• In economic data:
  • Japan's February National CPI -0.2% m/m (last -0.2%); 1.3% yr/yr (last 1.5%). February National Core CPI 1.6% yr/yr (expected 1.7%; last 2.0%). Flash March Manufacturing PMI 51.4 (expected 53.2; last 53.0) and flash Services PMI 52.8 (last 53.8)
  • South Korea's February PPI 0.6% m/m (last 0.7%); 2.4% yr/yr (last 1.9%)
  • Australia's flash March Manufacturing PMI 50.1 (last 51.0) and flash Services PMI 46.6 (last 52.8)
  • India's flash March Manufacturing PMI 53.8 (expected 56.8; last 56.9) and flash Services PMI 57.2 (expected 58.3; last 58.1)

---Equity Markets---

• Japan's Nikkei: +1.4%
• Hong Kong's Hang Seng: +2.8%
• China's Shanghai Composite: +1.8%
• India's Sensex: +1.9%
• South Korea's Kospi: +2.7%
• Australia's ASX All Ordinaries: +0.2%

Major European indices trade lower. Flash March PMI readings from major regional economies showed unexpected expansion in the manufacturing sector while growth in services undershot expectations. European Central Bank policymaker Vujcic acknowledged that the risk of stagflation has increased.

• In economic data:
  • Eurozone's flash March Manufacturing PMI 51.4 (expected 49.4; last 50.8) and flash Services PMI 50.1 (expected 51.1; last 51.9)
  • Germany's flash March Manufacturing PMI 51.7 (expected 49.6; last 50.9) and flash Services PMI 51.2 (expected 52.5; last 53.5)
  • U.K.'s flash March Manufacturing PMI 51.4 (expected 50.0; last 51.7) and flash Services PMI 51.2 (expected 52.8; last 53.9). March CBI Distributive Trades Survey -52 (expected -40; last -43)
  • France's flash March Manufacturing PMI 50.2 (expected 49.4; last 50.1) and flash Services PMI 48.3 (expected 49.2; last 49.6)

---Equity Markets---

• STOXX Europe 600: -0.5%
• Germany's DAX: -0.7%
• U.K.'s FTSE 100: -0.3%
• France's CAC 40: -0.5%
• Italy's FTSE MIB: -0.5%
• Spain's IBEX 35:  -0.7%