Stock Market Update

The S&P 500 futures currently trade 57 points below fair value. 

Equity indices in the Asia-Pacific region had a mostly lower showing on Thursday while markets in India were closed for a holiday. Concerns about potential helium shortages that would reduce chip production contributed to relative weakness in South Korea's Kospi (-3.2%). South Korea will stabilize its bond market with excess tax revenue. Japan will announce a provisional budget for fiscal 2026 tomorrow with the amount expected to reach JPY8.6 trln.

• In economic data:
  • Japan's February Corporate Services Price Index 2.7% yr/yr (expected 2.6%; last 2.6%) and January BoJ Core CPI 2.2% yr/yr (expected1.6%; last 2.3%)
  • Hong Kong's February trade deficit HKD64.2 bln (last deficit of HKD14.1 bln). February Imports 29.9% m/m (last 38.1%) and Exports 24.7% m/m (last 33.8%)
  • Singapore's February Industrial Production -7.2% m/m (last 2.0%); -0.1% yr/yr (last 12.9%)

---Equity Markets---

• Japan's Nikkei: -0.3%
• Hong Kong's Hang Seng: -1.9%
• China's Shanghai Composite: -1.1%
• India's Sensex: CLOSED
• South Korea's Kospi: -3.2%
• Australia's ASX All Ordinaries: -0.2%

Major European indices trade in the red amid some renewed geopolitical uncertainty as Brent crude returns above $100/bbl while Iranian officials deny reports of negotiations with the U.S. Shipper Hapag-Lloyd warned that its 2026 earnings will likely show a yr/yr decline due to the conflict with Iran. European Central Bank policymaker Nagel said that a rate hike in April is an option while French Economy Minister Lescure hinted at incoming measures to offset high oil prices.

• In economic data:
  • Eurozone's February M3 Money Supply 3.0% yr/yr (expected 3.3%; last 3.3%), February Private Sector Loans 3.0% yr/yr (expected 3.1%; last 3.0%), and February Loans to nonfinancials 2.9% yr/yr (last 2.8%)
  • Germany's April GfK Consumer Climate -28.0 (expected -27.3; last -24.8)
  • France's March Business Survey 99 (expected 100; last 102) and Consumer Confidence 89, as expected (last 91)
  • Italy's March Consumer Confidence 92.6 (last 97.4) and Business Confidence 88.8 (last 88.5)
  • Spain's Q4 GDP 0.8% qtr/qtr, as expected (last 0.6%); 2.7% yr/yr (expected 2.6%; last 2.7%)

---Equity Markets--- 

• STOXX Europe 600: -1.2%
• Germany's DAX: -1.4%
• U.K.'s FTSE 100: -1.3%
• France's CAC 40: -0.9%
• Italy's FTSE MIB: -1.2%
• Spain's IBEX 35: -1.1%