Stock Market Update

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

Equity indices in the Asia-Pacific region had a solid finish to the week, encouraged by a lack of reports about additional missile strikes in the Middle East. China's CPI deflated again in March while PPI came in above zero for the first time since late 2022. The Bank of Korea left its policy rate at 2.50%, as expected, warning about the risk of higher prices and lower growth resulting from the U.S.-Iran conflict.

• In economic data:
  • China's March CPI -0.7% m/m (expected -0.2%; last 1.0%); 1.0% yr/yr (expected 1.2%; last 1.3%). March PPI 0.5% m/m (expected 0.4%; last -0.9%)
  • Japan's March PPI 0.8% m/m (expected 0.9%; last 0.1%); 2.6% yr/yr (expected 2.4%; last 2.1%). March Bank Lending 4.8% yr/yr (expected 4.4%; last 4.5%)
  • Australia's February Building Approvals 29.7% m/m, as expected (last -7.2%); 14.0% yr/yr, as expected (last 15.7%). February Private House Approvals 0.2% m/m, as expected (last 1.1%)
  • New Zealand's March Business PMI 53.2 (last 54.8)

---Equity Markets---

• Japan's Nikkei: +1.8% 
• Hong Kong's Hang Seng: +0.6%
• China's Shanghai Composite: +0.5%
• India's Sensex: +1.2%
• South Korea's Kospi: +1.4%
• Australia's ASX All Ordinaries: -0.1%

Major European indices are seeking a higher finish to the week. Germany's economy minister voiced opposition to taxing surplus profits of energy companies but also spoke in favor of measures to offset the impact of high energy prices for consumers. Hungary will hold a parliamentary election on Sunday with polls pointing to a tight race.

• In economic data:
  • Germany's March CPI 1.1% m/m, as expected (last 0.2%); 2.7% yr/yr, as expected (last 1.9%)
  • Italy's February Industrial Production 0.1% m/m (expected 0.5%; last -0.6%); 0.5% yr/yr, as expected (last -0.6%)
  • Swiss March SECO Consumer Climate -43 (expected -32; last -30)

---Equity Markets---

• STOXX Europe 600: +0.7%
• Germany's DAX: +1.0% 
• U.K.'s FTSE 100: +0.4%
• France's CAC 40: +0.6%
• Italy's FTSE MIB: +0.7%
• Spain's IBEX 35: +0.7%