Stock Market Update

[BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: -6.00. The S&P 500 futures currently trade five points above fair value.

Equity indices in the Asia-Pacific region had a strong sowing on Wednesday with South Korea's Kospi (+2.1%) nearing its record from late February. China's Foreign Ministry vowed to implement countermeasures if the U.S. raises tariffs on China due to the conflict with Iran. IPO proceeds in China were up 60% yr/yr in Q1, according to Shanghai Securities News. China's President Xi met with Russia's Foreign Minister Lavrov. New Zealand's Prime Minister Luxon said that the country's refined fuel supplies for May are secure.

• In economic data:
  • Japan's April Reuters Tankan Index 7 (last 18). February Core Machinery Orders 13.6% m/m (expected -1.1%; last -5.5%); 24.7% yr/yr (expected 8.5%; last 13.7%)
  • South Korea's March Unemployment Rate 2.7% (last 2.9%). March trade surplus $26.24 bln (expected $25.74 bln; last $15.38 bln). March Imports 13.2% yr/yr, as expected (last 7.5%) and Exports 49.2% yr/yr (expected 48.3%; last 28.7%). March Import Price Index 18.4% yr/yr (last 1.6%) and Export Price Index 28.7% yr/yr (last 11.1%)
  • India's March WPI Inflation 3.88% yr/yr (expected 3.00%; last 2.13%). March trade deficit $20.67 bln (expected deficit of $32.75 bln; last deficit of $27.10 bln)

---Equity Markets--- 

• Japan's Nikkei: +0.4%
• Hong Kong's Hang Seng: +0.3%
• China's Shanghai Composite: UNCH
• India's Sensex: +1.6%
• South Korea's Kospi: +2.1%
• Australia's ASX All Ordinaries: +0.2%

Major European indices are mixed with luxury goods names seeing a continuation of recent weakness after Hermes reported disappointing results. Meanwhile, chip fabrication equipment giant ASML reported strong results, raised its guidance, and increased its dividend. European Central Bank President Lagarde repeated that the ECB is in a good position to respond to the Iran conflict, but also said it is too early to determine the full impact of the energy price shock.

• In economic data:
  • Eurozone's February Industrial Production 0.4% m/m (expected 0.3%; last -0.8%); -0.6% yr/yr (expected -1.0%; last -0.6%)
  • France's March CPI 1.0% m/m (expected 0.9%; last 0.6%); 1.7% yr/yr, as expected (last 0.9%)

---Equity Markets---

• STOXX Europe 600: -0.2%
• Germany's DAX: +0.1%
• U.K.'s FTSE 100: +0.1%
• France's CAC 40: -0.6%
• Italy's FTSE MIB: UNCH
• Spain's IBEX 35: -0.6%