Stock Market Update

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

Equity indices in the Asia-Pacific region began the week on a mixed note while markets in China, Hong Kong, Australia, and New Zealand were closed for holidays. Japan's Prime Minister Takaichi will travel to Australia to secure Japan's rare earth supply chain and discuss cooperation regarding the Strait of Hormuz. China's government reported that its consumer goods trade-in program generated revenue of CNY433 bln in Q1. India purchased its first shipment of crude oil from Iran since 2019.

• In economic data:
  • India's March Services PMI 57.5 (expected 57.2; last 57.2)
  • Singapore's February Retail Sales -4.1% m/m (last 6.0%); 8.3% yr/yr (last -0.5%)

---Equity Markets---

• Japan's Nikkei: +0.6%
• Hong Kong's Hang Seng: HOLIDAY
• China's Shanghai Composite: HOLIDAY
• India's Sensex: +1.1%
• South Korea's Kospi: +1.4%
• Australia's ASX All Ordinaries: HOLIDAY

Major European markets remain closed for Easter, scheduled to reopen tomorrow. The overall narrative has remained focused on the developments in the U.S.-Iran conflict with Iran facing a Tuesday deadline to loosen its grip on maritime traffic through the Strait of Hormuz or face crippling strikes on its bridges and energy infrastructure. Meanwhile, the Bank of England is split on a best approach to the oil-related inflationary spike, according to FT. The Bank of Italy trimmed its 2026 growth forecast to 0.5% from 0.6% while the outlook for 2027 was reduced to 0.5% from 0.8%.

• In economic data:
  • Spain's March Unemployment Change -22,900 (expected 10,300; last 3,600)

---Equity Markets---

• STOXX Europe 600: HOLIDAY
• Germany's DAX: HOLIDAY
• U.K.'s FTSE 100: HOLIDAY
• France's CAC 40: HOLIDAY
• Italy's FTSE MIB: HOLIDAY
• Spain's IBEX 35: HOLIDAY