Stock Market Update

[BRIEFING.COM] S&P futures vs fair value: -26.00. Nasdaq futures vs fair value: -151.00. The S&P 500 futures currently trade 26 points below fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a higher note while Hong Kong's Hang Seng remained closed for Easter. Japan sold 30-yr JGBs to weak demand despite a downsized auction. South Korea's policy chief said that South Korean chip fabricators have secured a four-month supply of helium. Samsung Electronics reported record results for Q1. The Reserve Bank of New Zealand and Reserve Bank of India will opine tomorrow, but policy changes are not expected.

• In economic data:
  • China's March FX Reserves $3.342 trln (expected $3.400 trln; last $3.428 trln)
  • Japan's February Leading Index 112.4, as expected (last 112.1) and Coincident Indicator -1.6% m/m (last 3.4%). February Household Spending 1.5% m/m (expected 2.6%; last -2.5%); -1.8% yr/yr (expected -0.8%; last -1.0%)
  • Australia's March Services PMI 46.3 (expected 46.6; last 52.8). March MI Inflation Gauge 1.3% m/m (last -0.2%) and March ANZ Job Advertisements -3.1% m/m (last 3.2%)

---Equity Markets---

• Japan's Nikkei: UNCH
• Hong Kong's Hang Seng: HOLIDAY
• China's Shanghai Composite: +0.3%
• India's Sensex: +0.7%
• South Korea's Kospi: +0.8%
• Australia's ASX All Ordinaries: +1.7%

Major European indices trade in mixed fashion after a four-day Easter weekend. European Central Bank policymaker Wunsch said that a lasting crisis could invite a series of rate hikes, and that he is open to a hike later this month while policymaker Radev said that it is too early to tell if an April rate hike is needed. Final March Services PMI readings from the region's major economies were mostly better than expected, though Italy (48.8) and France (48.8) reported contractionary readings.

• In economic data:
  • Eurozone's March Services PMI 50.2 (expected 50.1; last 51.9). April Sentix Investor Confidence -19.2 (expected -7.5; last -3.1)
  • Germany's March Services PMI 50.9 (expected 51.2; last 53.5)
  • U.K.'s March Services PMI 50.5 (expected 51.2; last 53.9)
  • France's March Services PMI 48.8 (expected 48.3; last 49.6)
  • Italy's March Services PMI 48.8 (expected 51.0; last 52.3)
  • Spain's March Services PMI 53.3 (expected 50.7; last 51.9)
  • Swiss March Foreign Reserves $721.2 bln (last $710.1 bln)

---Equity Markets---

• STOXX Europe 600: +0.1%
• Germany's DAX: -0.2%
• U.K.'s FTSE 100: -0.3%
• France's CAC 40: +0.2%
• Italy's FTSE MIB: +0.1%
• Spain's IBEX 35: +0.1%