Stock Market Update

The S&P 500 futures currently trade 30 points below fair value. 

Equity indices in the Asia-Pacific region had a mostly higher start to the week while South Korea's Kospi (-9.0%) struggled, reaching its lowest level since early May, with SK Hynix falling more than 15.0% after its Friday debut in the U.S. South Korea's exports were up 54% yr/yr through the first ten days of June with chip exports jumping nearly 200%. China imposed temporary export restrictions on helium due to renewed fighting in the Middle East. Citigroup upgraded Japan to Overweight from Underweight.

• In economic data:
  • India's June trade deficit $30.43 bln (last deficit of $28.21 bln). June CPI 4.38% yr/yr (expected 4.30%; last 3.93%)
  • New Zealand's June Performance of Services Index 50.6 (last 48.0)

---Equity Markets---

• Japan's Nikkei: -1.9% 
• Hong Kong's Hang Seng: +0.2%
• China's Shanghai Composite: -2.1%
• India's Sensex: +0.1%
• South Korea's Kospi: -9.0%
• Australia's ASX All Ordinaries: UNCH

Major European indices trade near their flat lines amid some ongoing Iran-related worries after reports of continued strikes over the weekend. The U.K.'s leadership race will take shape this week with Andy Burnham still seen as the clear favorite to become next prime minister. Reports suggest that he is planning to combine a departmental spending review with an autumn budget.

• No data today

---Equity Markets---

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