Stock Market Update
08-Jul-26 08:59 ET
Global markets mostly lower
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -47.00. Nasdaq futures vs fair value: -217.00.
The S&P 500 futures currently trade 47 points below fair value.
Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note with South Korea's Kospi (-5.4%) falling to its lowest level since late May. Meanwhile, Hong Kong's Hang Seng (+3.0%) outperformed with chip and AI-related stocks contributing to the advance amid reports that Chinese officials could restrict foreign access to the country's top AI models. The yen is back near this year's low against the dollar even though Bank of Japan policymaker Asada dropped his opposition to rate hikes, strengthening the central bank's hawkish bias. The Reserve Bank of New Zealand raised its official cash rate by 25 basis points to 2.50%, as expected.
- In economic data:
- Japan's May Current Account surplus JPY3.06 trln (expected surplus of JPY3.19 trln; last surplus of JPY4.21 trln). June Bank Lending 5.7% yr/yr (expected 5.8%; last 5.7%). June Economy Watchers Current Index 44.0 (expected 44.3; last 43.6)
- South Korea's May Current Account surplus $38.61 bln (last surplus of $28.29 bln)
- Australia's May Building Approvals -1.1% m/m, as expected (last -0.2%); 5.3% yr/yr, as expected (last 10.9%)
---Equity Markets---
- Japan's Nikkei: -2.1%
- Hong Kong's Hang Seng: +3.0%
- China's Shanghai Composite: -0.5%
- India's Sensex: -2.2%
- South Korea's Kospi: -5.4%
- Australia's ASX All Ordinaries: -0.3%
Major European indices trade on a sharply lower note with some renewed pressure on sentiment from higher oil prices after Iran's continued attacks on cargo ships in the Strait of Hormuz, which prompted the U.S. Treasury to revoke Iran's permission to sell oil on the global market. In other news, President Trump called for ending all trade with Spain, calling the nation a "terrible partner in NATO." Marine Le Pen confirmed that she will run in next year's presidential election in France after an appeals court ruled that her 15-month office ban has been served.
- In economic data:
- France's May Current Account deficit EUR100 mln (last deficit of EUR600 mln)
---Equity Markets---
- STOXX Europe 600: -1.2%
- Germany's DAX: -1.8%
- U.K.'s FTSE 100: -0.9%
- France's CAC 40: -1.7%
- Italy's FTSE MIB: -1.0%
- Spain's IBEX 35: -2.2%
