Stock Market Update

24-Jan-20 08:50 ET
Asia posts modest gains, Europe rallies on PMI data
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +7.10. Nasdaq futures vs fair value: +45.90.

The S&P 500 futures trade seven points, or 0.2%, above fair value.

Equity indices in the Asia-Pacific region ended the week on a mostly higher note. Reports from China indicate that ten cities in the Hubei province have now implemented full or partial quarantine. Meanwhile, Caixin reported that 29 people in Beijing have been diagnosed with the coronavirus. The Bank of Japan released the Minutes from its December meeting, noting that consumer inflation expectations have declined since the sales tax hike in October.

  • In economic data:
    • Japan's December National CPI 0.1% m/m (last 0.2%); 0.8% yr/yr (last 0.5%) and National Core CPI 0.7% yr/yr, as expected (last 0.5%). Flash January Manufacturing PMI 49.3 (last 48.4) and flash January Services PMI 52.1 (last 49.4)
    • Australia's flash January Manufacturing PMI 49.1 (expected 49.0; last 49.2) and Services PMI 48.9 (expected 49.5; last 49.8)
    • New Zealand's Q4 CPI 0.5% qtr/qtr (expected 0.4%; last 0.7%); 1.9% yr/yr (expected 1.8%; last 1.5%)
    • Singapore's December Industrial Production 4.1% m/m (expected 3.7%; last -8.4%); -0.7% yr/yr (expected -0.8%; last -8.9%)

---Equity Markets---

  • Japan's Nikkei: +0.1% (-0.9% for the week)
  • Hong Kong's Hang Seng: +0.2% (-3.8% for the week)
  • China's Shanghai Composite: CLOSED (-3.2% for the week)
  • India's Sensex: +0.6% (UNCH for the week)
  • South Korea's Kospi: CLOSED (-0.2% for the week)
  • Australia's ASX All Ordinaries: +0.1% (+0.3% for the week)

Major European indices trade on a firmly higher note after the release of better than expected flash Manufacturing PMI readings from Germany and France. The European Central Bank's latest survey of professional forecasters pointed to a slight uptick in growth expectations for 2020 (to 1.1% from 1.0%) while the growth forecast for 2021 was reduced to 1.2% from 1.3%.

  • In economic data:
    • Eurozone's flash January Manufacturing PMI 47.8 (expected 46.8; last 46.3) and flash Services PMI 52.2 (expected 52.8; last 52.8)
    • Germany's flash January Manufacturing PMI 45.2 (expected 44.5; last 43.7) and flash Services PMI 54.2 (expected 53.0; last 52.9)
    • U.K.'s flash January Manufacturing PMI 49.8 (expected 47.6; last 47.5) and flash Services PMI 52.9 (expected 49.4; last 50.0)
    • France's flash January Manufacturing PMI 51.0 (expected 50.6; last 50.4) and flash Services PMI 51.7 (expected 52.2; last 52.4)
    • Italy's December non-EU trade surplus EUR5.77 bln (last EUR4.16 bln)
    • Spain's December PPI -1.9% yr/yr (last -2.3%)

---Equity Markets---

  • STOXX Europe 600: +1.2% (+0.1% week-to-date)
  • Germany's DAX: +1.5% (+0.4% week-to-date)
  • U.K.'s FTSE 100: +1.6% (-0.6% week-to-date)
  • France's CAC 40: +1.1% (-1.0% week-to-date)
  • Italy's FTSE MIB: +1.5% (-0.3% week-to-date)
  • Spain's IBEX 35: +1.0% (-0.7% week-to-date)
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