Stock Market Update

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

Equity indices in the Asia-Pacific region ended the week on a mostly lower note while South Korea's Kospi bucked the trend, eking out a slight gain after setting another fresh record high. Japan's largest political parties agreed to hold a vote for prime minister on October 21. China's Ministry of Commerce said that all license applications for civilian uses of rare earth elements will be approved and that there is no export ban in place.

• In economic data:
  • South Korea's September Import Price Index 0.6% yr/yr (last -2.2%) and Export Price Index 2.2% yr/yr (last -1.1%). September Unemployment Rate 2.5% (last 2.6%)
  • Singapore's September trade surplus SGD5.948 bln (last surplus of SGD4.99 bln)

---Equity Markets---

• Japan's Nikkei: -1.4% 
• Hong Kong's Hang Seng: -2.5%
• China's Shanghai Composite: -2.0% 
• India's Sensex: +0.6%
• South Korea's Kospi: UNCH 
• Australia's ASX All Ordinaries: -0.9% 

Major European indices trade in the red with financials among the laggards amid the recent concern about the health of regional banks in the U.S. European Central Bank policymaker Scicluna said that there is no rush to make another rate cut. Consumer retailer Luxottica and tiremaker Continental trade firmly higher in reaction to their quarterly results.

• In economic data:
  • Eurozone's September CPI 0.1% m/m, as expected (last 0.3%); 2.2% yr/yr, as expected (last 2.0%). September Core CPI 0.1% m/m, as expected (last 0.3%); 2.4% yr/yr (expected 2.3%; last 2.3%)

---Equity Markets---

• STOXX Europe 600: -1.0% 
• Germany's DAX: -1.6% 
• U.K.'s FTSE 100: -0.9% 
• France's CAC 40: flat
• Italy's FTSE MIB: -1.2% 
• Spain's IBEX 35: +0.2%