Stock Market Update

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

Equity indices in the Asia-Pacific region climbed on Tuesday while India's Sensex closed early for a holiday. Sanae Takaichi was elected prime minister by Japan's parliament, which was expected. She named Satsuki Katayama as her administration's finance minister. Australian miners had a strong showing after Australia's Prime Minister Albanese visited the White House and received a commitment for a U.S. investment in a gallium refinery. South Korea's exports through the first 20 days of October were down 8% yr/yr, though chip exports were up 20%.

• In economic data:
  • New Zealand's September trade deficit NZD1.355 bln (last deficit of NZD1.235 bln). September Credit Card Spending 0.2% yr/yr (last 3.3%)

---Equity Markets---

• Japan's Nikkei: +0.3%
• Hong Kong's Hang Seng: +0.7%
• China's Shanghai Composite: +1.4%
• India's Sensex: +0.1%
• South Korea's Kospi: +0.2%
• Australia's ASX All Ordinaries: +0.7%

Major European indices trade near their flat lines while Italy's MIB (+0.9%) outperforms with leadership from Bper Banca after the lender reached a deal with a counterparty to sell derivatives offering exposure to the bank's capital. Elsewhere, HSBC named a new CEO for its U.K. unit. British Chancellor Reeves repeated her pledge to meet fiscal rules while lowering the debt and deficit.

• In economic data:
  • U.K.'s September Public Sector Net Borrowing GBP20.20 bln (expected GBP20.70 bln; last GBP18.00 bln)
  • Swiss September trade surplus CHF4.073 bln (expected surplus of CHF5.22 bln; last surplus of CHF3.876 bln)

---Equity Markets---

• STOXX Europe 600: +0.1%
• Germany's DAX: +0.1%
• U.K.'s FTSE 100: +0.3%
• France's CAC 40: +0.4%
• Italy's FTSE MIB: +0.9%
• Spain's IBEX 35: flat