Stock Market Update

The S&P 500 futures currently trade 19 points above fair value. 

Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. Australia reported below-consensus growth for Q3, but the country's debt still retreated after Reserve Bank of Australia Governor Bullock said that inflation has surprised to the upside and the economy could be running ahead of potential. The Chinese government is reportedly looking for ways to boost demand for tourism and aviation.

• In economic data:
  • China's November RatingDog Services PMI 52.1, as expected (last 52.6)
  • Japan's November Services PMI 53.2 (expected 53.1; last 53.1)
  • South Korea's Q3 GDP 1.3% qtr/qtr (expected 1.2%; last 0.7%); 1.8% yr/yr (expected 1.7%; last 0.6%)
  • India's November Services PMI 59.8 (expected 59.5; last 58.9)
  • Hong Kong's November Manufacturing PMI 52.9 (last 51.2)
  • Australia's Q3 GDP 0.4% qtr/qtr (expected 0.7%; last 0.7%); 2.1% yr/yr (expected 2.2%; last 2.0%). November Services PMI 52.8 (expected 52.7; last 52.5)

---Equity Markets---

• Japan's Nikkei: +1.1%
• Hong Kong's Hang Seng: -1.3%
• China's Shanghai Composite: -0.5%
• India's Sensex: UNCH
• South Korea's Kospi: +1.0%
• Australia's ASX All Ordinaries: +0.2%

Major European indices trade on a mostly higher note. Final November Services PMI readings from the region were mostly better than expected with all major economies seeing an expansion of activity and Spain maintaining its lead. Airbus lowered its deliveries outlook for the year. Germany's Economy Minister said that economic growth in 2026 and 2027 is possible if investments are made in infrastructure. The EU Council has agreed on a plan to end imports of Russian gas by 2027.

• In economic data:
  • Eurozone's November Services PMI 53.6 (expected 53.1; last 53.0). October PPI 0.1% m/m, as expected (last -0.1%); -0.5% yr/yr (expected -0.4%; last -0.2%)
  • Germany's November Services PMI 53.1 (expected 52.7; last 54.6)
  • U.K.'s November Services PMI 51.3 (expected 50.5; last 52.3)
  • France's November Services PMI 51.4 (expected 50.8; last 48.0)
  • Italy's November Services PMI 55.0 (expected 53.9; last 54.0)
  • Spain's November Services PMI 55.6 (expected 56.3; last 56.6)
  • Swiss November CPI -0.2% m/m (expected -0.1%; last -0.3%)

---Equity Markets---

• STOXX Europe 600: +0.1%
• Germany's DAX: +0.1%
• U.K.'s FTSE 100: -0.1%
• France's CAC 40: flat
• Italy's FTSE MIB: +0.3%
• Spain's IBEX 35: +1.7%