The S&P 500 futures currently trade 22 points above fair value.
Equity indices in the Asia-Pacific region ended Wednesday on a higher note, with Japan's Nikkei (+3.5%) leading the way after the announcement of a trade deal with the U.S., according to which Japan will invest $550 billion in the U.S. and open its market to auto and rice imports from the U.S. Japanese exports to the U.S. will be charged a 15% tariff. Japanese automakers had a strong showing, with Toyota jumping nearly 15.0%. Expectations are on the rise for Japan's Prime Minister Ishiba to resign by the end of August. Japan sold 40-yr bonds to weak demand.
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Major European indices trade in the green. Business software provider SAP reported solid results for the quarter, but expressed some caution about the second half of the year. Unicredit reported solid results and withdrew its bid for Banco BPM. Volvo and Stellantis are on the rise after the announcement of a U.S. trade deal with Japan.
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