Stock Market Update

The S&P 500 futures currently trade 34 points above fair value. 

Equity indices in the Asia-Pacific region ended the midweek session on a higher note with South Korea's Kospi (+1.7%) rallying to a fresh record. China reported no month-over-month inflation for August with the CPI now down 0.4% year-over-year. The Bank of Japan is expected to hold its policy at next week's meeting, but another rate hike is likely before the end of the year. Betting markets see Japan's Agriculture Minister Shinjiro Koizumi as the likely winner of next month's LDP leadership contest.

• In economic data:
  • China's August CPI 0.0% m/m (expected 0.1%; last 0.4%); -0.4% yr/yr (expected -0.2%; last 0.0%). August PPI -2.9% yr/yr, as expected (last -3.6%)
  • Japan's September Reuters Tankan Index 13 (last 9)
  • South Korea's August Unemployment Rate 2.6% (last 2.5%)
  • New Zealand's July Visitor Arrivals 2.6% m/m (last -2.2%)

---Equity Markets---

• Japan's Nikkei: +0.9%
• Hong Kong's Hang Seng: +1.0%
• China's Shanghai Composite: +0.1%
• India's Sensex: +0.4%
• South Korea's Kospi: +1.7%
• Australia's ASX All Ordinaries: +0.2%

Major European indices trade in the green. Multiple Russian drones were shot down in Polish airspace overnight after they crossed the border with Ukraine. French President Macron named Sebastien Lecornu as new prime minister. Inditex, which owns Zara, trades higher after reporting accelerating sales growth.

In economic data:

• Italy's July Industrial Production 0.4% m/m (expected 0.1%; last 0.2%); 0.9% yr/yr (last -0.7%)
• Spain's July Industrial Production 2.5% yr/yr (last 1.9%)

---Equity Markets---

• STOXX Europe 600: +0.4%
• Germany's DAX: +0.2%
• U.K.'s FTSE 100: +0.2%
• France's CAC 40: +0.7%
• Italy's FTSE MIB: +0.4%
• Spain's IBEX 35: +1.4%