Stock Market Update

[BRIEFING.COM] S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +200.00. The S&P 500 futures currently trade 13 points above fair value. 

Equity indices in the Asia-Pacific region had a mostly higher showing on Wednesday with South Korea's Kospi (+1.7%) reaching another fresh record while Hong Kong's Hang Seng (+2.6%) finished at a level not seen since July 2021. Japan sold 40-yr JGBs to good demand. Australia's December CPI (3.6%) was hotter than expected, boosting expectations for a rate hike next week. Indonesia's stock market lost more than 7.0% after MSCI paused additions to its index due to "fundamental investability issues."

• In economic data:
  • Australia's December CPI 3.6% yr/yr (expected 3.4%; last 3.5%)
  • India's December Industrial Production 7.8% yr/yr (expected 5.5%; last 7.2%) and December Manufacturing Output 8.1% m/m (last 8.5%)

---Equity Markets---

• Japan's Nikkei: +0.1%
• Hong Kong's Hang Seng: +2.6%
• China's Shanghai Composite: +0.3%
• India's Sensex: +0.6%
• South Korea's Kospi: +1.7%
• Australia's ASX All Ordinaries: -0.2%

Major European indices trade in the red with Spain's IBEX (-1.5%) leading to the downside as it reverses from a record high. Luxury names are among the laggards after LVMH reported weak sales growth for Q4. Chip fabrication equipment specialist ASML reported strong results and guidance. European Central Bank policymaker Cipollone said the European economy has been resilient and that some upside data surprises are expected.

• In economic data:
  • Germany's February GfK Consumer Climate -24.1 (expected -25.5; last -26.9)
  • Italy's January Consumer Confidence 96.8 (expected 97.0; last 96.6) and Business Confidence 89.2 (expected 89.0; last 88.5)
  • Swiss January ZEW Expectations -4.7 (last 6.2)

---Equity Markets--- 

• STOXX Europe 600: -0.7%
• Germany's DAX: -0.6%
• U.K.'s FTSE 100: -0.4%
• France's CAC 40: -1.4%
• Italy's FTSE MIB: -0.9%
• Spain's IBEX 35: -1.4%