Stock Market Update

The S&P 500 futures currently trade 17 points above fair value. 

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note with another new record in South Korea's Kospi (+1.0%) and a multi-year high in Hong Kong's Hang Seng (+0.5%). SK Hynix reported record revenue and profit for Q4. South Korea's industry minister is visiting Washington amid the delay in implementing the trade deal with the U.S. The Monetary Authority of Singapore concluded its latest meeting with no policy changes.

• In economic data:
  • Japan's January Household Confidence 37.9 (expected 37.1; last 37.2)
  • Singapore's Q4 Unemployment Rate 2.0% (last 2.0%)
  • Australia's Q4 Import Price Index 0.9% qtr/qtr (expected -0.2%; last -0.4%) and Export Price Index 3.2% qtr/qtr (last -0.9%)
  • New Zealand's December trade surplus NZD52 mln (expected surplus of NZD30 mln; last deficit of NZD355 mln). January ANZ Business Confidence 64.1 (last 73.6) and January NBNZ Own Activity 51.6% (last 60.9%)

---Equity Markets---

• Japan's Nikkei: UNCH
• Hong Kong's Hang Seng: +0.5%
• China's Shanghai Composite: +0.2%
• India's Sensex: +0.3%
• South Korea's Kospi: +1.0%
• Australia's ASX All Ordinaries: -0.2%

Major European indices trade on a mostly higher note while Germany's DAX (-1.1%) is revisiting its January low after underwhelming results from SAP. STMicroelectronics reported strong results and guidance. British Prime Minister Starmer visited Beijing today. Sweden's Riksbank held its policy rate at 1.75%, as expected.

• In economic data:
  • Eurozone's January Business and Consumer Survey 99.4 (expected 97.0; last 97.2). December Private Sector Loans 3.0% yr/yr (expected 2.9%; last 2.9%) and loans to nonfinancials 3.0% yr/yr (last 3.1%)
  • France's December jobseeker total 3.117 mln (last 3.129 mln)
  • Italy's non-EU trade surplus EUR8.39 bln (last surplus of EUR7.04 bln). November Industrial Sales -0.1% m/m (last -0.6%); 0.0% yr/yr (last 1.7%)
  • Spain's December Retail Sales 2.9% yr/yr (last 6.0%). January Business Confidence -3.0 (last -3.4)
  • Swiss December trade surplus CHF1.036 bln (expected surplus of CHF4.85 bln; last surplus of CHF3.841 bln)

---Equity Markets---

• STOXX Europe 600: +0.8%
• Germany's DAX: -1.1%
• U.K.'s FTSE 100: +1.0%
• France's CAC 40: +0.9%
• Italy's FTSE MIB: +0.8%
• Spain's IBEX 35: +1.1%