Stock Market Update

The S&P 500 futures currently trade 14 points above fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note with South Korea's Kospi (+2.1%) continuing its record run. China's Shanghai Composite (+0.9%) recorded a solid gain on its first day of trading after the Lunar New Year closure. German Chancellor Merz will visit China over the next two days. The People's Bank of China made no changes to its one-year (3.00%) and five-year (3.50%) loan prime rates, which was expected. China's Ministry of Commerce banned dual-use exports to nearly two dozen Japanese companies, citing national security concerns.

• In economic data:
  • South Korea's February Consumer Confidence 112.1 (last 110.8). January PPI 0.6% m/m (last 0.4%); 1.9% yr/yr (last 1.9%)

---Equity Markets---

• Japan's Nikkei: +0.9%
• Hong Kong's Hang Seng: -1.8%
• China's Shanghai Composite: +0.9%
• India's Sensex: -1.3%
• South Korea's Kospi: +2.1%
• Australia's ASX All Ordinaries: -0.1%

Major European indices trade near their flat lines while Spain's IBEX (-0.6%) underperforms, dipping from record territory. Bank stocks are among the laggards in the region after disappointing quarterly results from Standard Chartered. German Chancellor Merz will visit China over the next couple days.

• In economic data:
  • U.K.'s February CBI Distributive Trades Survey -43 (expected -27; last -17)
  • France's February Business Survey 102 (expected 104; last 105)

---Equity Markets---

• STOXX Europe 600: +0.3%
• Germany's DAX: -0.1%
• U.K.'s FTSE 100: +0.1%
• France's CAC 40: +0.2%
• Italy's FTSE MIB: -0.3%
• Spain's IBEX 35: -0.6%