Stock Market Update

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

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. South Korea's exports were up 55.6% yr/yr through the first ten days of March with chip exports spiking 175.9% to a record of $7.6 bln. Mitsubishi cancelled a planned yen-denominated debt sale. The Reserve Bank of Australia is expected to announce a rate hike next week after hawkish comments from Deputy Governor Hauser. Japan's trade minister Akazawa said that Japan can release oil reserves without coordinating with G7 while South Korea's Industry Ministry said that it is reviewing which position to take.

• In economic data:
  • Japan's February PPI -0.1% m/m (expected 0.1%; last 0.2%); 2.0% yr/yr (expected 2.2%; last 2.3%)

---Equity Markets---

• Japan's Nikkei: +1.4%
• Hong Kong's Hang Seng: -0.2%
• China's Shanghai Composite: +0.3%
• India's Sensex: -1.7%
• South Korea's Kospi: +1.4%
• Australia's ASX All Ordinaries: +0.6%

Major European indices trade on a lower note. The Bank of France maintained its Q1 domestic growth forecast at 0.2-0.3%, though it acknowledged the presence of increased uncertainty due to the Iran war. The U.K.'s Office for Budget Responsibility expects British inflation to end the year at 3% if energy prices remain at their current levels. European Central Bank policymakers Nagel, Kazimir, and Kazaks spoke in favor of holding policy steady at next week's ECB meeting.

• In economic data:
  • Germany's February CPI 0.2% m/m, as expected (last 0.1%); 1.9% yr/yr, as expected (last 2.1%)
  • Spain's January Retail Sales 4.0% yr/yr (last 2.8%)

---Equity Markets---

• STOXX Europe 600: -1.0%
• Germany's DAX: -1.5%
• U.K.'s FTSE 100: -0.9%
• France's CAC 40: -0.9%
• Italy's FTSE MIB: -1.2%
• Spain's IBEX 35: -0.8%