Stock Market Update

The S&P 500 futures currently trade 29 points below fair value. 

Equity indices in the Asia-Pacific region caught a wave of buying interest on Wednesday, bolstered by a series of positive developments. Japan saw stronger-than-expected export activity in February, oil prices retreated, multiple Chinese companies have reportedly been approved to buy NVIDIA's H200 chips, and South Korea said it will be implementing capital market reforms to strengthen market fundamentals. Samsung's affirmation of strong AI chip demand further supplemented the Kospi's impressive 5.0% gain that was registered alongside the Nikkei's robust 2.9% gain. Japan's Prime Minister Takaichi will meet with President Trump tomorrow in Washington, DC, on the heels of the BOJ policy decision.

• In economic data:
  • Japan's February exports 4.2% yr/yr (expected 1.6%; prior 16.8%) and imports 10.2% yr/yr (expected 11.5%; prior -2.6%); March Reuters Tankan Index 18 (prior 13)
  • South Korea's February unemployment rate 2.9% (prior 3.0%)
  • Hong Kong's February unemployment rate 3.8% (prior 3.9%)

---Equity Markets---

• Japan's Nikkei: +2.9%
• Hong Kong's Hang Seng: +0.6%
• China's Shanghai Composite: +0.3%
• India's Sensex: +0.8%
• South Korea's Kospi: +5.0%
• Australia's All Ordinaries: +0.3%

Major European indices have followed suit with global markets, advancing in Wednesday's trade as oil prices ease and tech stocks continue to provide leadership. Howevere, the group has taken a turn lower over the past half-hour. Falling bond yields, helped by some better-than-feared February CPI data for the eurozone, have added to the constructive tone in front of the FOMC decision later today and policy announcements from the Bank of England, ECB, and Swiss National Bank on Thursday.

• In economic data:
  • Eurozone February CPI 0.6% m/m (expected 0.7%; prior -0.6%) and 1.9% yr/yr (expected 1.9%; prior 1.7%); core CPI 0.8% m/m (expected 0.8%; prior -1.1%) and 2.4% yr/yr (expected 2.4%; prior 2.2%)

---Equity Markets---

• STOXX Europe 600: -0.5%
• Germany's DAX: -0.9%
• U.K.'s FTSE 100: -0.6%
• France's CAC 40: UNCH
• Italy's FTSE MIB: -0.4%
• Spain's IBEX 35: -0.1%