Stock Market Update

The S&P 500 futures currently trade 56 points above fair value. 

Equity indices in the Asia-Pacific region ended the midweek session on a broadly higher note. There was some speculation that China's sovereign wealth fund will be allocating new money to U.S.-based managers like Blackstone and TPG. Japan's Diplomatic Blue Book for 2026 downgraded the view of relations with China to strategic and mutually beneficial from "one of its most important." SK Hynix is reportedly seeking to list its shares in the U.S.

• In economic data:
  • South Korea's March Consumer Confidence 107.0 (last 112.1)
  • Australia's February Monthly CPI Indicator 3.7% (expected 3.8%; last 3.8%)

---Equity Markets---

• Japan's Nikkei: +2.9%
• Hong Kong's Hang Seng: +1.1%
• China's Shanghai Composite: +1.3%
• India's Sensex: +1.6%
• South Korea's Kospi: +1.6%
• Australia's ASX All Ordinaries: +2.0%

Major European indices trade on a firmly higher note amid some hopes for a deescalation in the conflict with Iran. European Central Bank President Lagarde said that the bank will not act before it has sufficient information while policymaker Lane said that the market is expecting two big inflation readings in March and April before normalizing in the following months.

• In economic data:
  • Germany's March ifo Business Climate Index 86.4 (expected 86.2; last 88.4). March Current Assessment 86.7 (expected 86.0; last 86.7) and Business Expectations 86.0, as expected (last 90.2)
  • U.K.'s February CPI 0.4% m/m, as expected (last -0.5%); 3.0% yr/yr, as expected (last 3.0%). February Core CPI 0.6% m/m (expected 0.5%; last -0.6%); 3.2% yr/yr (expected 3.1%; last 3.1%). February Input PPI 0.8% m/m (expected 0.5%; last 0.3%) and Output PPI -0.5% m/m (expected 0.3%; last 0.0%). February House Price Index 1.3% yr/yr (expected 1.7%; last 1.9%) o Spain's February PPI -7.0% yr/yr (last -2.9%)
  • Swiss March ZEW Expectations -35.0 (last 9.8)

---Equity Markets---

• STOXX Europe 600: +1.4%
• Germany's DAX: +1.7%
• U.K.'s FTSE 100: +1.3%
• France's CAC 40: +1.6%
• Italy's FTSE MIB: +1.7%
• Spain's IBEX 35: +1.6%