Stock Market Update

[BRIEFING.COM] S&P futures vs fair value: -32.00. Nasdaq futures vs fair value: -108.00. The S&P 500 futures currently trade 32 points below fair value.

Equity indices in the Asia-Pacific region had a mostly lower showing to begin the week amid renewed concerns about the U.S.-Iran conflict broadening into a prolonged war. Oil prices climbed again, putting some pressure on JGBs, which lifted yields on most tenors to fresh cycle highs. Japan's trade minister Akazawa said that tighter central bank policy could held with inflation. China Securities Daily observed that demand for savings bonds has been hot, with many banks reaching their quotas quickly. ANZ now expects the Reserve Bank of New Zealand to hike rates in July, September, and October. South Korea's exports through the first ten days of April were up 36.7% yr/yr with chip exports jumping 152.0%.

• In economic data:
  • China's March New Loans CNY2.99 trln (expected CNY3.465 trln; last CNY900.0 bln), March outstanding loan growth 5.8% yr/yr (expected 5.9%; last 6.0%), and March total social financing CNY5.23 trln (expected CNY5.40 trln; last CNY2.38 trln)
  • India's March CPI 3.40% yr/yr (expected 3.48%; last 3.21%)
  • New Zealand's March Performance of Services Index 46.0 (last 47.6)

---Equity Markets---

• Japan's Nikkei: -0.7%
• Hong Kong's Hang Seng: -0.9%
• China's Shanghai Composite: +0.1%
• India's Sensex: -0.9%
• South Korea's Kospi: -0.9%
• Australia's ASX All Ordinaries: -0.5%

Major European indices trade with losses across the board after the U.S. and Iran failed to reach a peace deal over the weekend. Brent and WTI crude oil have climbed back above $100/bbl, pressuring sentiment. Hungary will have a more EU-friendly government after a Sunday election unseated Prime Minister Orban's party. Germany's economic ministry expects that high energy prices, supply issues, and economic pressures will persist for the remainder of the year. Standard & Poor's affirmed the U.K.'s AA rating with a Stable outlook.

• No data today

---Equity Markets---

• STOXX Europe 600: -0.8%
• Germany's DAX: -1.4%
• U.K.'s FTSE 100: -0.4%
• France's CAC 40: -0.9%
• Italy's FTSE MIB: -0.9%
• Spain's IBEX 35: -1.6%