Stock Market Update

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

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note while markets in Japan were closed for a holiday with more holiday closures scheduled over the next week. Still, Finance Minister Katayama said that her office is ready to respond to sudden moves in the foreign exchange market. China is reportedly planning to double its refined fuel exports in May. China halted the issuance of autonomous vehicle permits after Baidu's fleet suffered a mass outage. Australia's Treasury expects inflation to peak at higher levels, given the recent jump in energy prices.

• In economic data:
  • Australia's Q1 CPI 1.4% qtr/qtr, as expected (last 0.6%); 4.1% yr/yr (expected 4.2%; last 3.6%). March Monthly CPI Indicator 4.6% (expected 4.8%; last 3.7%)

---Equity Markets---

• Japan's Nikkei: CLOSED
• Hong Kong's Hang Seng: +1.7%
• China's Shanghai Composite: +0.7%
• India's Sensex: +0.8%
• South Korea's Kospi: +0.8%
• Australia's ASX All Ordinaries: -0.2%

Major European indices trade in the red. The Times Shadow committee voted 5-4 to recommend no BoE policy change. Adidas beat Q1 revenue expectations while Airbus reaffirmed its delivery targets. Germany's flash CPI report for April will be released at 8:00 ET, expected to show an acceleration in headline CPI to 3.0% yr/yr from 2.7% in March.

• In economic data:
  • Eurozone's April Business and Consumer Survey 93.0 (expected 95.2; last 96.2). March Private Sector Loans 3.0% yr/yr (expected 3.1%; last 3.0%) and loans to nofinancials 3.2% (last 2.9%)
  • Spain's April CPI 0.4% m/m (expected 0.6%; last 1.2%); 3.2% yr/yr (expected 3.5%; last 3.4%). April Core CPI 2.8% yr/yr (last 2.9%)
  • Italy's April Consumer Confidence 90.8 (expected 91.2; last 92.6) and Business Confidence 87.9 (expected 88.0; last 88.7)
  • Swiss April ZEW Expectations -30.3 (last -35.0)

---Equity Markets---

• STOXX Europe 600: -0.3%
• Germany's DAX: -0.1%
• U.K.'s FTSE 100: -0.7%
• France's CAC 40: -0.3%
• Italy's FTSE MIB: -0.2%
• Spain's IBEX 35: -0.6%