Stock Market Update

The S&P 500 futures currently trade 88 points below fair value. 

Equity indices in the Asia-Pacific region ended the week on a mostly lower note with Japan's Nikkei (-4.0%) falling to its lowest level since early June while South Korea's Kospi was closed for a holiday. Korea Financial Services Commission banned the issuance of single-stock leveraged products. There were growing concerns about China's cheaper AI technology flooding the Western market. Taiwan Semiconductor Manufacturing Co reported record results for Q2.

• In economic data:
  • Hong Kong's June Unemployment Rate 3.7% (last 3.7%)
  • New Zealand's June FPI 0.6% m/m (last 1.0%)
  • Singapore's June trade surplus SGD13.817 bln (last surplus of SGD5.556 bln). June non-oil exports -8.9% (last 7.7%); 20.7% yr/yr (expected 30.2%; last 38.4%)

---Equity Markets--- 

• Japan's Nikkei: -4.0%
• Hong Kong's Hang Seng: -1.8% 
• China's Shanghai Composite: -3.1%
• India's Sensex: +1.3%
• South Korea's Kospi: CLOSED
• Australia's ASX All Ordinaries: -0.6%

Major European indices trade in the red. Andy Burnham takes leadership of the British Labour party today and is set to become prime minister on Monday. The IMF has reportedly warned Mr. Burnham that there is little room for increasing public spending. Germany's Commerzbank is reportedly preparing its demands ahead of likely merger talks with UniCredit.

• In economic data:
  • Eurozone's June CPI -0.1% m/m, as expected (last 0.1%); 2.8% yr/yr, as expected (last 3.2%). June Core CPI 0.2% m/m, as expected (last 0.2%); 2.4% yr/yr, as expected (last 2.6%). May Current Account surplus EUR25.1 bln (expected surplus of EUR18.1 bln; last surplus of EUR15.7 bln)

---Equity Markets---

• STOXX Europe 600: -0.7%
• Germany's DAX: -0.5%
• U.K.'s FTSE 100: -0.1%
• France's CAC 40: -0.7%
• Italy's FTSE MIB: -0.9%
• Spain's IBEX 35: -0.3%