Stock Market Update

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

Equity indices in the Asia-Pacific region had a mixed showing on Tuesday while Japan's Nikkei was closed for a holiday. South Korea's exports through the first ten days of August were up 45.3% yr/yr with chip exports jumping 155.4%. The Reserve Bank of Australia left its official cash rate at 4.35%, as expected, and its inflation outlook was little changed from May. New Zealand's Prime Minister Luxon is reportedly facing growing displeasure within his party.

• In economic data:
  • Australia's July NAB Business Confidence -6 (last -6) and NAB Business Survey 4 (last 3)
  • Singapore's Q2 GDP 1.4% qtr/qtr (expected 1.1%; last 1.2%); 5.9% yr/yr (expected 5.7%; last 6.3%)

---Equity Markets---

• Japan's Nikkei: CLOSED
• Hong Kong's Hang Seng: -1.1%
• China's Shanghai Composite: -0.8%
• India's Sensex: -0.5%
• South Korea's Kospi: +0.7%
• Australia's ASX All Ordinaries: +0.2%

Major European indices trade near their flat lines, showing limited movement ahead of tomorrow's release of July CPI readings for Germany, Italy, and the U.S. Sweden's National Institute of Economic Research raised its growth forecast for 2026 to 2.4% from 2.2% and kept its 2027 forecast for 2.8% growth.

• In economic data:
  • Italy's June trade surplus EUR4.232 bln (expected surplus of EUR4.74 bln; last surplus of EUR4.946 bln). June EU trade surplus EUR1.58 bln (last surplus of EUR1.00 bln)

---Equity Markets---

• STOXX Europe 600: +0.1%
• Germany's DAX: +0.2%
• U.K.'s FTSE 100: +0.2%
• France's CAC 40: +0.1%
• Italy's FTSE MIB: +0.2%
• Spain's IBEX 35: +0.5%