S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -45.50.The S&P 500 futures are trading seven points, or 0.3%, below fair value.
Equity indices in the Asia-Pacific region began the week on a mixed note, but overall volume was on the low side due to Easter-related closures in Australia, New Zealand, and Hong Kong. China imposed tariffs on 128 products imported from the United States while the country's Ministry of Commerce noted that trade disputes should be resolved through dialogue. On a separate note, China's President Xi Jinping said state-owned firms should reduce their leverage ratios as soon as possible. The Reserve Bank of Australia will meet overnight, but the cash rate is expected to remain unchanged at 1.50%.
- In economic data:
- China's March Caixin Manufacturing PMI 51.0 (expected 51.8; last 51.6)
- Japan's March Manufacturing PMI 53.1 (expected 53.2; last 53.2). Q1 Tankan All Big Industry CAPEX +2.3% (expected 0.6%; last 7.4%) and Tankan All Small Industry Capex -16.8% (expected -21.0%; last -6.4%). Tankan Q1 Big Manufacturing Outlook Index 20 (expected 22; last 19) and Tankan Large Non-Manufacturers Index 23 (expected 24; last 23)
- South Korea's March Nikkei Manufacturing PMI 49.1 (last 50.3)
- Australia's MI Inflation Gauge +0.1% month-over-month (last -0.1%)
---Equity Markets---
- Japan's Nikkei shed 0.3%. Olympus, Comsys Holdings, Mitsui Fudosan, Keisei Electric Railway, Keio, Tobu Railway, Takeda Pharmaceutical, Toho, and Okuma posted losses between 1.3% and 2.4%.
- Hong Kong's Hang Seng was closed.
- China's Shanghai Composite slipped 0.2%. Zhengzhou Yutong, SDIC Zhonglu Fruit Juice, Changhyuan Group, Shanxi Xinghuacun Fen Wine Factory, and Hongfa Technology surrendered between 3.1% and 4.7%.
- India's Sensex rose 0.9% amid broad strength. Kotak Mahindra Bank, Adani Ports, Tata Motors, Wipro, Hero MotoCorp, Bajaj Auto, and Maruti Suzuki posted gains between 1.7% and 4.7%. On the downside, AXIS Bank fell 2.2% and ICICI Bank lost 5.9% amid a probe into a loan issued by a consortium that includes ICICI Bank.
Equity markets across Europe are closed for Easter Monday. Germany's Finance Minister Olaf Scholz is reportedly seeking a provision to cushion the impact of the debt burden in the event of a rapid increase in interest rates.
- Investors did not receive any economic data of note
---Equity Markets---
- Germany's DAX is closed
- France's CAC is closed
- UK's FTSE is closed
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