Markets: News  

S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -32.00. The S&P 500 futures are down 6 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 32 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are down 58 points and are trading 0.3% below fair value.Equity indices in the Asia-pacific region ended Tuesday on a mostly lower note while markets in India were closed for a holiday. Japanese automakers have shown continued strength amid the ongoing contract dispute between United Auto Workers and Detroit's automakers. Chinese press speculated that the People's Bank of China will not make changes to its loan prime rate this month but could announce additional cuts in Q4. The Reserve Bank of Australia's latest policy minutes showed that policymakers believe that there is a strong case for pausing rate hikes.In economic data: Hong Kong's August Unemployment Rate 2.8% (last 2.8%) ---Equity Markets--- Japan's Nikkei: -0.9% Hong Kong's Hang Seng: +0.4% China's Shanghai Composite: UNCH India's Sensex: CLOSED South Korea's Kospi: -0.6% Australia's ASX All Ordinaries: -0.5% Major European indices trade on a mostly flat note while Italy's MIB (+0.4%) outperforms with bank stocks showing strength. Germany's Bundesbank expects the domestic economy to contract in Q3, noting that an "overhaul" is needed. Meanwhile, the OECD's updated economic outlook showed that Germany is the only major economy that is expected to be in recession this year. European Central Bank policymaker Villeroy de Galhau said that the ECB will maintain rates at 4.0%. In economic data: Eurozone's July Current Account surplus EUR20.9 bln (expected surplus of EUR30.2 bln; last surplus of EUR35.8 bln). August CPI 0.5% m/m (expected 0.6%; last -0.1%); 5.2% yr/yr (expected 5.3%; last 5.3%). August Core CPI 0.3% m/m, as expected (last -0.1%); 5.3% yr/yr, as expected (last 5.5%) Swiss August trade surplus CHF4.054 bln (expected surplus of CHF4.230 bln; last surplus of CHF3.132 bln) ---Equity Markets--- STOXX Europe 600: +0.1% Germany's DAX: -0.4% U.K.'s FTSE 100: UNCHFrance's CAC 40: -0.1%Italy's FTSE MIB: +0.4% Spain's IBEX 35: +0.2%