The global equity markets are mixed. S&P Futures are down about 19 points to trade around the 4101 area. The market saw yesterday’s pressure spill over into the overnight hours. Spoos traded as low as 4085.75 before a push off the bottom took the market to the current level. The high of the session was established early at 4124.00.
In Asia, both China and Japan advanced modestly. The Shanghai Composite was range bound on Tuesday, straddling the flat-line for the duration. Continued easing of Covid-restrictions likely buoyed the Chinese benchmark. In Japan, the Nikkei was led higher by exporters, which benefited from the weaker yen. As such, Automotive names stood out with stocks such as Honda, Toyota and Nissan cruising to gains of 1-3%.
In Europe, the major bourse are off to sluggish starts. In addition to Monday’s slide on Wall Street, weaker than expected German Factory Orders dampened spirits. The April print fell 2.7% and well below the forecast of 0.3%. Semiconductors are dragging with the likes of Infineon and STMicroelectronics slumping by 1%.