Briefing

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  • Weekly jobless claims

    • S&P futures vs fair value: +10.00
    • Nasdaq futures vs fair value: +22.00
    • Initial jobless claims increased by 4,000 to 212,000 (consensus: 211,000).
    • Continuing jobless claims decreased by 31,000 to 1.833 million.

  • Futures point to flat open

    • S&P futures vs fair value: +5.00
    • Nasdaq futures vs fair value: -2.00
    • Equity futures point to flattish open after previous session's solid gains led by tech.
    • NVIDIA (NVDA): Topped earnings expectations, reported record data center revenue, stock initially jumped but moderated. CEO Jensen Huang believes markets are wrong about AI's threat to software companies.
    • Salesforce (CRM): Lower this morning after cautious guidance with earnings report.
    • Snowflake (SNOW): Beat EPS and revenue expectations.
    • Geopolitical: U.S. and Iran nuclear negotiations planned, but remain far apart.
    • Reviewing overnight developments (Asia-Pacific):
      • Equity indices mixed; Japan's Nikkei (+0.3%) and South Korea's Kospi (+3.7%) reached fresh records.
      • Expectations for April BoJ rate hike decreased.
      • Bank of Korea left policy rate at 2.50%.
      • South Korea's inclusion in MSCI Developed Market Index could boost foreign capital inflows.
      • Economic data: Japan's December Leading Index higher, Singapore's Q4 GDP and January Industrial Production strong, Australia's Q4 Private New Capital Expenditure positive.
    • Major European indices: Mostly higher (STOXX Europe 600: +0.2%, Germany's DAX: +0.4%, France's CAC 40: +0.9%).
      • U.K.'s Labour party could lose parliamentary seat in by-election.
      • Rolls-Royce reported strong results and raised targets.
      • U.K. preparing critical minerals deal with Kazakhstan.
      • Iceland to hold referendum on resuming EU accession talks.
      • Economic data: Eurozone's February Business and Consumer Survey lower than expected, Italy's February Consumer Confidence up, Business Confidence down.

  • Early Morning Levels

    • S&P futures vs fair value: -2.00
    • Nasdaq futures vs fair value: -10.00

  • Asian Market Data

    • Nikkei: +0.30%
    • Hang Seng: -1.40%

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