Stock Market Update

 [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: +1.30.  U.S. stock futures are currently flat, but Europe's major equity averages are currently mixed. Germany's DAX is down 0.2% with Thyssenkrupp providing leadership, but Allianz (AZ) causing a drag. According to Dow Jones, economic expectations in Germany fell for the first time in four months in October, based on a survey by ZEW. In France, the CAC is off by 0.2%. Axa (AXA) and Credit Agricole are leading losses, but fellow financial services outfit BNP Paribas is providing support. The British FTSE is trading 0.1% higher. Metals giants Rio Tinto (RTP) and Anglo American (AAUK) are providing strength, but banking outfits HSBC (HBC) and Barclays (BCS) are lagging. According to Dow Jones, U.K. annual consumer price inflation slumped to its weakest rate in seven years in September by coming in at 1.1%. Separately, The Wall Street Journal reported that the U.K. government is exploring ways to raise fundsby bundling government activities into commercial companies and selling them in a bid to reduce debt. In Asia, Japan's Nikkei managed to make a 0.6% gain. Honda (HMC) and Toyota Motor (TM) both climbed. Tokyo Electron advanced amid news the company's quarterly orders for semiconductor tools recovered. Steel shares climbed after analysts at Goldman Sachs lifted ratings on several specific companies and upgraded its view on the Asian steel sector. In Hong Kong, the Hang Seng closed with a 0.8% gain. CNOOC (CEO) jumped after analysts at BNP Paribas maintained their Buy rating on the stock. There has also been a report by The Wall Street Journal that CNOOC and a Ghanaian partner are in talks about a bid against Exxon Mobil (XOM) or a stake in a new oil discovery. In mainland China, the Shanghai Composite advanced 1.4% after an arm of the government's sovereign wealth fund bought shares in major banks. Industrial & Commercial Bank of China, Bank of China, and China Construction Bank responded favorably. According to The Wall Street Journal, the Chinese government and steel-industry officials are working to lower taxes on the country's steelmakers by year end. The MSCI Asia Pacific Index closed 0.5% higher.