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Another Strong Session For South Korean Bonds, US ADP Employment Later Today

ASIA RATES

Asian Government Bonds are dealing mixed with Chinese government bonds little changed versus another strong session for South Korean bonds.

  • China government bonds are dealing little changed after a strong rebound in Caixin China Composite & Services PMIs. The Services PMI printed 54.0 versus 52.5 est and 52.5 prior. The Composite index rose to 54.1 in May versus 52.8 in April.
  • In contrast, South Korean sovereign bonds are flat to 4bps richer across benchmarks. With Q1 GDP printing broadly in line with expectations at +1.3% q/q and 3.3% y/y, today's price action seems more likely to reflect the continuing strong performance in global bond markets.
  • US tsy yields fell for a fourth successive day yesterday, with the 10-year rate down towards 4.3%, supported by lower oil prices and softer US labour market data.
  • However, cash US tsys are 1-2bps cheaper in today’s Asia-Pac session ahead of today's US data drop including MBA Mortgage Applications, ADP Employment Change and S&P Global US PMI & ISM Services Index.
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